• Publications
  • Influence
Do Hostile Takeovers Stifle Innovation? Evidence from Antitakeover Legislation and Corporate Patenting
This study argues that developed capital markets, through their monitoring and disciplining role, can significantly influence innovation and economic growth. Specifically, it examines how strongExpand
  • 342
  • 54
  • PDF
Labor and Corporate Governance: International Evidence from Restructuring Decisions
Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but alsoExpand
  • 281
  • 36
  • PDF
Arm's Length Financing and Innovation: Evidence from Publicly Traded Firms
TLDR
Using a large panel of U.S. companies, I document that firms that rely more on arm’s length financing, such as public debt and equity, innovate more and have higher-quality innovations than firms that use other sources,such as relationship-based bank financing. Expand
  • 58
  • 9
The Bright Side of Political Uncertainty: The Case of R&D
We examine the relationship between political uncertainty and R&D investment by exploiting the timing of U.S. gubernatorial elections as a source of plausibly exogenous variation in uncertainty. InExpand
  • 47
  • 9
  • PDF
Finance and Innovation: The Case of Publicly Traded Firms
We hypothesize that public firms that create novel innovations rely more on arm's length financing (equity and public debt) than on relationship based bank financing. A primary reason is that banks,Expand
  • 118
  • 8
  • PDF
Corporate Income Taxes, Financial Constraints and Innovation
We examine exogenous changes in state corporate income taxes over the 1988-2006 period and find that tax decreases significantly boost both the quantity, measured by the number of patents, and theExpand
  • 8
  • 4
  • PDF
Labor and Corporate Governance : International Evidence on Restructuring
International comparison of restructuring decisions by poorly performing Firms reveals that when union laws are strong, underperforming top managers and workers are less likely to lose jobs, evenExpand
  • 10
  • 2
Corporate Governance, Non-Financial Stakeholders, and Innovation: Evidence from a Natural Experiment
I examine whether greater protection of non-financial stakeholders such as employees, customers and the community can enhance corporate benefits to these stakeholders, and hence impact firmExpand
  • 7
  • 2
Can Corporate Income Tax Cuts Stimulate Innovation?
We hypothesize that corporate income taxes reduce firms' pledgeable income and distort their incentives to innovate. Using a differences-in-differences methodology, we empirically document that largeExpand
  • 10