Female entrepreneurship has been regarded as inferior to its male equivalent in terms of performance. Literature on gender differences in entrepreneurship focus mostly on showing the differences, but not much literature discusses where the differences come from, and how to mitigate them. This...

For a sample of 28,895 firms across 30 countries and 29 years, there is a negative relation between dividend tax rates and dividend payout. Firms increase dividend payout in response to both absolute and relative (to capital gains tax rates) decreases in dividend tax rates. This negative...

I examine the effect of product market competition on the yield spread of corporate bonds. I find that firms that face more competitive threats also face a higher cost of corporate bond debt. After controlling for common bond-level, firm-level and macroeconomic variables, my results show that...

Female entrepreneurship has been regarded as inferior to its male equivalent in terms of performance. Literature on gender differences in entrepreneurship focus mostly on showing the differences, but not much literature discusses where the differences come from, and how to mitigate them. This...

We document that firms' financing decisions are affected by historical high prices. The ratio of the monthly high price to the 12-month historical high positively affects the probability of an SEO. Furthermore, the announcement market reaction is muted and the offering discount is smaller if the...

According to accounting and auditing standards, external auditors and management must both independently monitor goodwill balance for any impairment. Therefore, goodwill impairment may contain valuable incremental information about the CEO's ability which the board can utilize for CEO retention...

Pecking order and market timing theories assume that corporate financing decisions are made in the interests of existing shareholders. We find that existing institutional investors, on average, significantly increase their share ownership at the time of the SEO, including SEOs that would be...

We document that firms' financing decisions are affected by historical high prices. The ratio of the monthly high price to the 12-month historical high price positively affects the probability of a Seasoned Equity Offering (SEO). Furthermore, the post-announcement market reaction is muted and...