We study the effect of the recent financial crisis on corporate investment. The crisis represents
an unexplored negative shock to the supply of external finance for non-financial firms. …

This paper uses recent regulations that have required some companies to increase the
number of outside directors on their boards to generate estimates of the effect of board …

This paper investigates the relation between corporate political connections and government
investment. We study various forms of political influence, ranging from passive connections …

This paper studies the relation between corporate liquidity and diversification. The key finding
is that multidivision firms hold significantly less cash than stand‐alone firms because they …

… + β 2 A f t e r C P P × A p p r o v e d b a n k b + β 3 A f t e r C P P × L o a n t o i n c o m e i , t
+ β 4 A p p r o v e d b a n k b × L o a n t o i n c o m e i , t + β 5 A f t e r C P P × A p p r o v e d b a …

We track the employment history of over 9,000 managers to study the effects of professional
experiences on corporate policies. Our identification strategy exploits exogenous CEO …

… { r i − r f = α + β ( r m − r f ) + ε t + θ ε t − 1 , σ t 2 = exp ( g 1 + g 2 W ) + b σ t − 1 2 + c 1 ε t − 1
2 + c 2 ε t − 2 2 , where W represents one of our proxies for merger waves, and r i , r m , and r f …

… This research was conducted when Ran Duchin was at the Ross School of Business at the
… This research was conducted when Ran Duchin was at the Ross School of Business at the …

US industrial firms invest heavily in noncash, risky financial assets such as corporate debt,
equity, and mortgage‐backed securities. Risky assets represent 40% of firms’ financial …

… RAN DUCHIN is an assistant professor of finance at the Stephen M. Ross School of Business,
… rate ofreturn on the ith asset, R1, is the portfolio mean rate ofreturn, and r is the riskless …