We examine the evolution of executive mobility from 1920-2011. In the decades leading up to 1999, CEO and CFO mobility increased. Starting in the early-2000s, in contrast, executive mobility declined sharply. We develop a new measure of aggregate executive mobility that nests both turnover and...

"We investigate how the length of the net operating loss carryback period affects corporate liquidity and marginal tax rates. We estimate that extending the carryback period from two to five years, as recently proposed in Presiden Obama's budget blueprint, would provide $19 ($34) billion of...

Using a new dataset of corporate voting-rights from 1971 to 2015, we find that young dual-class firms trade at a premium and operate at least as efficiently as young single-class firms. As dual-class firms mature, their valuation declines, and they become less efficient in their margins,...