Exploring evacuation spill information from the U.S. Coast Guard’s National Response Center database, we examine how firms alter their green innovation activities and strategies in response to environmental spills occurring near their headquarters. We find that, in response to nearby...

We investigate the performance of loans funded by the automated system and manually by clicking using data from a peer-to-peer lending platform in China. We find that manually invested loans default more frequently than automatically invested loans. When manually picking the loans, lenders are...

Using data from a lending platform that switched from a human-based to a machine learning-based system, we find that fintech may increase gender discrimination. The rationale is that machine learning algorithms allow the platform to better decipher differences in borrower preferences between...

This paper examines the sub-game equilibrium strategies for a duopoly real option model consisting of two firms with asymmetric demand functions. The relative strength of the firms is found to have significant impact on the firms' equilibrium strategies. Preemptive strategies are critical if...

We examine whether and how product market competition with existing competitors affects the content of a firm’s disclosure relative to that of industry peers. We use a topic-modeling technique to extract and compare thematic topics in MD&A disclosure in 10-K filings between industry peers....

We examine whether coverage by analysts affiliated with lenders affects loan contracting. We find that loans to borrowers covered by affiliated analysts have lower spreads but more covenants based on financial information. Further analyses suggest the results are driven mostly by ex post...

Using a large sample over the period 1986 to 2017, we show that companies with higher exposure to climate change risk induced by sea-level rise (SLR) tend to acquire firms that are unlikely to be directly affected by SLR. We find that acquirers with higher SLR exposure experience significantly...

A firm's leverage increases its bargaining power and reduces suppliers' relation-specific investment, and so does competition among suppliers. We explore the interaction between leverage and supplier competition, and find that firm leverage decreases with the degree of competition among...

Examining how monetary policy affects bank concentration, we find that when the policy rate rises, banks operating in more competitive markets are more likely to be acquired or fail. The effect is more pronounced among banks with less market power, causing the banking sector to be dominated by...