Using a panel of publicly traded companies with large changes in institutional holdings, we find that CEO compensation risk is significantly higher in a company with a higher level of aggregate institutional holdings excluding top five holdings. Conversely, institutional ownership concentration,...

This paper examines whether post-merger board composition affects the premiums paid to target shareholders. Using a sample of 207 stock-for-stock mergers from 1996 to 2004, we show that target merger premiums vary inversely with target director representation on the post-merger board. We also...

We examine whether firms manage earnings before issuing bonds to achieve a lower cost of borrowing. We find significant income-increasing earnings management prior to bond offerings. We also find that firms that manage earnings upward issue debt at a lower cost, after controlling for various...

We examine the board structure of firms following stock-for-stock mergers. We find that former target inside (outside) directors are more likely to join the combined firm board when target insiders (outsiders) have a relatively strong position on the pre-merger target board. The relative size of...

The broadcasting industry experienced drastic deregulation with the passage of the Telecommunications Act of 1996. This study examines the capital market reactions to the passage of the Act and aftermath changes in profitability and efficiency in the broadcasting industry. This study finds that...

This study contributes to the debate on the benefits and costs of multiple directorships by investigating the impact of multiple directorships on board meeting attendance. Individuals with multiple board seats (or "busy" directors) exhibit a higher tendency to be absent from board meetings. The...

In this paper we hypothesize that CEOs will be motivated to manage earnings prior to a turnover decision. This motivation comes from the horizon problem for CEOs nearing retirement age and for CEOs whose profit-based bonus is a large portion of their total compensation. We find that firms in...

On July 1st, 2008, Colorado Blue Laws banning Sunday packaged liquor sale were repealed. We estimate the effect of this policy change on alcohol-related accidents and traffic citations in a regression discontinuity design. Across specifications, we find no evidence that the repeal of Colorado...

In this paper, based on the Robinson’s normal equation and the smoothing projection operator, a smoothing homotopy method is presented for solving variational inequality problems on polyhedral convex sets. We construct a new smoothing projection operator onto the polyhedral convex set, which...