This paper offers a framework to understand informal financing based on mechanisms to
deal with asymmetric information and enforcement. We find that constructive informal …

Using new data on entry plans into the American casino industry, I find that incumbent firms
invest in physical capacity when threatened with a nearby entry plan, and these strategic …

Firms increasingly rely on alternative finance (AF) in addition to banks and equity markets,
and its usage across countries differs significantly. We conceptualize AF as financing that …

We construct a sample of over 200,000 supply chains between 2003 and 2018 to conduct a
chain-based analysis of trade credit. Our study uncovers novel stylized facts about trade …

This paper empirically investigates the effect of leverage on strategic preemption. Using new
data on entry plans and incumbent investments from the American casino industry, I find that …

The commercial bill, as a regulated commercial credit mode, offers better creditor protection,
more financing channels, and stronger bargaining power in financing. This paper creatively …

Financing practices have, over time, grown to become increasingly versatile and complex.
Apart from conventional formal finance channels, such as banks and raising equity though …

Social relationship and business connections create implicit benefits between borrowers
and lenders. We model how implicit benefits and repayment enforcement costs influence …

Drawing from agency and behavioral theories, we evaluate whether and how family firm
governance influences working capital management policy and its contribution to …

We investigate how high-ability managers affect trade credit policies of US publicly traded
companies from 2003 to 2016. Consistent with the prediction of an “Imbalance of power” in …