contrast, in bankruptcy product quality increases relative to financial distress. In addition, we find that firms price more … aggressively when in financial distress consistent with firms trying to increase short-term market share and revenues. …

financing is through private financing of public firms. We also show that firms that select to go public during our sample … period are ex ante more productive than similar private firms. The results are consistent with public firms bearing the costs …

opportunities "between" them. Conglomerate firms have lower stock market valuations than matched single-segment firms when their … products are easier to replicate with single-segment firms. Conglomerate firms have stock market premiums when they have higher … firms having higher product differentiation and lower cost entry into profitable markets when operating in strategically …

innovative performance measured as turnover due to innovation, but not between patenting and subsequent employment growth. The …A surprisingly small number of innovative firms use the patent system. In the UK, the share of firms patenting among … those reporting that they have innovated is about 4%. Survey data from the same firms support the idea that they do not …

When external capital markets are stressed they may not reallocate resources between firms. We show that resource … allocation within firms' internal capital markets provides an important force countervailing financial market dislocation. Using … data on US conglomerates we empirically verify that firms shift resources between industries in response to shocks to the …

We examine the impact of outside purchase contracts on firm risk and firm capital structure. We find that firms with … more outside purchase contracts have less risky cash flows. Despite these less risky cash flows, firms with these contracts … decisions, we document that firms with more outside contracts are more likely to issue private securities. Our results are …

-monetary incentives; and (4) firms compete on the product market. We show that both the degree of knowledge spillovers and of market … competition affect the incentives given to scientists, and these effects interact. First, high knowledge spillovers lead firms to …