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 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 …

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

… Ran Duchin is at the Foster School of Business, University of … This research was conducted
when Ran Duchin was at the … This research was conducted when Ran Duchin was at the …

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 …

Using novel data on bank applications to the Troubled Asset Relief Program (TARP), we
study the effect of government assistance on bank risk taking. Bailed-out banks initiate riskier …

We show that acquisitions initiated during periods of high merger activity (“merger waves”)
are accompanied by poorer quality of analysts' forecasts, greater uncertainty, and weaker …

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, University of Michigan, in Aim Arbor, MI. … RAN DUCHIN AND HAIM LEVY …