potentially leads to a large loss. The current paper studies how such risk-taking behavior depends on the level of competition … that the agents face. We study a tournament model and we find that more intense competition, measured by the number of …

potentially leads to a large loss. The current paper studies how such risk-taking behavior depends on the level of competition … that the agents face. We study a tournament model and we find that more intense competition, measured by the number of …

reversion in laggards' performance. When policy uncertainty is high, technological competition intensifies even as the overall …

This paper studies the long-term effect of hedge fund activism on the productivity of target firms using plant …, and this improvement is concentrated in industries with a high degree of product market competition. By following plants … and expected returns, we show how changes to target firms’ productivity are associated with a decline in systemic risk …

(Smith 1962) and recent theoretical results (Dufwenberg et al. 2008) suggest that competition forces people to behave as if …

(Smith 1962) and recent theoretical results (Dufwenberg et al. 2008) suggest that competition forces people to behave as if …