We provide a new insight on how changes in risk affect a firm's capital structure decisions. Using an approach that alleviates potential problems caused by high capital structure adjustment costs, we test whether firms that experience a substantial increase in risk choose an external financing...

Using recent U.S. data we find that the patterns of returns around open-market share repurchases have changed compared to existing results based on earlier samples. The long-horizon abnormal returns estimated using various methodologies following repurchase announcements made after 2001 are much...

In this paper, we investigate the timing, volume, and profitability of insider trading has changed over time corresponding to changes in the regulatory environment over the period 1986-2008. Consistent with increased regulatory scrutiny, we find that there has been a steady increase over time in...