We study the role of statistical literacy in people's assessment of risk by analyzing risk expectations and behavior in the context of the COVID-19 pandemic. Using a largescale panel survey of about 4,000 Dutch households, we find that more statistically literate people adjust their risk estimates more strongly to the actual infection risk, measured by the current number of confirmed COVID-19 cases in their home province. Consistently, they are more likely to socially distance, especially when local cases are high. We also show that statistically more literate people evaluate the risks and benefits of a vaccination against COVID-19 differently and are more likeley to get vaccinated against COVID-19.

Higher exposure to competition-measured by product fluidity-is associated with higher carbon emissions. This result is robust to using instrumental variables to obtain exogenous variation in fluidity and also holds when using only reported emission data, excluding estimated emissions. The relationship between competition and carbon emissions is stronger for firms in areas less concerned about climate change and areas with weaker social norms. Short-termism does not explain the results, as the emissionscompetition link is at least as strong for firms with longer-term-oriented shareholders. Our findings suggest that promoting competition may be at odds with climate change abatement.

We investigate whether the disclosure of gender pay information leads consumers to change their purchasing decisions. Using the U.K.'s 2017 mandatory gender pay disclosure regulation, combined with high-frequency foot traffic data to individual retail outlets, we show that foot traffic increases to U.S. outlets of firms required to disclose gender pay practices. Consumers reduce visits to firms reporting the highest gaps and reward firms reporting the lowest gaps with more visits, even if the company reports a pay gap unfavorable to women. Local demographic or workforce characteristics like the relative number of women or women in the labor force do not strengthen this baseline effect. Instead, increases in foot traffic are larger in localities with social norms favoring gender equality. Localities with well-educated consumers are more likely to be skeptical of firms reporting low pay gaps and "see through" misreported data. These foot traffic patterns post-disclosure affect managerial decision-making. We document a feedback loop where changes to consumer behavior following disclosure impact firms' future pay practices. Abnormally low foot traffic is predictive of smaller future pay gaps. Collectively, these findings indicate that transparency and equity in pay distributions can serve as a differentiating factor in a firm's brand image. Likewise, our findings demonstrate the usefulness of regulations mandating disclosure of gender pay gaps in providing customers with information relevant to their decision-making.

A unique natural experiment in China-the city-level staggered introduction of administrative approval centers (AAC)-reduces bank loan processing times by substantially speeding up the process of registering collateral without affecting credit decisions. Following the establishment of an AAC, firms significantly reduce their cash holdings. State-owned enterprises are less affected. Cash flow sensitivity of cash holdings decreases, as does the cash flow sensitivity of investment. The share of short-term debt increases, while inventory holdings and reliance on trade credit decrease. Defaults also decrease. These results suggest that timely access to credit has important implications on firms' financial management.

This short case covers the recent strategic developments of Barnes & Noble, the largest US book chain, and puts them in the context of its peers worldwide (in the UK, Canada, Germany and France). The perspective of the case is the one of James Daunt, CEO of Barnes & Noble since August 2019. Readers are put in his shoes and are asked to analyze Barnes & Noble's response strategy to an increasingly digital book market. This short case is intended to serve as part of a course session on digitalization strategies or strategic change responding to macro trends. The case can support a full 45-minute class session, or can be integrated into a 90-minute session that also includes theory input by the lecturer. The case questions are open-ended but intended to introduce frameworks to assess strategic change and response strategies to exogenous shocks.