Many firms across the world are discovering and benefiting from the ability to identify, recover and reuse industrial by-products from other firms in traditionally unrelated industries. We examine how the formation of a by-product synergy between two firms, in different industries, and its...

In this paper, we study how an informal, long-term relationship between a manufacturer and a retailer performs in turbulent market environments characterized by uncertain demand. We show that the long-term partnership based on repeated interaction is sustainable under price-only contracts when...

Using the staggered corporate income tax changes across US states, we find that tax increases in states where customers operate significantly reduce their suppliers’ return on assets, and operating and gross profit margins. Such effect is more pronounced for suppliers who have high sales...

We investigate whether labor unionization of customer firms affects the operating performance of their dependent suppliers. Using a sample of U.S. union elections, our regression discontinuity tests show that passing a union election leads to a 6.9 percentage-point decline in supplier operating...