AbstractThe Investment Firm Regulation (IFR) and Investment Firm Directive (IFD), adopted in 2019, introduced a new prudential framework for investment firms in the European

Union, separating them from the banking prudential rules previously deemed overly complex and disproportionate. [...]

The nature of product market competition and its influence on firms’ decisions have a long history in economics. Competition was discussed by Adam Smith in The Wealth of

Nations. George Stigler received the Nobel Prize in 1982 for his seminal studies of industrial structure, the functioning of markets, and the causes and effects of [...]

AbstractI analyze the effect of non-compete agreements (NCAs) on the allocation of inventors across product markets. NCAs constrain the within-industry employment choice set

of inventors. In a staggered difference-in-differences, I show causal effects that two in hundred inventors per year (increase of 42 percent) respond to more enforceable [...]

AbstractWe investigate the role of strategic security design in the market for retail investment products. Focusing on a dominant yet understudied design feature, we provide

evidence consistent with issuers’ strategic increase of product complexity to mitigate price competition. [...]

AbstractA theoretical model of the borrower–lender relationship predicts that increased competitive threats lead to a reduction in loan covenant restrictiveness that is stronger

for groups of borrowers who face constraints to their ability to raise external financing or compete in the product market. [...]

AbstractWe examine how venture capitalists (VCs) adapt their financing strategies when investing in startups that compete against deep-pocketed incumbents. Employing textual

analysis to identify a startup’s potential competitors, we show that when competitors are cash-rich, VCs deploy a financing strategy characterized by less conditionality, [...]

AbstractI examine the role of banking competition for transmission of incentives to the creation of innovative firms. Exploiting the 2012 Start-Up Italy Act, designed to foster

firm creation through public bank guarantees, I document that the policy increased the creation of innovative firms by 24 percent between 2012 and 2015, but only [...]