Exploiting reforms of state covenants-not-to-compete laws to capture exogenous variation in barriers to compete for talent, I show that firms increase cash holdings when talent competition intensifies. The effect is concentrated among firms for which talent is more important and in industries...

Exploiting reforms of state covenants-not-to-compete laws to capture exogenous variation in barriers to compete for talent, I show that firms increase cash holdings when talent competition intensifies. The effect is concentrated among firms for which talent is more important and in industries...

This paper focuses on a novel phenomenon — mobile banking diffusion — to illuminate unresolved questions: whether rivalry and market structure affect the diffusion of a new technology, and if so, under what conditions. Using a unique, hand-collected dataset from the iTunes Store for...