I examine corporate call policy for nonrefundable debt. Nonrefundable bonds purportedly cannot be called with funds from lower-interest-cost debt. However, firms tend to call nonrefundable debt following interest rate decreases. The calling firms typically issue lower-interest- cost debt around...

This paper investigates whether the firm's set of investment opportunities drives the amount and type of executive compensation by conducting a detailed empirical analysis of the executive compensation plans of large bank holding companies. We examine intra-industry changes in compensation...

USA Today and less detailed panel data, I find that to the extent that these types of regressions measure discrimination, it is African-American Republicans who were harmed. Indeed, the nonvoted ballot rate for white Republicans is higher than for white or African-American Democrats. The data...