We find a significant positive relation between a firm's advertising spending in the United States and its contemporaneous foreign cash flow. This relation holds even after controlling for factors that should be related to the optimal level of domestic advertising, and it is stronger for subsets...

We provide evidence on earnings management by exploiting temporary exogenous shocks to utility firms' sales in the form of annual weather variation. We find that sample firms' sales are highly sensitive to annual changes in average temperatures in the region where the firm operates, but this...

Using a unique, hand-collected dataset, we find a significant positive relation between a firm's U.S. advertising spending and its contemporaneous foreign cash flow. This relation holds even after controlling for factors that should be related to the optimal level of U.S. advertising, and it is...

We examine the relation between dean turnover and changes in rankings in a comprehensive sample of business schools with ranked MBA programs from 1990-2002. We find little evidence that dean departures are related to changes in a school's overall rank in the U.S. News amp; World Report rankings....

We study the decision to choose bank debt rather than public securities in a firm's marginal financing choice. Using a sample of 500 firms over the 1980 to 1993 time period, we find that firms are relatively more likely to choose bank loans when variables that measure asymmetric information...

We study management turnover for the top five executives in a sample of 443 large firms from 1993 through 1998. The rate of forced turnover for non-CEOs is at least as great as that for CEOs, but the sensitivity of turnover to firm performance is smaller for non-CEOs. The probability that a...

We study the job movements of senior executives across firms. We find that executives who jump to CEO positions at new employers come from firms that exhibit above-average stock price performance. This relationship is more pronounced for more senior executives. No such relationship exists for...

This paper documents a nonlinear relationship between insider shareholdings and the sensitivity of a firm's investment to its cash flow. As insider holdings increase from 0, investment-cash flow sensitivities rise sharply. This relationship weakens at higher levels of insider ownership, and I...

We examine the relationship between management turnover and market structure for newspapers in 50 large cities from 1950 to 1993. We find that competitive markets display greater turnover rates than monopolistic markets and that turnover rates are increasing in the degree to which a newspaper...