This paper examines the effect of more frequent disclosure on firms' capital structure. We argue that more frequent disclosure enables firms to raise equity at more favorable conditions because shareholders are more willing to invest due to improved transparency and better monitoring of...

This paper examines how corporate debt maturity relates to forward-looking disclosures. I find that higher levels of short-maturity debt are associated with increases in forward-looking disclosures, consistent with firms fulfilling the demand for information when faced with increased uncertainty...

While recent literature has documented that U.S. family firms differ markedly from their non-family counterparts, there is a paucity of evidence on how these firms differ in terms of their cost of capital or financial structure. In this paper, we show that family and non-family firms differ in...

We examine whether the public availability of product market incumbents' financial disclosures leads to greater capital structure mimicking of incumbents by entrants. Exploiting a change in disclosure enforcement for German private firms in the mid-2000s, we find entrant-incumbent mimicking...

What is the interaction between competition, R&D investments, and the financing choices of R&D-intensive firms? Motivated by existing theories, we hypothesize that as competition increases, R&D-intensive firms will: (1) increase R&D investment relative to assets-in-place that support existing...

The interaction between product market competition, R&D investment, and the financing choices of R&D-intensive firms on the development of innovative products is only partially understood. To motivate empirical hypotheses about this interaction, we develop a model which predicts that as...

We examine how corporate transparency and financing choices differ for family and non-family firms in the S&P 1500 Index. While transparency on average is better for firms in the S&P 500 Index than for firms in the S&P MidCap 400 and S&P SmallCap 600 indices, the improvement is much larger for...