We examine the drivers of increasing women's representation on boards in American firms. During 1998-2014, the proportion of firms with female directors on their boards almost doubled to approximately 78%, while the percentage of female directors increased almost five-fold to a share of 15%. Our...

We investigate the effect of corporate governance on equity carve-out decisions during the period of 1990 to 2014. Consistent with the notion that managerial incentives drive corporate decisions, we find that firms where the CEO and management have larger stock ownership are more likely to...

This paper examines whether the changes in capital structure due to operating profits can accumulate in the long run. We find that historical operating profits have economically and statistically significant long-term effect on capital structure and that the weighted average historical profits...

Using resource dependence perspective we examine the relationship between different stakeholder groups and firm performance. Our results indicate that different stakeholder groups have different levels of salience for firm's financial performance. Proactive policies with respect to employees,...

We examine the determinants of placing equity privately vs. publicly and analyze 5359 private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) during 1997 to 2006. Using a p-score matched sample analysis we document that firms that are more likely to use PIPEs tend to be...

We examine the determinants of the choice of private versus public equity as a source of financing. We study private investments in public equity and seasoned equity offerings during 1996 to 2006, and analyze the short term and long term abnormal returns in SEO and PIPE transactions and their...

Using a sample of 47,260 annual and 12,276 unique property observations during 2000 – 2011 we analyze the relationship between capital expenditures and performance by employing 2SLS models, in which capital expenditures are modeled as a function of property characteristics (age, square...

We study the recursive, out-of-sample realized predictive performance of a rich set of predictor choices and models, spanning linear and Markov switching frameworks when the forecast target is represented by excess NCREIF and equity NAREIT returns. We find considerable pockets of predictive...