Appendix available here:"https://ssrn.com/abstract=3525571" https://ssrn.com/abstract=3525571.We study the link between industrial policy and asset prices by using the Made in China 2025 industrial policy, announced in May 2015, as an external shock. We track Chinese firms and U.S. firms in ten...

We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at non-VC-backed public firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and pay-for-performance...

We examine the effect of board members with venture capital experience (i.e., VC directors) on executive incentives at publicly listed firms. VC directors serving on the compensation committee are associated with greater CEO risk-taking incentives (i.e., vega) and greater pay-for-performance...

We analyze the market reaction of Silicon Valley Bank (SVB)’s client companies to the collapse of SVB. We identify 137 SVB depositors which mention Silicon Valley Bank in their 8-K filings between March 10, 2023 and March 13, 2023, and 252 SVB borrowers which mention Silicon Valley Bank as...

Using corporate insiders' employment data, I study the impact of political connections on corporate insiders' trading behavior. I find that purchases (sales) by politically connected corporate insiders are associated with lower (higher) abnormal returns compared with non-politically connected...

This study documents a significant negative relationship between policy uncertainty and venture capital (VC) investment in startups across emerging venture capital markets (i.e., outside the United States). The adverse effect of policy uncertainty is exacerbated for younger and early-stage...

This paper analyzes the link between export destination, skill utilization and skill premium. We develop the mechanism behind these links: the difference in quality valuation of the product across exporting destinations and the distribution of level of skill among the skilled workers in the...