In this study, we consider whether forgoing a tax refund in favor of carrying losses forward conveys information relevant to prospective lenders. We model the tax refund decision and provide evidence that lenders rationally infer that firms with higher expected future profits are more likely to...

Suppose that rival downstream producers of a final good contract with the same upstream supplier of an input and, in the process, reveal private information. A vertical merger between the upstream supplier and one of the downstream firms may dissipate the information advantage of the remaining...

Financial executives of firms engaged in forward contracting have raised concerns that mandated disclosure of those contracts would reveal proprietary information to rival firms. This paper considers the basis for those concerns in the framework of a duopoly in which one privately informed...