Amendments to NASD Rule 2711 and NYSE Rule 472, enacted in May 2002, mandate that sell-side analysts disclose the distribution of their security recommendations by category of buy, hold, and sell. This regulation enhances the transparency of analysts' information and mitigates the...

In this study, we examine whether the initiation of credit default swaps affects the reference entity's executive compensation design. With both human capital and financial capital highly associated with the firm's bankruptcy risk, risk averse managers prefer cash compensation over option...