This paper investigates the influence of managerial entrenchment on private placements by examining the firm's decision to appoint representatives of the private investors to the board without shareholder approval. By analyzing a sample of U.S. firms that appoint directors in combination with...

In this paper we examine the market reaction - price and volume - to the appearance of a firm in the Who's News column of the Wall Street Journal. We differentiate between those firms whose articles are accompanied by a picture of an executive and a control set of firms whose articles on the...

This study examines how governance characteristics are related to the corporate choice between public debt and different forms of private debt. We find that firms with fewer takeover defenses and larger outside blockholder ownership are more likely to issue private debt. We also document that...

In this study we analyze the effect of latent managerial characteristics on corporate governance. We find that CEO and board chair fixed effects explain a significant portion of the variation in board size, board independence, and CEO-chair duality even after controlling for several firm...