We study the relationship between collusion and corruption in a stylized model of repeated procurement where the cost of reporting corrupt bureaucrats gives rise to a free riding problem. Cooperation among honest suppliers alleviates free-riding in reporting. However, it also facilitates...

This study uses network theory to analyze the structure and concentration of the Greek public procurement market, focusing on the relationships between Contracting Authorities (CAs) and Economic Bodies (EOs) within different Common Procurement Vocabulary (CPV) groups. By examining degree...

We build on agency and strategy literature to investigate and explain whether and how changes in stock returns are related to key managerial decisions by firms that are consistent and supportive of the firm’s strategy in different industry concentrations. Unlike previous work, our study...

We introduce a novel measure to study the relationship between portfolio concentration in vertically related firms and the performance of actively managed U.S. mutual funds. We find a strong positive relationship between our supply chain concentration measure and fund performance. While funds'...

We provide an economic model of a decentralized exchange (DEX) that allows investors to concentrate liquidity within exogenously specified price intervals (e.g., Uniswap V3). We demonstrate that providing liquidity for a risky vs. risk-free asset pair within any price interval is analogous to...

We use granular data sets – merged across the UK government bond, interest rate swap, options and futures markets – to estimate exposures to interest rate risk at the sector level and for individual funds within the same sector. We focus on non-bank financial intermediaries (NBFIs) such as...

This paper explores how different margins of market share are related to markups. Usingmerged microdata on producers and consumers, we document that a firm’s market share ismainly related to its number of customers, while its price-cost markup is associated only withits average sales per...

This paper discusses concentration in consumer credit markets with a focus on fintech lenders and residential mortgages. We present evidence that shows that concentration among fintech lenders is significantly higher than that for bank lenders and other nonbank lenders. The data also show that...

This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019. Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion, which can be attributed to the...

In this paper, we study a large sample of Spanish firms acquired by private equity funds in leveraged buyout transactions. Leveraged buyouts are controversial in the U.S., yet European researchers link leveraged buyouts and growth. We argue that growth is merely industry consolidation, not...