We document that product market threats increase the use of leased capital. We use Chinese import penetration in an instrumental variables setting to address endogeneity concerns. The positive relation between product market threats and leases is larger for firms that are financially...

We explore the sources of gains in horizontal mergers by exploiting heterogeneity between the merging firms' geographic footprints. We calculate the geographic overlap between the bidder, target, and their rivals and customers to identify variation in the competitive impact of horizontal...

This paper identifies seasonal firms and their peak seasons to provide empirical evidence on the approach these firms take to finance seasonal operations. The seasonal use of funds, which builds prior to seasonal revenue, is largely financed with transitory sources of credit, such as credit...

Cash holdings are significantly lower for firms with dispersed debt maturity, and this finding is robust to entropy balancing and allowing for the simultaneous selection of dispersion and cash holdings. The relation is strongest for firms with shorter debt maturity and firms that rely on...

We show that firms located in states where property crime is more prevalent have more uncertain earnings and higher financing costs. Specifically, firms located in states with higher property crime rates have more volatile and less persistent earnings as well as lower quality analysts' earnings...