We study how risk management through hedging impacts firms and competition among firms in the life insurance industry … face costly external finance increase hedging after staggered state-level financial reform that reduces the costs of … hedging. Post reform impacted firms have lower risk and fewer negative income shocks. Product market competition is also …

I study how sequential entry into an arbitrage affects the liquidity of underlying assets and the speed of arbitrage …, incumbent arbitrageurs trade slowly to limit their price impact. As a result, the arbitrage opportunity does not vanish … barriers to entry. If entry does occur in equilibrium, market depth and the speed of arbitrage increase ahead of entry, while …

traders arbitrage, thus restricting producers' market power. Using detailed individual data, I examine physical and financial …