We analyze the cross-sectional differences in the tail risk of equity returns and identify the drivers of tail risk. We provide two statistical procedures to test the hypothesis of cross-sectional downside tail shape homogeneity. An empirical study of 230 US non-financial firms shows that...

This paper investigates how the downside tail risk of stock returns is differentiated cross-sectionally. Stock returns follow heavy-tailed distributions with downside tail risk determined by the tail shape and scale. If safety-first investors are concerned with sufficiently large downside...

In essay one, we examine nonlocalized competition in interest taxation between an arbitrary number of countries. Our focus is on the role of relative number of locked-in investors in asymmetric tax competition. We find that in equilibrium, small countries have advantages in tax competition. In...

This dissertation examines common value auctions in which bidder default is allowed. Contractual default on the part of bidders is commonly observed in many auction settings and yet has remained virtually unexplored in the literature. We develop a two bidder model of a common value auction with...

In Part I we develop a model of entry in which an entrant with private information about its production cost and cost of entry has an opportunity to trade in the stock of a single incumbent before entry. We assume an efficient stock market populated by risk-neutral liquidity sellers who randomly...

The purpose of this dissertation is to analyze tacit collusion in infinitely repeated price-setting games with capacity constrained firms. The dissertation is comprised of three related essays. The first essay contributes to the literature on optimal penal codes in Bertrand-Edgeworth duopoly...

Below are summaries for three essays that share a common theme: each studies a market characteristic that affects price and consumer welfare. The first essay uses experimental methods to test collusive predictions derived in the price-matching literature. Laboratory data demonstrate that...

This dissertation presents an attempt to integrate state-contingent labor and loan contracts in explaining the effects of firm's financial decisions on its employment level and analyzing the fluctuations of employment over the business cycle. As such we propose a model by incorporating...

The first essay examines the phenomenon of free riding and underinvestment in noncooperative entry deterrence in the Gilbert and Vives (1986) model with differentiated products. Our analysis proves that when both entry allowing and entry deterring equilibria coexist, underinvestment can occur in...

The first three essays examine whether strategic precommitment to advertising investment by an established firm can prevent a new firm from entering a homogeneous-product market under various assumptions. In Essay 1, I consider the question under the assumption that (1) advertisements contain...