Portuguese Abstract: Exploramos vários jogos diferenciais para simular a competição entre duas firmas em Preço, Publicidade, e Preço e Publicidade simultâneamente. Os resultados reforçam conclusões importantes na literatura e complementam-na, permitindo analisar a competição em dois...

Italian Abstract: L'obiettivo di questo capitolo è il rapporto tra la funzione di costo, che stilizza le ipotesi sui rendimenti di scala, e la funzione d'offerta dell'impresa concorrenziale, singola e aggregata. Useremo la teoria microeconomica standard della produzione allo scopo di...

As paid search becomes the mainstream platform for online advertising today, competition further intensifies. The main objective of this research is two-fold. On the one hand, we want to understand, in the context of paid-search advertising, the effects of competition (measured by number of ads...

We examine the effect of competition shocks induced by major industry-level tariff cuts on forced CEO turnover. Both the likelihood of forced CEO turnover and its sensitivity to performance increase, particularly for firms with low productivity and high default risk. While CEO's incentive pay...

This paper studies the effects of hedge disclosure requirements on corporate risk management and product market competition. The analysis is based on a model of market entry and shows that to prevent entry incumbent firms engage in risk management when these activities remain unobserved by...

We show theoretically and empirically that executives are paid less for their own firm's performance and more for their rivals' performance if an industry's firms are more commonly owned by the same set of investors. Higher common ownership also leads to higher unconditional total pay. We...

This paper examines whether competition pressures enhance firms' incentives to hide profits. By developing a novel empirical procedure to trace out the extent of profit hiding at firm level and applying it to a database that covers more than 20,000 large-and-medium-sized industrial firms in...

Trade credit is a widely adopted industry practice. Prior research has focused on how trade credit benefits firms by improving vertical supply chain relationships. This paper offers a novel perspective by examining whether trade credit benefits suppliers through a horizontal channel. Under the...

When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have interests in only one or in multiple firms. Performance-sensitive contracts induce managerial effort to reduce costs, and lower costs induce higher output. Hence, greater...

This Powerpoint presentation is focused on the firms' competitive life-cycle framework, also known as the CFROI valuation model. It has evolved as a commercial research program over the past 40 years and today is widely used by institutional money managers.Slides 1-13 highlight three conceptual...