We study a model of dynamic two-stage R&D competition where the competing firms are uncertain about the difficulty of … the first stage. Staying in the competition is costly and a firm can also choose whether and when to quit. When a firm … arrives neither too soon nor too late, and exit the competition if it has not arrived after a sufficiently long time. From a …

competition. Sellers often choose to report a selected set of information and buyers account for this – even though not fully – by … bidding skeptically. As expected, competition increases sellers’ information disclosure but leads, surprisingly and replicably … perceive competition as a safer environment to which they behaviorally adapt by abandoning their skepticism. In comparison …

This paper identifies endogenous and exogenous indicators of firms' investment activity, and examine, in particular …, the effect that these variables have in co-determining firms' investment decisions. Two channels of spillovers from …

We analyze how, in the absence of capital market incentives, the influence of existing competition on voluntary … the sign of the relationship between competition and the probability of voluntary disclosure throughout the industry …

In this paper we develop a measure of competition based on management's disclosures in their 10-K filing and find that … firms' rates of diminishing marginal returns on new and existing investment vary significantly with our measure. We show … marginal returns within industry, something that traditional industry-level measures of competition cannot do by construction …

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 …

An extensive stream of literature investigates how product market competition, by increasing the proprietary costs of … with how a disclosure is framed and structured. We predict and find that the intensity of competition in the product market … competition. Our results are robust to matched analyses on cash flow uncertainty and hold when only examining sentences …

(IBBEA) to examine how increases in competition affect incumbents' voluntary disclosure choices. States implemented the IBBEA … over several years and to varying degrees, allowing us to identify the effect of increased competition on the voluntary … disclosure decisions of both public and private banks. We find that increases in competition are associated with an increase in …

measures how well traders understand the disclosure. Increasing clarity promotes competition among informed traders more so … competition among traders is intense. Volume and liquidity both decrease in accuracy due to adverse selection among different …. Trading profits mimic the patterns of attention, but only under intense competition. Overall, our results suggest that the …