This paper applies the fixed effects and the difference-in-differences models to explore the
impact of government subsidies on the innovation investment of new energy firms by the …

A comprehensive look at the enormous growth and evolution of distressed debt markets,
corporate bankruptcy, and credit risk models This Fourth Edition of the most authoritative …

We quantify the role of financial leverage behind the sluggish post-crisis investment
performance of European firms. We use a cross-country firm-bank matched database to …

This article examines managers' incentive to play it safe. We find that, after managers are
insulated by the adoption of an antitakeover law, they take value-destroying actions that …

We study how parent liability for subsidiaries' environmental cleanup costs affects industrial
pollution and production. Our empirical setting exploits a Supreme Court decision that …

What is the relationship between bank capital, the risk of a financial crisis, and its severity?
This article introduces the first comprehensive analysis of the long-run evolution of the …

This paper studies how the conflict of interest between shareholders and creditors affects
corporate payout policy. Using mergers between lenders and equity holders of the same firm …

The literature on distressed firms has focused on these firms' investment, capital structure,
and labor decisions. This paper investigates a novel aspect of firm behavior in distress: how …

We study whether firms, whose operational performance is highly sensitive to rainfall
conditions (rain-sensitive firms), follow differential investment strategies to generate value in …

We exploit an exogenous reduction in bank supervision and examination to demonstrate a
causal effect of supervisory oversight on financial institutions' risk taking. The additional risk …