This paper investigates the role played by non-financial firms in Japanese corporate financing. We find that non-financial firms are an important source of credit for both small and large firms in Japan. We also document that adverse real and financial shocks have similar effects on small and...

This paper investigates the role played by non-financial firms in Japanese corporate financing. We find that non-financial firms are an important source of credit for both small and large firms in Japan. We also document that adverse real and financial shocks have similar effects on small and...

We analyze the choice between a one-tier and a two-tier board structure in a firm with a large shareholder sitting on the board. The board has two tasks: project selection and monitoring the ability of the manager. In a one-tier structure, the sole board performs all tasks. In a two-tier...

Stock option contracts provide managers with dual incentives, motivating both effort and fraud. We show that although there exists an infinity of stock option contracts that induce a given level of effort, no contract behaviorally dominates another in the sense that it induces relatively greater...

This research explores whether management by family members creates or destroys firm value. We estimate the impact of family pervasiveness in top management (family members as executive officers or board members) on firm value as measured by Tobin's Q. Results indicate that family members acting...

In this study we extend the work of Vijh (1994), Barberis, Shleifer, and Wurgler (2005), Denis, McConnell, Ovtchinnikov and Yu (2003) and Geppert, Ivanov and Karels (2011) by examining the effects of the addition to or deletion from the S&P 500 index on the firm's Fama - French four factor model...

This paper describes how credit default swaps could be employed to create performance based executive compensation portfolios that reflect the value of a firm's debt as well as equity; i.e. the total value of all a firm's assets. We define so-called Asset Value Unit (AVU) compensation portfolios...

Although some studies have documented that there is a price increase for firms added to the S&P 500 Index other studies show mixed results. A more recent research suggests that managers are under greater scrutiny once they are added to the S&P500, and work harder to improve firm performance....

Although existing research has documented in very wide and detailed terms the impact of the presence of female directors on the financial performance of firms, very little is known about the link between board composition and corporate risk-taking. Drawing from the academic literature...

This paper analyses the role of venture capitalists in Italian Initial Public Offerings (IPOs). Between 1999 and 2012 venture capital backed IPOs are on average less underpriced than non-venture backed IPOs. By using a regression-based approach to account for the non-random distribution of...