In this paper we develop a measure of competition based on management's disclosures in their 10-K filing and find that … marginal returns within industry, something that traditional industry-level measures of competition cannot do by construction … landscape. However, on the whole, we find that the disclosures about competition in the 10-K are useful, and relate to firm …

This study examines how product market competition affects firms' disclosures of their individual segments' performance …. We explicitly account for different types of product market competition by distinguishing between competitors who are … are subject to intensive existing competition have lower incentives to conceal information because they are less likely to …