In this paper, we investigate the impact of ownership structure on corporate advertising expenditures. Using mutual fund mergers as an exogenous shock to ownership structure, we find that competing firms owned by the same institutional blockholders experience a significant reduction in...

There has been heated debate regarding credit-rating agencies' (CRAs') reporting accuracy of corporate credit ratings, which is essential for investors because they rely on those crediting ratings to make investment decisions. We estimate the reporting accuracy using the data on corporate...

It is a popular practice for firms to acquire a block share of their manufacturers' ownership. This paper studies the economic impacts of such partial vertical ownership (PVO) in the presence of downstream market competition. Prior studies of vertical integration suggest that firms benefit from...

Herewith we present a new Fourier method for credit risk quantification and allocation in the factor-copula model framework.The key insight is that, compared to directly computing the cumulative distribution function (CDF) of the total loss of a portfolio via Monte Carlo simulation, it is in...