The Effect of Non-Wage Competition on Corporate Profits

We thank Philip Bond, Yihui Pan, Chendi Zhang, Youchang Wu, Ron Giammarino, Lorenzo Garlappi, Jessica Jeffers, Andrew Chamberlain, Brian Blank, Jincheng Tong, Andrianos Tsekrekos, Elisa Ughetto, Andreas Milidonis, Andreas Charitou, Gabriel Buchbinder, Daniel Zhao, and seminar participants at UT Dallas, UNSW, University of Oregon, Mississippi State University, University of Idaho, University of Cyprus, AFA, Pacific Northwest Finance Conference, and Exeter Sustainable Finance Conference for many helpful comments. We are also grateful to Glassdoor.com for providing data. Branikas acknowledges support from the Marilyn C. and Gerry B. Cameron Center for Finance and Securities Analysis. Li acknowledges support from the Social Sciences and Humanities Research Council of Canada. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.