The lockup is an agreement between issuing firms and underwriting investment bankers that prohibits firm insiders from selling shares prior to lockup expiry. Using a manually corrected sample of 7546 SEOs between 1988 and 2007, this study investigates the role of these agreements by separately...

Purpose -The purpose of this paper is to examine whether or not a calendar time anomaly exists in the number and discount of seasoned equity offerings (SEOs) from 1980-2004. Design/methodology/approach - Regression analysis was used on data from SEOs offered from 1980 to 2004 to determine the...

By merging REIT SEO data with executive option exercise data, we investigate insider trading implications around REIT SEOs. Event study results show persistent negative abnormal returns for long-term SEO aftermarket performance. After isolating "strategic" option exercises of REIT insiders...

Studies have analyzed the impact of firm and issue characteristics but not liquidity and solvency components of financial distress on the use of bond covenants. Using a comprehensive database of corporate bonds from 2001 to 2012, we find that firm liquidity, measured by standardized Lambda, has...

Effective utilization of scarce water resources has presented a significant challenge to respond to the needs created by rapid economic growth in China. In this study, the efficiency of the joint operation of the Three Gorges and Gezhouba cascade hydropower plants in terms of power generation...

Lease financing is a well-recognized mechanism for reducing the agency costs of debt. This study examines whether firms that attempt to control the agency costs of equity through strong governance structures, including Chief Executive Officer compensation alignment and board structure, are more...

"We investigate the motives for executives to exercise executive stock options on the options' vesting date versus a later early exercise. We find that executives frequently exercise on the vesting date, executives with a greater need for portfolio diversification and riskier underlying stocks...