We examine whether and how product market competition with existing competitors affects the content of a firm’s disclosure relative to that of industry peers. We use a topic-modeling technique to extract and compare thematic topics in MD&A disclosure in 10-K filings between industry peers....

This paper studies switching cost induced cost of debt with product market competition and non-financial stakeholders. We find that consumer switching costs endogenously generate cost of debt, and the cost of debt is increasing in the switching cost, but decreasing in the degree of product...

A firm's leverage increases its bargaining power against its suppliers and reduces suppliers' relation-specific investment, and so does competition among suppliers. We explore the interaction between leverage and supplier competition, and find that firm leverage decreases with the degree of...

A firm's leverage increases its bargaining power and reduces suppliers' relation-specific investment, and so does competition among suppliers. We explore the interaction between leverage and supplier competition, and find that firm leverage decreases with the degree of competition among...

This paper studies the relationship between firm leverage and supplier market structure by examining their joint impacts on bargaining and relation-specific investments. We find that firm leverage decreases with the degree of competition among suppliers. Specifically, leverage decreases with the...

This paper studies how interstate banking deregulation affects credit supply, focusing on distinguishing the balance sheet and bank competition channels. Using a regression discontinuity design, I find that interstate banking deregulation affects credit supply, not only by legally impacted...