This paper empirically documents how the interaction between competition and time frictions in capital markets impacts …

This study investigates how competition in the innovation space affects the likelihood of dividend payment and the … new measure, innovation competition, using all firms' annual innovation descriptions to evaluate the exogenous changes in … the entire innovation space faced by each firm. As innovation competition increases by one standard deviation, the …

We explore how trade credit complements cash holdings in product market competition. First, similar to cash to cash … show that both trade credit and cash holdings are strategically valuable in product market competition and their valuations … credit practices and product market competition. We also show that the value of trade credit depends on whether suppliers are …

talent, I show that firms increase cash holdings when talent competition intensifies. The effect is concentrated among firms …

talent, I show that firms increase cash holdings when talent competition intensifies. The effect is concentrated among firms …

invest in innovation. We show that firms' equilibrium cash holdings are related to expected intensity of competition. The … competition is expected to be intense …

the 21st Century as a quasi-natural experiment to identify exogenous shocks to competition in the airline industry, I find … that firms with more cash than their rivals respond to intensified competition by pricing more aggressively, especially …

generally unknown. We provide a window into this underground world of cash transactions with the first systematic evidence on … instability, competition with other currencies (the euro), and trade flows, along with the usual suspects such as country size …