The main objective of this paper is to understand how the changes in the macroeconomic conditions (the global financial crisis) relate to the investment and financial decision-making for each of the different size categories of SMEs. To do so, we use a large dataset of 764,963 observations in...

I investigate firms' competition over price and product design under uncertain design evaluations in the context of Design-Build (DB) auctions. Reviewers' design evaluations contain uncertainty from a bidder's perspective, leading luck to curtail differences in firms' chances of winning. I model...

We empirically examine the benefits of going public: increased public recognition. We develop a novel measure of public recognition by using page views of the company's website that can calculate pre- and post-initial public offering (IPO) periods and capture a wider range of recognition than...

Procurement projects often involve substantial uncertainty in inputs at the time of contracting. Whether the procurer or contractor assumes such risk depends on the specific contractual agreement. Using auction data from the Florida Department of Transportation, we document evidence of i)...

This article reveals that listing status affects corporate cash holdings during a financial crisis. We compare the cash-holding behavior between public and private firms during Japan's banking crisis, which is considered an exogenous shock for a firm's financial decision. Because private firms...