Previous research finds evidence that tax factors motivate the participants in leasing transactions. Tax-arbitrage arguments predict that leasing participants gain when the lessor's tax rate exceeds that of the lessee. This research employs a sample of effectively tax-exempt Real Estate...

Previous work shows that firms earn statistically significant, positive abnormal returns when they announce favorable revisions of line-of-credit agreements with banks, and many explanations have been proposed. Conspicuously absent is evidence of the impact of these agreements on the other party...

During 2002 and 2003, 140 publicly traded US firms announced their intention to recognize an accounting expense when stock options are granted to employees. Many similar firms elected not to expense options. We study the stock market's reaction. There is no evidence whatsoever that expensing...

Market reaction to the announcement of obtaining loan commitments is examined for a unique sample of tax-exempt real estate investment trusts (REITs). Debt-interest tax incentives may be ruled out on a theoretical basis and empirically due to a significant positive market reaction. Thus,...

A key requirement for Real Estate Investment Trusts (REITs) to maintain their corporate tax-exempt status is that ninety-five percent of income must be distributed as dividends. Receipt of this income imposes a personal tax burden on shareholders. A central tenet of this research is that REIT...

This paper examines the market reaction to the announcement of Debtor-in-Possession (DIP) loan agreements on the market value of equity of DIP borrowers. It studies the relation between DIP financing and the probability of successful reorganization, the length of time spent under Chapter 11...

We study the impact of changes in sovereign ratings and outlooks on international capital markets using a comprehensive database of 34 countries, covering the major regions in the world over the period 1990-2000. We find the rating agencies provide financial markets with new tradable...

This paper examines the equity market response to mandated disclosures made according to the Extractive Sector Transparency Measures Act (ESTMA). Using a sample of 1,559 company-year-country filings from 937 extractive firms between 2016 and 2018, we find that ESTMA disclosures are associated...

On November 4th 2009, non-accelerated filers have been permanently exempted from compliance with SOX Section 404(b) (404 (b)) which called for independent auditor attestation. While compliance with 404(b) had never been mandatory, a number of companies voluntarily comply with it despite the...