Investment spending by US public firms is highly concentrated. The 100 largest spenders account for 60% of total capital expenditures and drive most of the variation in aggregate US investment. This high concentration creates a disconnect between the average public firm and macroeconomic...

We investigate the efficiency of open market repurchases across managerial confidence types. We find that moderately confident managers repurchase at relatively lower prices than overconfident managers and at prices that are closer to the quarterly low stock price. Additionally, we analyze...

We quantify the value of social status using market prices for Delaware license plates. Delaware plates are numbered sequentially, are private property, and can be legally bequeathed or traded in a secondary market. License plates offer no direct economic benefit other than authorizing the...

We quantify the value of social status using market prices for Delaware license plates. Delaware plates are numbered sequentially, are private property, and can be legally bequeathed or traded in a secondary market. License plates offer no direct economic benefit other than authorizing the...

We test whether bank loans change public bond yields. A 10% increase in bank debt raises bond yields by 15bps, reflecting a trade-off between the benefits of bank cross-monitoring and higher bond risk. This effect is smaller for firms with no CDS and junk debt, where bank monitoring is most...