|Pollution and Human Capital Migration: Evidence from Corporate Executives|
with , : w24389
We study the impact of pollution on the migration of high human capital employees. We link data on the opening of toxic-emitting plants with the career paths of executives at S&P 1500 firms. We discover that toxic-emitting plant openings increase executive departures from neighboring firms with adverse effects on stock prices. The results: are larger when polluting plants and firms are geographically closer, hold only for executives physically-based at treated firms, hold only for the opening of polluting plants, do not reflect other local factors or prior stock price performance, and are larger among executives with more general human capital.
|Bank Liquidity, Credit Supply, and the Environment|
with , , : w24375
We evaluate the impact of the credit conditions facing corporations on their emissions of toxic air pollutants. Exploiting cross-county, cross-time shale discoveries that generated liquidity windfalls at local bank branches, we construct measures of (1) the degree to which banks in non-shale counties, i.e., counties where shale was not discovered, receive liquidity shocks through their branches in shale counties and (2) the degree to which a corporation in a non-shale county has a relationship lender that receives liquidity shocks through its branches. From both the county- and firm-level analyses, we discover that positive shocks to credit conditions reduce corporate pollution.
|Acquiring Banking Networks|
with , : w23469
Does the pre-deal geographic overlap of the subsidiaries and branches of two banks affect the probability that they merge and post-merger value creation and synergies? We compile comprehensive information on U.S. bank acquisitions from 1986 through 2014, construct several measures of network overlap, and design and implement a new identification strategy. We find that greater pre-deal network overlap (1) increases the likelihood that two banks merge, (2) boosts the cumulative abnormal returns of the acquirer, target, and combined banks, and (3) is associated with larger labor cost reductions, managerial turnover, loan quality improvements, and revenue enhancements at target banks.