Using NASDAQ reported individual stock level trading volume, we find that analyst research coverage on a stock increases an affiliated broker's market share of trading volume in that stock by 0.8 percent, on average, which corresponds to an additional annual volume of about one million shares in...

This paper investigates the motivations for and consequences of including a broad group of employees in leveraged buyouts. We compare employee buyouts (EBOs) to buyouts where only top level management participates (MBOs). We find that the pre-buyout characteristics of EBOs and the structure of...

Mutual insurers generally face higher costs of raising new capital than stock insurers. Other things being equal, the higher costs of raising capital should cause mutual insurers to have higher ex ante target capital to liability ratios than stock insurers. Mutual insurers' capital ratios also...

Following Becker's (1993) suggestion that tests for discrimination should attempt to infer whether profits differ for products sold to minorities and nonminorities, this article tests the hypothesis that racial discrimination affects market prices of auto insurance in Missouri. Compared with...

An extensive prior literature documents the sensitivity of CEO turnover to performance. However, little is known about turnover in the firm's internal labor market. We compare the likelihood of turnover following poor performance for a sample of subsidiary managers inside conglomerate firms to...

We provide estimates of the tax costs of equity financing and the resulting effects on the prices of catastrophe insurance/reinsurance arrangements using a partial equilibrium model of insurance pricing and capitalization that incorporates specific loss distributions for nationwide catastrophe...

We examine the property rights to excess pension assets and to unfunded pension liabilities by estimating the relation between debt ratings and the funding status of firms' pension plans. We test the hypothesis that a dollar of unfunded pension liabilities augments corporate liabilities more...