We construct a time-varying network of labor competitors for all U.S. public companies. We show the importance of this network for transmitting labor and industry shocks. There are three main findings. First, the overlap between firms' labor competitors and product market rivals is less than 20...

This paper studies the economic value of mobile applications (apps) and their effect on firms, particularly highlighting how these apps, by giving access to customer data, enhance firm-specific information environment. Constructing a unique measure of app value using novel data on all mobile...

This paper documents different timeliness in disseminating sanction and enforcement information (SEI) by two types of regulatory agencies in China and the different consequences that flow from them. The China Securities Regulatory Commission (CSRC) does not make timely public disclosures of SEI...

We study the overall effect of environmental regulations on firm valuation and policies. Using the universe of effective Environmental Protection Agency (EPA) rules and the relevance of these regulations to each industry, we construct a time-varying and industry-specific measure of EPA...