Purpose: This study aims to empirically investigate agency and stewardship theories in the US lodging market by examining the influence of fiscal and non-fiscal leadership structures on the debt financing decisions of lodging firms. Design/methodology/approach: Secondary financial data have...

We investigate the tax incentives for leveraged buyouts by measuring the change in taxes paid by a firm due to a buyout. Estimates are made of the change in taxes paid by 23 of the largest leveraged buyouts in 1988, 1989 and 1990 under three different tax structures and use a pre-TRA '86 tax...

This paper integrates research on the accuracy of alternative long-term earnings forecasts, the gain in accuracy achievable from combining various forecasts, and the power of different long-term earnings forecasts to explain stock prices. The tests are performed on 82 electric utility firms...