The evolution of the debt ratio under alternative types of managerial behavior can generate non-standard leverage processes. This creates problems for statistical inference in empirical capital structure research. We argue in this paper that when the data generating process is not standard, a...

Executive search firms play a major role in the hiring decisions of executives, yet their impact on executive pay and firms' internal labor markets remain unexplored. In this paper, we present a model that attempts to fill this gap. The model relates the escalation of CEO pay to a decline in...

We examine how corporate transparency and financing choices differ for family and non-family firms in the S&P 1500 Index. While transparency on average is better for firms in the S&P 500 Index than for firms in the S&P MidCap 400 and S&P SmallCap 600 indices, the improvement is much larger for...

Using data from an exhaustive list of journals for the 40 year period starting in 1969 we document the stylized facts in name ordering in Economics publication. We provide a theoretical model to explain the observed facts. Our model fits the data well. We show that contribution to the idea of a...

How portable are top management skills? Should (and do) firms care about firm-manager fit when they hire new managers? How is fit related to managerial 'style'? We hypothesize that if firms and managers are matched with each other on the basis of fit on multiple dimensions, then firms that...

We study the information role of financing from connected individuals (e.g., family and friends) of entrepreneurs based on a crowdfunding platform and social media account login data. While financing from connected individuals is generally considered as a signal of high-quality projects, our...