We present a model in which the media provide voters with information that is tainted by their own preferences, and derive an equilibrium in which media endorsements influence voting behavior. Competition for media endorsement causes political parties to adopt more centrist policies, which...

Using a quasi-natural experiment and various measures of competition intensity, we examine whether an increase in product market competition is a key driver of firm cash holdings. We find that firms increase cash holdings when competition is intense. We also evaluate if changes in cash holdings...