We examine the impact of tax burden on cash distribution using a sample of Brazilian firms, which are allowed by law to distribute cash to shareholders in two forms: dividends and tax-advantaged interest on equity. The Brazilian institutional setting is superior to those used in prior studies...

We investigate stock returns, market quality, and options market activity around the flash crash of May 6, 2010. Abnormal returns are negative on the day of and the day after the flash crash for stocks that had trades that executed during the crash subsequently cancelled by either Nasdaq or NYSE...

On July 15, 2008, the US Securities and Exchange Commission announced temporary restrictions on naked short sales of the stocks of 19 financial firms. The restrictions offer a unique empirical setting to test Miller's (1977) conjecture that short-sale constraints result in overpriced securities...

type="main" xml:lang="en" <title type="main">Abstract</title> <p>Theory is conflicted on the impact of equity-based compensation on managerial risk taking. We explore this issue by studying the relation between equity-based compensation and firms' propensity to make acquisitions. Consistent with the notion that equity-based...</p>

In this study, we use some relatively unique characteristics of the Brazilian stock market to test corporate governance, capital structure, and payout decisions hypotheses. In Chapter One, we find that a composite index (NM6) that proxy for the main governance practices targeted by Bovespas...

We study persistent failures to deliver (fails) to better understand naked short sellers' trading strategies, their ability to profit from their trades, and the market's reaction to information about their activities. Contrary to recent claims that naked short sellers are momentum traders who...

On July 15, 2008, the U.S. Securities and Exchange Commission announced temporary restrictions on naked short sales of the stocks of 19 financial firms. The restrictions offer a unique empirical setting to test Miller's (1977) conjecture that short sale constraints result in overpriced...

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...