We analyze the payout channel choice of listed UK firms and examine whether the choice between dividends, share repurchases, a combination of payout channels, or complete earnings retention is affected by investor sentiment, taxation, major shareholder ownership, and in particular the CEO's...

This paper generalizes Porter's notion of the value chain for the analysis of service industries. The generalization entails that the flow and the physical transformation and assembly of goods that are characteristic of manufacturing are generalized into flows and transformation of data and...

How does publication pressure in modern-day universities affect the intrinsic and extrinsic rewards in science? By using a worldwide survey among demographers in developed and developing countries, we show that the large majority perceive the publication pressure as high, but more so in...

We compare default rates on conventional and Islamic loans using a comprehensive monthly dataset from Pakistan that follows more than 150,000 loans over the period 2006:04 to 2008:12. We find robust evidence that the default rate on Islamic loans is less than half the default rate on...

This article characterizes the per capita nucleolus for bankruptcy games as a bankruptcy rule. This rule, called the cligths rule, is based on the wellknown constrained equal awards principle. The essential feature of the rule however is that, for each bankruptcy problem, it takes into account a...

We analyse the short term work (STW) regulations that several OECD countries introduced after the 2007 financial crisis. We view these measures as a collection of real options and study the dynamic effect of STW on the endogenous liquidation decision of the firm. While STW delays a firm's...

We analyze clearing mechanisms in financial networks in which agents may have both monetary individual assets and mutual liabilities. A clearing mechanism prescribes mutual payments between agents to settle their mutual liabilities. The corresponding payments, summarized in a payment matrix, are...

This paper introduces liability problems, as a generalization of bankruptcy problems, where every agent not only owns a certain amount of cash money, but also has outstanding claims and debts towards the other agents. Assuming that the agents want to cash their claims, we will analyze liability...

This paper provides evidence on the corporate governance role of shareholder-initiated proxy proposals. Previous studies debate over whether activists use proxy proposals to discipline firms or to simply advance their self-serving agendas, and whether proxy proposals are effective at all in...