Pharmaceutical innovation and access to financial markets.

While prior research shows that pharmaceutical innovation generates measurable benefits for society, over the last 70 years, the innovative activities of pharmaceutical firms have dramatically declined. In this study, we develop and test the hypothesis that to innovate, pharmaceutical firms must have access to capital through well-developed financial markets. Using a broad cross-country sample from 1989 to 2016, we document that financial market development is associated with greater levels of pharmaceutical innovation.

Lobbying and lending by banks around the financial crisis by.

Despite the unprecedented levels of liquidity provided by the Federal Reserve to banks during the 2007-2008 financial crisis, lending by banks slowed dramatically during and after that global episode. In this study, we propose that, given capital constraints, the lobbying expenditures by banks to combat Dodd-Frank might have crowded out lending activity. A variety of univariate and multivariate tests show that while lending by banks fell significantly around the financial crisis, lobbying rose dramatically.

On the Ethics of "Non-Corporate" Insider Trading.

The ethical considerations of insider trading have been widely debated in the academic literature (see e.g., Moore in J Bus Ethics 9(3):171-182, 1990).