We examine the effects of busy directors on merger premiums and conclude that busy directors are not uniformly detrimental. We provide evidence that busy CEOs of acquirer firms are associated with lower premiums suggesting they do not shirk their responsibilities. Busy CEOs of target firms...

This work examines apportionment of multiplicative risks by considering three dominance orderings: first-degree stochastic dominance, Rothschild and Stiglitz’s increase in risk and downside risk increase. We use the relative nth-degree risk aversion measure and decreasing relative nth-degree...

Using data from the Australian Stock Exchange, the authors assess the information content of an open limit‐order book with a particular focus on the incremental information contained in the limit orders behind the best bid and offer. The authors find that the order book is moderately...

This work examines apportionment of multiplicative risks by considering three dominance orderings: first-degree stochastic dominance, Rothschild and Stiglitz's increase in risk and downside risk increase. We use the relative nth-degree risk aversion measure and decreasing relative nth-degree...

Bank-owned life insurance (BOLI) is life insurance purchased by bank holding companies (BHCs) for key employees, whose proceeds can be shared by the company and employees' heirs. We investigate whether and how executive compensation affects BOLI and whether BOLI use affects BHC performance....

This work examines the relationships between higher-order risk aversion attitudes. We illustrate the meaning of "bounded marginal utility" in the whole real-value space. Under this assumption, we further demonstrate that prudence can not only imply risk aversion, but also risk seeking; and we...

We investigate how board busyness affects corporate payout policies. We find that board busyness increases the propensity and the level of cash distribution to shareholders. The likelihood and the level of share repurchases increase with inside director busyness, while the propensity to pay...

To solve the problem of low quality and lack of specific attributes in the text-to-face synthesis task, this paper proposes EFA, a general embedding method for strengthened face attributes in the text-to-image synthesis models. First, we re-encode the irregular word-level descriptions scattered...

We examine the impact of covenant violation on corporate operational efficiency. Using aggregate measures of operational efficiency developed by Demerjian et al. (2012), we find that covenant violations are negatively associated with operational efficiency, suggesting lower operational...