Executive pensions and deferred compensation, collectively referred to as inside debt, tend to align CEO incentives with those of debt holders. Although CEO equity compensation is well known to induce risk-shifting incentives and thereby add to the agency cost of debt, too much inside debt may...

We examine the impact of Level 3 assets held by non-financial companies on credit risk. Specifically, we investigate how the pricing uncertainty of Level 3 assets is reflected in credit ratings, corporate bond yield spreads, and incidences of bond covenants. We find that higher holdings of Level...

The existing research of inter-jurisdictional policy implementation relies on aggregated data from established or completed networks, which cannot discern individual level heterogeneity among policymakers in earlier stages of interlocal collaboration. Further, scholars have difficulties to...

This paper explores whether corporate acquirers consider environmental reputations whenplanning and structuring takeovers. We find that firms with an environmentally toxic reputation,which have the greatest potential for negative spillovers to their merger partners, have a lowerassociated...

We examine the effects of institutional ownership on firms' information and trading environments using the annual Russell 1000/2000 index reconstitution. Characteristics of firms near the index cutoffs are similar, except that firms in the top of the Russell 2000 have discontinuously higher...

Nearly 40% of IPO firms redact information from their SEC registration filings. These firms exhibit characteristics consistent with the need to shield proprietary information from potential rivals. They experience greater underpricing, but pre-IPO insiders reduce underpricing-related wealth...

We study the process of corporate restructuring for a sample of 298 firms during the 1989-98 period that announce that they are considering restructuring alternatives. We find that restructuring is a lengthy process, with the majority of the restructuring period occurring prior to any definitive...