This paper investigates the empirical determinants of corporate cash holdings for a sample of UK firms over the period 1984-1999. We present evidence of the significant relation between managerial ownership and cash holdings. The results also suggest that the way in which managerial ownership...

This study examines the impact of financial flexibility on the investment and performance of East Asian firms over the period 1994-2009. We employ a sample of 1,068 firms and place particular emphasis on the periods of the Asian crisis (1997-1998) and the recent credit crisis (2007-2009). The...

This paper investigates the effects of credit rating downgrades, equity mispricing and CEO overconfidence on zero-leverage policy, using data for listed United States firms during the period 1980-2012. The results show that (1) the likelihood of zero-leverage increases significantly following a...

This paper provides an empirical examination of the determinants of corporate debt maturity structure. A partial adjustment model is estimated by GMM estimation procedure using data for an unbalanced panel of UK firms over the period 1983-1996. The evidence is consistent with the hypothesis that...

This paper investigates the relation between insider trading and the likelihood of insolvency with a specific focus on the directors' sale and purchase transactions preceding insolvency. We use a unique dataset on directors' dealings in 474 non-financial UK firms, of which 117 filed for...

This paper investigates the relationship between financing constraints and investment cash flow sensitivities by focusing on cash holdings as the basic classification scheme to separate firms into finacially constrained and unconstrained categories. The idea is that high cash reserves increase...

This study revisits the classical debate about the nature of the relationship between managerial ownership and corporate performance by using a semi-parametric estimation approach. The semi-parametric approach helps sidestep concerns associated with the potential misspecification of parametric...