Studies have documented that firms in competitive industries tend to invest inefficiently and suffer from booms and busts. We extend the literature by showing that high-sentiment signals from credit markets, an indication of easy money available, prompt firms in competitive industries to borrow...

Corporate income tax (CIT), as an important economic instrument in most jurisdictions, constitutes a significant portion of financial costs in business operations. It is known that the structure of tax function, accounting method and loss carryover policy have significant impacts on a firm's...

Capital constraints are prevalent in supply chains. Since traditional bank financing is often inaccessible, especially for small and medium enterprises, two new alternatives, purchase order financing (POF) and buyer direct financing (BDF), are receiving increasing attention for financing...