We explore whether disclosures in the Management Discussion & Analysis (MD&A) have
spillover effects for investment and investment efficiency, and whether spillover effects vary …

This paper provides empirical evidence that firms in more competitive industries have lower
cost of equity capital than those in concentrated industries. The association between product …

Competitive intelligence (CI) activities open new opportunities for firms to acquire and
disclose information. We show that disclosure depends on the relative usefulness of …

This paper presents a parsimonious model of the bricks-and-mortar entry choice of online
retailers in light of consumer sales taxes. On the one hand, a retailer benefits by entry since …

How should a firm measure a productive asset used as collateral? To answer this question,
we develop a model in which firms borrow funds subject to collateral constraints. We …

ABSTRACT Verrecchia (1983, 1990) introduced the proprietary cost hypothesis in which
exogenous disclosure costs are a reduced-form interpretation of lost competitive advantage …

We develop a model of voluntary disclosure and production decisions and use it to establish
that firms will tacitly collude by disclosing when current market demand is low and when the …

This paper studies the effect of competition on opacity in the financial system. In my model,
two financial institutions competing for investors simultaneously make a public disclosure …

This paper examines voluntary disclosures in a repeated oligopoly and their association
with price-setting behavior and industry profits along industrial fluctuations. The analysis …

This paper presents a unifying model of disclosure in the presence of competitors and
supply market reliance to examine the role of multisegment operations on disclosure choice …