This paper studies optimal policy in a business-cycle setting in which firms have a blurry understanding of the state of the economy due to informational or cognitive constraints. The latter are not only the source of nominal rigidity but also an impediment in the coordination of production. The...

A recent literature has introduced heterogeneous firms into models of international trade. This literature has adopted the convention of treating individual firms as points on a continuum. While the continuum offers many advantages this convenience comes at some cost: (1) Shocks to individual...

How does increasing globalization affect corporate transparency? Freer trade represents different facets and in theory has ambiguous effects on corporate transparency. On the one hand, by exposing firms to more product market competition, it could discourage discretionary disclosure. On the...

This paper provides the first comprehensive documentation of the main features of corporate bond issues in domestic and international markets and analyzes how firms use these markets after they internationalize. We find that debt issues in domestic and international bond markets have different...

Background: E-business and Information Technology (IT) are critical components in the improvement of logistics functions. As logistics contributes to the entire strategic planning of a firm, e-business and IT applications support the implementation of strategic planning in a more efficient and...

Effective management of cotton production logistics (CPL) against volatile environmental conditions while maintaining product quality and yield at acceptable costs has become challenging due to increasing global population and consumption and climate change. In CPL, the harvesting, processing,...

Background: In response to calls for actionable research that considers ongoing pandemic risk dynamics, we explore how risks experienced and risk mitigation techniques used have changed during the first year of the pandemic. Methods: We used a survey and studied six cases; data were collected...

Background: The global pharmaceutical industry is crucial for providing medications but faces challenges in distributing products safely, especially in tropical and remote areas. Pharmaceuticals require careful transport control to maintain quality; therefore, manufacturers must adopt optimal...

Limited liability is a key attribute of the corporate form and one of the most important institutional innovations of the nineteenth century. However, when the owner of a corporation is another corporation as in many corporate groups, an important justification for limited liability—to protect...

We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated in that state. This change limited managers'...