FEDS Paper: Financial Structure and Mergers

Charles Taragin, Benjamin Wallace, Eddie WatkinsWe study how corporate debt influences the competitive outcomes of horizontal and conglomerate mergers. In contrast to standard models where debt does not affect pricing, our framework shows that mergers can spread fixed debt obligations across a broader product portfolio, creating an "insurance effect" against adverse demand shocks. This effect interacts with the traditional recapture effect from reduced competition.

Impostor syndrome: the cost of being ‘superwoman’ at work and beyond

Nowadays, media often celebrate the “girlboss” – the entrepreneur who works 80-hour weeks to build her brand and success – while corporate campaigns show women who “lean in” in the boardroom and maintain flawless family lives. These cultural ideals create the illusion that women in leadership are more empowered than ever. However, our research shows that some of them feel exhausted, constrained by expectations, and pressured to embody an ideal that leaves little space for vulnerability.

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