Traditionally, financial theory has offered little guidance to managers who must choose whether to list their stock on an exchange or allow it to continue trading over-the-counter. Recent developments in market microstructure theory allow a more careful analysis of the exchange listing decision....

Franchising is commonly viewed as a source of expansion capital for small companies with "limited access to capital markets". Franchising, however, is used by many large, publicly traded companies. This paper summarizes the agency-cost explanation for why firms franchise and provides related...

We examine the relationship between management ownership and compensation for a sample of savings and loan associations which have recently converted to stock organizations. Previous expense preference literature has indicated that the stock form of organization lessens the potential for...