Since the 1970s, dividends have not only become less common (Fama and French, 2001), they have become less sticky, too. Today, it is not uncommon for a firm to cease dividend payments within three years of initiation. I examine the differences between firms that continue to pay dividends for a...

This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower...

Theoretical models suggest that ownership structure may be an important determinant of securities' market characteristics. For example, the presence of informed traders leads to greater bid-ask spreads (Copeland and Galai (1983), and Glosten and Milgrom (1985)), and strategic trading of informed...

Some firms allow their CEO to hold the position of Chair of the Board of Directors while other firms choose to split those two positions between two different individuals. This dissertation first examines whether agency control mechanisms, agency problems, and other firm characteristics are...

This dissertation examines two different topics relatedto the issuance of a convertible debt security. The firstessay addresses the question of how managers set theequity value in a convertible debt issue. A convertibledebt security has value derived from an equitycomponent and a debt component....