This paper extends prior work on the links between political patronage and capital structure in developing economies. Three proxies of political patronage are developed and applied to a group of Malaysian firms over a 10-year period. We find a positive and significant link between leverage and...

In a study based on 128 FDIC assisted acquisitions and 387 non-assisted acquisitions, we found that only repeated acquirers produced abnormal returns in FDIC assisted acquisitions. Our analysis shows that the FDIC repeated acquirer improved its profiting chances by reducing the winning bid and...

This study examines the relation between the bid-ask spread from the daily CRSP data and the bid-ask spread from the intraday TAQ data. We show that the CRSP-based spread is highly correlated with the TAQ-based spread across stocks using data from 1993 through 2009. The simple CRSP-based spread...

Package Bidding is a practice by which a package of two or more items is sold off. We evaluate the practice of Package Bidding that was used to resolve the large number of failed thrifts in 1988. Our results, based on a data set from the quot;Class of 1988quot; that includes details of the...

This work explores the potential of revenue-sharing contracts to facilitate information sharing in a supply chain and mitigate the negative effects of information leakage. We consider a supplier who offers a revenue-sharing contract to two competing retailers, one of whom has private information...

This paper analyzes the long-term relationships between hydropower generation and climate factors (precipitation), hydropower generation capacity (installed capacity of hydropower station) to quantify the vulnerability of renewable energy production in China for the case of hydropower...

We introduce a rapid grid search method in solving dynamic programming problems in economics. Compared to mainstream grid search methods, by using local information of the Bellman equation, this method can significantly increase the efficiency in solving dynamic programming problems by reducing...

This paper examines the impact of press freedom on stock price informativeness in a sample of firms from 50 countries. We find a significant relation between more press freedom and lower stock price synchronicity. Our results suggest that the freedom of the press can enhance the information...