We document that a firm's culture — specifically, its religiosity — affects its cost of debt. Firms in higher-religiosity counties have higher credit ratings and lower debt costs. The impact of religiosity is stronger for firms with greater information asymmetry and during recessions....

Inventory sharing among decentralized retailers has been widely used in practice to improve profitability and reduce risks at the same time. We study the coordination of a decentralized inventory sharing system with n (n 2) retailers who non-cooperatively determine their order quantities but...