We revisit the Barry, Peavy and Rodriguez (1998) paper and investigate the underlying source of emerging market performance benefits. We classify stocks according to their investability and legal origin. Emerging markets continue to represent the performance benefits they had during the BPR...

I show that nonroutine premerger trades by acquirer outside directors contain a significant amount of private information and indicate opportunistic trading on the information. I find that outside directors sell shares before less valuable deals and purchase shares before more value enhancing...

We use compensation consultant turnover to investigate optimal or excessive CEO compensation recommendations by consultants. Prior literature contends that consultants issue outsized pay recommendations in order to achieve repeat business; we present evidence suggesting their interests are,...

This paper examines the debt underwriting relationship for banks. Publicly-traded investment and commercial banks (“banks”) are unique as they are the only firms capable of underwriting their own securities. In nearly 30% of their debt issuances, banks hire another underwriter and do so...

Firms exhibit a US$106MM average market capitalization decline when a lawsuit against their joint venture partner is announced. Following their partner's lawsuit, the probability of facing similar litigation increases for other firms in the venture, and such legal action is 2.3 times more likely...

We use data from the 11 waves of the U.S. Study of Early Child Care and Youth Development 1991-2005, following children from ages 6 months through 15 years. Observers rated videos of them, obtaining measures of looks at each age. Given their family income, parents’ education, race/ethnicity...

We examine long-term firm-advisor relations using an extended history of debt, equity, and merger transactions. Hard-to-value firms are more likely to maintain dedicated advisor relations (underwriters or merger advisors). Firms that retain predominantly one advisor over their entire transaction...

This paper addresses three basic questions about an under-studied food subsidy program, the Child and Adult Care Food Program (CACFP): (1) Does CACFP reach targeted low-income children? (2) How do eligible families and child care providers who participate differ from those who do not...

Temporary help services (THS) firms are increasing their hiring of disadvantaged individuals and claiming more subsidies for doing so. Do these subsidies-the Work Opportunity Tax Credit (WOTC) and Welfare-to-Work Tax Credit (WtW)-create incentives that improve employment outcomes for THS...

Temporary help services (THS) firms are increasing their hiring of disadvantaged individuals and claiming more subsidies for doing so. Do these subsidies—the Work Opportunity Tax Credit (WOTC) and Welfare-to-Work Tax Credit (WtW)—create incentives that improve employment outcomes for THS...