During the COVID-19 pandemic many firms began operating in a working-from-home environment (WFH). This study focuses on the relationship between WFH and small business performance during the pandemic. We built a theoretical framework based on firm profit maximization, compiled an up-to-date...

This study examines the role of institutional common owners on a firm's cost of equity capital. Following the theoretical and empirical literature on common ownership, we hypothesize that common owners could reduce a firm's cost of capital by reducing product market competition and improving...

We study whether and how gender differences in performance under competition vary across countries using field evidence. Our main measure of country-level differences is the individualism dimension in Hofstede’s (1980, 2001) national cultural framework. Individualistic societies emphasize...

Although frequently considered an independent and opposing force to capital, modern labor unions face many of the same pressures as businesses. Using a novel sample of union financial statements, we document that unions behave like corporations in a variety of ways. Unions often have...

Employing the news-based economic policy uncertainty (EPU) Index of Baker, Bloom, and Davis (2016) and quarterly data of Chinese listed companies, we find that an increase in EPU raises the average debt-to-asset ratio of state-owned enterprises (SOEs) but lowers that of private-owned enterprises...