We advance the feedback/cash as ammunition hypothesis, namely that firms hold cash to address feedback from stock … the prediction from a standard information asymmetry perspective on stock liquidity. The effect should be amplifed by … information asymmetry, inventory risks, and transaction costs …

This paper models the interactions among technological innovation, product market competition and information leakage … technology either early on as a leader or later once stock prices reveal the value of the technology. Information leakage thus … market competition increases the option value of waiting but has an ambiguous effect on information production. It may thus …

there are feedback mechanisms from product to crude markets in the short run, investigating, in particular, weather shocks …