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  • This study examines how product market competition differentially affects existing versus new analysts. I find that new analysts' coverage increase is significantly higher than the existing analysts' coverage increase when a portfolio firm faces high competition, suggesting existing analysts’ tendency to avoid competition among analysts for their career success. I also find that new analysts' one-year earnings forecasts accuracy decrease is significantly larger than the one of the existing analysts when the portfolio firm faces high competition. These findings indicate that existing analysts consider the situation firm faces, product market competition, and they are more competent than new analysts.

  • This study examines the relationship between CEO general managerial ability and firm operational efficiency. I find a robust negative association between a CEO’s General Ability Index (GAI) and firm efficiency. Additionally, the analysis shows that GAI influences operational efficiency through two mechanisms: capital intensity and SG&A cost efficiency. Cross-sectional analyses reveal that the negative effect is more pronounced in smaller firms and those with smaller boards, suggesting that limited structural support may amplify the operational challenges generalist CEOs face. This study underscores the importance of contextual CEO-firm alignment and provides practical implications for boards and investors when evaluating executive fit for operational effectiveness.

  • Purpose The purpose of this study is to examine the relation between product market competition and audit fees by using firm-level product market competition measures and mitigating the endogeneity issues. Design/methodology/approach This study uses 12,136 US firms from 2004 and 2019. To ensure the robustness of the main findings, this study uses three firm-level product market competition measures and import trade tariff rate reductions of the USA as a quasi-natural experiment. This study also performs three cross-sectional tests and validation tests. Findings This study demonstrates that there is a negative relation between product market competition and audit fees and establishes a causal relation. Moreover, it reveals that the findings become more pronounced when auditors possess industry-specific expertise, when client firms are younger, and when operating within more homogeneous industries. Additionally, a validation analysis supports the findings. Practical implications This study offers significant insights for regulators by highlighting how product market competition plays a constructive role in overseeing firm management. Originality/value The authors contribute to the existing literature by showing that there is a negative association between product market competition and audit fees after controlling external monitoring mechanisms. The authors also find the causal relation. These findings indicate that competitive pressures originating from product markets exert a significant influence on disciplining a client firm’s management.

  • This case describes the difficult financial situation of Danbury Fair Mall, which is the second biggest shopping mall in Connecticut. After World War II, the shopping mall business had grown fast especially in suburban areas of the U.S. However, the increasing popularity of online shopping caused extensive damage to shopping malls. This case will provide students the chance to think about the past, the present, and the future of the shopping mall industry in the U.S

Last update from database: 3/13/26, 4:15 PM (UTC)

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