In this paper we explore the possibility that the presence of uncertain growth opportunities contribute to the use of PIPE financing. We conjecture that the existence of information asymmetry induces the firm to undertake a private placement and that the characteristics of the firm's investment...

This paper examines why firms choose to pay stock dividends. Using a sample of listed Chinese firms we find that older, more profitable firms with lower leverage, higher levels of retained earnings, private ownership prior to listing, that invest more in fixed assets and operate in regions with...

We study two court rulings that materially affected dividend taxation in several European countries. The tax changes were not related to economic conditions or part of broader policy initiatives, providing a useful experiment for identifying the effect of taxation on capital structure, payout,...

This study examines the influence of institutional environment on capital structure and debt maturity choices by examining a cross-section of firms in 39 developed and developing countries. We find that a country's legal and tax system, the level of corruption and the preferences of capital...

We examine commercial office rental yields in 89 large cities in 33 developed and developing countries in the 2000-2019 period. As expected, commercial office yields have declined throughout the world, reflecting a decline in the real rate of interest over this time period. Our cross-city...

We take advantage of both the relatively high concentration of insider ownership in Australian firms, absent the dominance of founding families, and the widespread issuance of non-tradable rights to examine the heterogeneous influence of insider and monitor shareholders in shaping the firm's...

This study examines the influence of institutional environment on capital structure and debt maturity choices by examining a cross-section of firms in 39 developed and developing countries. We find that a country's legal and tax system, the level of corruption and the preferences of capital...

We study how retail investor characteristics affect earnings quality, exploiting the well-documented home bias in equity holdings and the cross-sectional, county-level differences in US age demographics to explore how an aging population affects corporate earnings management. To do so, we use...

We utilise a change to the treatment of franking credits in the hand of domestic shareholders, namely the introduction of fully refundable franking credits, to provide robust evidence on the causal effect of investor-level taxes on corporate dividend policy. Consistent with investors having a...