We show that a new measure of buy-side competition explains momentum profits. The momentum quintile spread is 1.11% when competition is low and negligible when competition is high. Better alphas are attained with superior Sharpe and Sortino ratios, no negative skewness and in more investible...

We examine how product market threats influence firm payout policy and cash holdings. We develop new measures of competitive threats using firms' product text descriptions. Our primary measure, product market fluidity, captures changes in rival firms' products relative to the firm's products. We...

Fama and French (2001a) show that the propensity to pay dividends declines significantly between 1978 and 1999. We examine this disappearing dividends puzzle through the lens of risk and report two main findings. (1) Risk is a significant determinant of the propensity to pay dividends, and it...

Fama and French () show that the propensity to pay dividends declines significantly between 1978 and 1999. We examine this ldquo;disappearing dividendsrdquo; puzzle through the lens of risk and report two main findings: (i) Risk is a significant determinant of the propensity to pay dividends,...

type="main" <title type="main">ABSTRACT</title> <p>We examine how product market threats influence firm payout policy and cash holdings. Using firms' product text descriptions, we develop new measures of competitive threats. Our primary measure, product market fluidity, captures changes in rival firms' products relative to...</p>