...Sudipta Basu; Mahsa S. Kaviani; Hosein Maleki ABSTRACT We study how nonfinancial firms’ operating risks change after bank competition increases. By exploiting the 1990s staggered regulatory reforms across U.S. states that allowed interstate banking and branching, we show that out-of-state bank...

...Sophia J. W. Hamm; Boochun Jung; Woo-Jong Lee; Daniel G. Yang ABSTRACT We document that managers stockpile excess inventory to mitigate the operational risk posed by labor unions and to maintain bargaining power in labor negotiations. Inventory levels are higher for union firms...