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Full-Text Articles in Business
Cost Stickiness And Supply Chain Bargaining Power, Binghao (Jimmy) Zhao
Cost Stickiness And Supply Chain Bargaining Power, Binghao (Jimmy) Zhao
Dissertations, Theses, and Capstone Projects
Given the essential role of supply chains in the economy, furthering our understanding of the interactions between trade partners is important. In this paper, I study the relation between cost stickiness and bargaining power over supply chain partners. I document evidence consistent with the argument that firms wield supply chain bargaining power to avoid cost stickiness by shifting high adjustment costs onto their trade partners. In particular, I show that the level of SG&A and COGS stickiness is negatively associated with firms’ bargaining power over their suppliers and customers. My results are robust to using industry competition as an alternative …
Externalities Of Cds Trading: The Effect On Industry Peer Firms’ Cost Of Debt, Sunqian Ren
Externalities Of Cds Trading: The Effect On Industry Peer Firms’ Cost Of Debt, Sunqian Ren
Dissertations, Theses, and Capstone Projects
This paper documents externalities associated with the introduction of credit default swaps (CDS) in the corporate bond market. I find that firms without traded CDS contracts (non-CDS firms) experience lower cost of debt when there are more peer firms with traded CDS contracts (CDS firms). This effect is stronger when non-CDS firms are more closely related to a CDS-firm and when the outstanding CDS contracts are more liquid. My findings are consistent with the view that CDS trading provides hedging opportunities and information for bond investors of non-CDS firms. This study provides evidence that CDS trading on peer firms has …
The Impact Of Local Broadband Coverage On U.S. Firms’ Information Environment, Zhiyuan Tu
The Impact Of Local Broadband Coverage On U.S. Firms’ Information Environment, Zhiyuan Tu
Dissertations, Theses, and Capstone Projects
This study investigates the impact of local broadband coverage on the information environment of firms located in the United States. I hypothesize that more intensive local broadband coverage improves the overall quality of a firm’s information environment by allowing more locally generated firm-specific news to be more broadly disseminated via the Internet. I use the Federal Communication Commission (FCC)’s form 477 data to measure the intensity of local broadband coverage. I find that more intensive local broadband coverage near a firm is associated with a firm having smaller earnings surprises, and lower abnormal information asymmetry around quarterly earnings announcements. These …