We consider the confidentiality of contracts in a vertical structure in which one principal orders different components from two different agents whose production costs are private information. The principal may commit to publicly observed bilateral contracts (the public-offer scenario) or offer...

Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and its sources. Our proxy for supply chain risk exhibits large cross-sectional and time-series variation that aligns with reasonable priors and is unprecedently high during the Covid-19 pandemic. In...