There is a growing literature on the differential impact of soft' vs. hard' information on organizational structure and behavior. This study is an attempt to empirically quantify the value of soft information, using a data-base on the market for screenplays. Script quality is difficult to...

There is a growing literature on the differential impact of soft vs. hard information on organizational structure and behavior. Most empirical papers on soft information study the financial intermediation industry. This is one of the few papers that measure the impact of soft information in a...

Using data from 20 countries that have suffered a currency crisis, this paper studies firm-level leverage and performance before and after a crisis has occurred. First we provide some evidence of increasing leverage both before and after a crisis. We show that, in the years preceding a currency...

There is a growing literature on the differential impact of quot;softquot; vs. quot;hardquot; information on organizational structure and behavior. This study is an attempt to empirically quantify the value of soft information, using a data-base on the market for screenplays. Script quality is...

This paper demonstrates that preferred stock may arise as an optimal security in a tax-induced equilibrium. This result is driven by graduated tax schedules and by uncertainty. In a more general sense, our results can be interpreted as a template for including any security with a different tax...

There is a growing literature on the differential impact of soft' vs. hard' information on organizational structure and behavior. This study is an attempt to empirically quantify the value of soft information, using a data-base on the market for screenplays. Script quality is difficult to...

This paper studies firm-level leverage and performance measures before and after a currency crisis has occurred using data from 17 countries. We show that prior to a crisis, companies that are expected to benefit from currency depreciations increase their leverage more than other companies....

This paper uses a unique sample of 175 Spanish equity offerings from 1985 to 2002 to test who benefits from IPO underpricing and why. Institutions receive nearly 75% of the profits in underpriced issues, while they have to bear only 56% of the losses in overpriced offerings. Superior information...

This paper investigates the financing conditions of non-financial corporations in theeuro area. We develop a new firm classification based on micro data by distinguishingbetween three groups of firms: unconstrained, relatively and absolutely constrainedfirms. We also provide further evidence on...