This paper examines how loan covenant violations impact firm dividend policy. Using contract-level loan data for nonfinancial firms in the U.S., this study provides evidence that the occurrence of a covenant violation significantly increases the likelihood of a dividend reduction in the...

We show that cross-border LBO investments involving U.S. rather than non-U.S. private equity (PE) investors are more likely to have a successful exit (IPO or acquisition). Exogenous increases in effective proximity following the signing of “Open-Sky” agreements between the U.S. and target...

Within the industry of venture capital I analyze what are the contributing factors that lead to venture capitalist investing outside of their preferred investment industry, despite a documented subpar result when doing so. I find that the greatest contributing factor to be the VC's preferred...

We explore the strengths and weaknesses of international and local venture capi- talists (VCs) and how the syndicate composition of VC-backed entrepreneurial firms across various countries determines their success. We find that entrepreneurial firms backed by syndicates composed of international...

I analyze the effect of venture capitalist's exit performance for investments made outside of a venture capitalist's preferred investment industry. I find that venture backed investments are significantly more likely to have successful exits when the backing venture capitalists makes an...

This paper examines a firm's dividend reduction timing relative to other dividend reductions in the same industry. A model is proposed where the timing of dividend cuts signal true firm value. It is suggested that during periods of less accessible external financing, such as recessions, firms...

This paper examines a firm's dividend reduction timing relative to other dividend reductions in the same industry. It tests if the timing of dividend cuts is informative in firm valuation. The findings suggest that during periods of less accessible external financing, such as recessions, firms...

I analyze the effect on venture capitalist exit performance of investments made outside of a venture capitalist's preferred investment industry. My findings are as follows: Venture backed investments are significantly more likely to have successful exits when the backing venture capitalists...

We test if California VCs significantly outperform VCs from other US states. We additionally test in which instances California VCs outperform the other VC concentrated states of Massachusetts and New York. We find that VCs from California, Massachusetts, and New York have significantly greater...

Department: Graduate School of Business.