Though it has recently become a contemporary financial management tool, stock repurchase can be so dangerous that it may raise concerns about insider trading and manipulative transactions. In fact, such concerns underlie the most important critique of stock repurchase and justify its...

This paper examines the capital structure of listed industrial companies in Jordan. Using firm-level panel data, the main leverage ratios and the mean ratios of long term debt to total debt are calculated during the time period 1978-1998. Based on the statistical analysis, it is found that...

We empirically evaluate 20 prominent contributions to a broad range of areas in the empirical corporate finance literature. We assemble the necessary data and apply a single, simple econometric method, the connected-groups approach of Abowd, Karmarz, and Margolis (1999), to appraise the extent...

This paper examines the role of cross credit rating changes on corporate cash holdings policies, focusing on the "big three" credit rating agencies (Standard and Poor's, Fitch and Moody's). Using a hand collected sample of credit ratings for firms listed at the S&P500 we initially verify the...

In empirical corporate finance, firm size is commonly used as an important, fundamental firm characteristic. However, no research comprehensively assesses the sensitivity of empirical results in corporate finance to different measures of firm size. This paper fills this hole by providing...

Using a three-way mixed effects model to quantify firm-manager match effects in executive compensation, we find that unobservable match heterogeneity explains a considerable proportion of the compensation variation. Firms compensate managers for productivity generated by the efficient match, so...

This paper examines the relationship between board of director characteristics and performance in family businesses, providing evidence on whether family firms differ from non-family ones and focusing also on the possibility of asymmetrical effects between periods of stability and economic...

This paper aims to examine the relationship between the efficiency of working capital management, firm's size and liquidity. This relation is analyzed using Generalized Method of Moment System Estimation applied to dynamic panel data for a sample of 5802 non-financial firms listed in the major...

This study examines the influence of labour market conditions on corporate capital structure in a sample of 2,892 firms from France, Germany, Italy, Spain, and the UK. After considering the effect of unemployment and inflation, we analyse the impact of two market imperfections: employees’...