We examine both the short-run and long-run responses to the following corporate cash flow transactions: dividend increases and decreases, dividend initiations, and tender offer repurchases. Our focus is the short-run and long-run effects of managerial ownership. We hypothesize that ownership...

This study examines possible agency problems in Real Estate Investment Trusts (REITs) by contrasting the performance, structure, and compensation of the two REIT forms from 1987 to 1992. Results show that "self-administered" REITs outperformed "advisor" REITs over the sample period even after...

The spread between the yields on six-month commercial paper and six-month Treasury bills (the paper-bill spread) has been shown to be a good predictor of macroeconomic variables such as GDP and real income, at least through the mid-1980s. In this working paper, Ferderer, Vogt, and Chahil explore...

This paper explores reasons for the strong relationship between cash flow and capital investment spending. The equilibrium level of Tobin's q is used to distinguish between liquidity constraints arising from asymmetric information and managerial over-investment of free cash flow. Results suggest...