wealth). Because of hedging motives, wealth duration and uncertainty decrease systematic risk. If rent seeking and … competition are sufficiently high, a negative risk premium arises that resolves over time with learning. The model generates price … competition are intense …

This study investigates how competition in the innovation space affects the likelihood of dividend payment and the … new measure, innovation competition, using all firms' annual innovation descriptions to evaluate the exogenous changes in … the entire innovation space faced by each firm. As innovation competition increases by one standard deviation, the …

invest in innovation. We show that firms' equilibrium cash holdings are related to expected intensity of competition. The … competition is expected to be intense …