Keynes's initial, introductory presentation of his inexact measurement, approximation approach to interval valued probability occurred on pages 38-40 of chapter III of the A Treatise on Probability. Keynes used a simple diagram on page 38 to illustrate the non linear and non additive nature of...

This paper addresses the ongoingdebate on which view of equity, traditional or new, that best describes firm behavior. According to the traditional view, the marginal source of finance is new equity, whereas under to the new view, marginal financing comes from retained earnings. In the...

The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...

The introduction of the 2006 Norwegian shareholder income tax was announced in advance, and it increased top marginal tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a large panel of non-listed corporations, with a surge of...

We develop a model of investment, payout, and financing policies in which firms face uncertainty regarding their ability to raise funds and have to search for investors when in need of capital. We show that capital supply uncertainty leads firms to value financial slack and to adjust their...

We model the financing, cash holdings, and hedging policies of a firm facing financing frictions and subject to permanent and transitory cash flow shocks. We show that permanent and transitory shocks generate distinct, sometimes opposite, effects on corporate policies and use the model to...

Over 40% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate share repurchases and dividends being externally financed, primarily with debt. Most externally financed payouts are the result of firms persistently setting payouts above free cash flow....

This article is based on the keynote address from the Eastern Finance Association meeting in South Beach in April 2010. In this keynote address, I discuss how to engage and motivate students by using the results from surveys of corporate finance professionals. Specific examples are given to...

The aim of this paper is to examine the effect of corporate governance, corporate financing decision, and ownership structure on firm performance. The study uses panel based regression approach; the analysis is based on a sample of 80 listed Kuwait Stock Exchange Market firms, over a period of 9...