We study how the geographical distance between large debtholders and large shareholders affects firms' risk and risk-shifting incentives. We argue that greater distance reduces debtholders' ability to observe shareholder characteristics and increases their information asymmetry vis-à-vis...

We study the impacts of local gender imbalance on corporate risk-taking. We find that firms in areas with higher local male-female ratios have higher stock volatilities and leverage, less corporate hedging, and more capital expenditures. Consequently, such firms face higher loan spreads and more...

We study how lender-shareholder distance affects loan contract terms. We hypothesize that an increase in lender-shareholder distance aggravates the lender's information asymmetry vis-à-vis shareholders by making it difficult to observe shareholders' risk preferences and their influence on...