We study how corporate payout policy responds to changing investor tastes for non-dividend over dividend paying stocks following an increase in housing prices. Exploiting the crossregional dispersion in housing prices within the U.S. market, we find a significant negative effect of growth in...

The scarcity of suitable proxies for asymmetric information has impeded empirical research from providing reliable evidence on whether information risk shapes equity pricing. In re-examining this unresolved question, we rely on firms' geographic distance from financial centers to gauge...

For a sample comprised of 36,105 U.S. firm-year observations from 1985 to 2008, we find that firms located in more religious counties enjoy cheaper equity financing costs. This result is robust to a battery of sensitivity tests, including alternative assumptions and model specifications,...

Compensation theory holds that executive aggression is related to both the level and riskiness of inside debt. However, previous researchers only have examined the level of inside debt. We provide an inside debt metric that is conceptually superior to previously used metrics as it incorporates...

Chapter 1. Introduction -- Chapter 2. Business First or Culture First? -- Chapter 3. Culture Shock, Work, and Study Abroad. Chapter 4.The Role of Technology in doing business across cultures -- Chapter 5. Accounting Practices -- Chapter 6. Financial Practices -- Chapter 7. Negotiation Practices. .

Using a large sample of target price forecasts for 6,415 U.S. firms from 1999 to 2011, we find that target price changes predict institutional trading, even after we control for changes in both stock recommendations and earnings forecasts. The impact of target price changes is economically...

Consistent with hedge funds trading on privileged information during the wall-crossing period, we document negative abnormal returns and abnormally high short selling in the trading days just prior to the private placements of U.S. convertible bonds, no pre-placement negative abnormal returns...

We model the durations between firms’ “Initial Public Offerings” (IPOs) and their subsequent “Seasoned Equity Offerings” (SEOs) in China during the period from 1 January 2001 to 1 July 2006. Duration analysis is applied by using the nonparametric Kaplan-Meier estimator of the hazard...

We model the durations between firms' "Initial Public Offerings" (IPOs) and their subsequent "Seasoned Equity Offerings" (SEOs) in China during the period from 1 January 2001 to 1 July 2006. Duration analysis is applied by using the nonparametric Kaplan-Meier estimator of the hazard function,...