A small minority of highly successful firms (referred to as superstar firms) have captured large market shares and earned massive profits in recent decades. Although various macroeconomic developments, such as an increase in industry concentration, have been attributed to the rise of superstar...

Traders operating in informal economies rarely use financial information in their credit allocation decisions. Using a combination of survey questions and a hypothetical choice experiment, we study the frictions impeding traders’ financial information use in a bazaar economy. Based on...

Traders operating in informal economies rarely use financial information in their credit allocation decisions. Using a combination of survey questions and a hypothetical choice experiment, we study the frictions impeding traders’ financial information use in a bazaar economy. Based on...

We investigate how the tone of sell-side debt analysts' discussions about debt-equity conflict events affects the informativeness of debt analysts' reports in debt markets. Conflict events such as mergers and acquisitions, debt issuance, share repurchases, or dividend payments potentially...

We hypothesize that companies in the same product market avoid sharing the same audit partner when they are concerned about possible information spillovers. Consistent with our hypothesis, we find that product market rivals are less likely to share the same partner when they perceive that...

In their implementation of Basel III, U.S. bank regulators are again including changes in the fair value of available-for-sale (AFS) debt securities in Tier 1 capital, but only for the largest U.S. banks. This paper investigates a potential impact of expanding this regulation by examining bank...

We use novel satellite data that track the number of cars in the parking lots of 92,668 stores for 71 publicly listed U.S. retailers to study the local information advantage of institutional investors. We establish car counts as a timely measure of the performance of individual stores and find...