Theory predicts that in concentrated industries with high product similarity, horizontal acquisitions can effectively increase incumbent firms’ market power. Using a novel measure for industry product similarity, we show that in such industries firms’ propensity to make horizontal...

I show that the risk of incurring large employee departure-related costs, unrelated to trade secret-related costs, impacts firms' capital structure decisions. I proxy for these costs with the cross-industry labor mobility of a firm's workers using a novel dynamic textual measure for this...