We model the interactions between product market competition and investment valuation within a dynamic oligopoly. It is, to our knowledge, the first continuous time corporate finance model in a multiple firm setting with heterogeneous products. The model is tractable and amenable to estimation....

IPO firms' rivals tend to experience performance declines following an IPO in the industry. Why? We estimate a dynamic structural oligopoly model to distinguish among alternative theories that can explain an industry's evolution post-IPO. We find that most changes in rivals' performance are due...

This paper models the interactions among product market innovation, product market competition, and corporate financing decisions in the context of a dynamic duopoly. One competitor faces an opportunity to adopt a new technology. If adopted, the firm must also determine whether it will obtain...

We collect a time-series database of business and related restrictions for every county in the United States from March through December 2020. We find strong and consistent evidence that employee mask policies, mask mandates for the general population, restaurant and bar closures, gym closures,...

Using a hand-collected database of partial business closures for all U.S. counties from March through December 2020, we examine the impact of capacity restrictions on fatality growth due to COVID-19. For the restaurant and bar sector, we find that several combinations of partial capacity...