We study the evolution of investment-banking relationships from 1933–2007. Relationship exclusivity and client concerns for the state of their banking relationships were strong through the first part of our sample period but then entered a period of sharp decline beginning around 1970. We...

Based on a novel dataset of venture capital (VC) funds and startups in China, we study the role of government-funded VCs (GVCs) in supporting entrepreneurship during the U.S.-China trade war. Employing a difference-in-differences strategy, While the trade war resulted in a substantial reduction...

A domestic securities regulator, which is equipped with investigatory and enforcement powers conferred by statutes, should, in theory, be capable of regulating most securities-related activities. However, following from the liberalization of cross-border movements of capital, there has been a...

The Residual Earnings (RE) model has informed the capital market research over the last twenty years. To employ it in an empirical setting researchers commonly make extra assumptions about how future RE are related to and predicted by today's observed numbers. In this article, we show that the...

The economic links between firms created by customer and supplier relationships are critical determinants of those firms' values and actions. We demonstrate that significant trade relationships and indirect economic links incrementally explain which firms are more likely to be involved in...