Partner firms to the same joint venture experience sharply different stock price reactions. These differences cannot be explained by mechanical factors related to differences in firm size and ownership share in the project, nor are they attributable to different partner roles in the project or...

In this paper, we empirically test the impact of industry concentration on corporate investment. Using both traditional proxies and recently developed text-based measures of industry concentration, we show that firms operating in competitive industries invest significantly more in both physical...