This study investigates the effects of political uncertainty (PU) on corporate debt maturity and leverage using a novel measure of firm-specific PU. We find that PU is negatively associated with debt maturity and leverage. Furthermore, the negative effects of PU on debt maturity and leverage are...

Despite government policies targeting it, digital piracy remains rampant. Academic research has not reached a consensus on whether piracy is harmful to the affected firms or industries. This study constructs a new piracy index based on internet search frequency in China that reflects the...

This study investigates how firms’ lobbying activities change over business cycles. We show that firms lobby more during recessions. Aside from active lobbying firms, non-lobbying firms are also more likely to start lobbying during recessions. Corporate lobbying generally responds only to...

Using high-frequency intraday trading and quoting data, we study the temporal effects in index credit default swap (CDS) trading and liquidity. We find strong intraday variations in index CDS trading activities and liquidity. Unlike the U-shaped pattern in the equity market, index CDSs exhibit a...

We augment a simple inventory model with new features of the post-crisis regulations to offer new predictions on the effects of post-crisis regulations on the over-the-counter markets. First, the increased capital requirements of Basel III lead to an overall increase in order rejection rates of...