We show that firms collect more than 70% of their cash flow in the second half of the year We also find tha

In this paper, we argue that leasing is an important alternative way of capital reallocation We propose a broader measure of capital reallocation, which not only includes asset purchase and sale, but also considers lease Empirically, we show that the

Recently, Kurisu and Otsu (2022, Econometric Theory 38(1), 172-193) derived the uniform convergence rates for the

We propose a framework that jointly determines bilateral trading networks and risk allocation between banks Banks

This paper studies how market-wide credit risk affects the liquidity pricing in the bond market With the emergin

We explore the possibility of designing matching mechanisms that can accommodate non-standard choice behavior We p

We design a laboratory experiment to study bargaining behavior when negotiations involve multiple issues Parties m

AbstractFirms’ inflexibility in adjusting output prices to economic shocks exacerbates information asymmetry abo

Direct experience of a peer’s punishment might have a sobering effect above and beyond deterrence (informatio

Liquidity-constrained large shareholders often reallocate capital within business groups to finance their own project