Using a sample of nearly 700 firms, we documented a significant level of substitution between monitoring efforts by shareholders and bonding of Chief Executive Officers' (CEO)compensation with shareholder wealth. Direct shareholder monitoring effectiveness is measured by various dimensions of...

We examine the behavior of return volatility and trading at 5-minute intervals in the treasury bond futures market in the context of the monthly macroeconomic news cycle. We advance and confirm the hypothesis that volatility and trading activity are higher in the first half of the month. The...

We develop an analytic approximation of a model of callable convertible preferred stock that allows for deferred callability and cash dividends on the issuing firm's common stock. Predictions of the analytic approximation and the numerical solution are close, hence we show that the benefit of...