We propose a statutory safe harbor from the CFAA and DMCA §1201 for security research activities. Based on a responsible disclosure model in which a researcher and vendor engage in [...]
The Great Recession and its aftermath saw the worst relative performance of young firms in at least 35 years. More broadly, as we show, young-firm activity shares move strongly with [...]
The post-Global Financial Crisis period shows a surge in corporate leverage in emerging markets and a number of countries with deteriorated corporate financial fragility indicators (Altman’s Z-score). Firm size plays [...]
Many urban areas use non-cumulative zoning - zoning exclusive to one use (typically manufacturing) that prohibits other uses even if those uses are considered less noxious. Proponents of this zoning [...]
We consider the real effects of bank lending shocks and how they permeate the economy through buyer-supplier linkages. We combine administrative data on all firms in Spain with a matched [...]
We investigate the frictions that impede individual investors’ use of accounting information and, in particular, their costs of monitoring and acquiring accounting disclosures. We do so using an archival setting [...]
We propose a model where both security design and market structure are endogenously determined to explain why standardized securities are frequently traded in decentralized markets. We find that issuers offer [...]
Transportation scholars have long known that infrastructure investments both depend upon current land use patterns and spur changes in those patterns. There is a massive literature built around what are [...]
We argue, by contrast, that the dismissal of plans was shortsighted and has helped contribute to the excessive strictness of zoning in our richest and most productive cities and regions, [...]
This paper provides a comprehensive account of the evolution of default risk for newly originated home purchase loans since 1990. We bring together several data sources to produce this history, [...]