We examine the effect of a CEO's military service on merger and acquisition decisions and outcomes. We find that acquirers led by CEOs with military backgrounds earn significantly higher abnormal stock returns at deal announcement, and these deals exhibit higher short-run and long-run synergies....

Using staggered adoptions of Constituency Statutes (CS laws) that authorize but not mandate managers to consider non-owner stakeholders' interests in business decisions, we find that the effect of expanding managers' discretion in considering stakeholder interests on the cost of equity depends...

This article examines the effect of organizational forms on corporate dividend decisions by exploring the differences in dividend payout ratios between mutual and stock property-liability (P-L) insurers in the U.S. Our large sample evidence suggests: a) mutual insurers tend to have a lower...