We examine the drivers of the choice among non-bank private (144A) debt, bank loans, and public debt made by 988 non-financial firms during 1993-2007. We document new evidence that, besides firm-level variables, macroeconomic factors are important determinants of changes in corporate debt mix....

We examine the relation between dividends and information asymmetry by using insider returns as a proxy for information asymmetry. We find that dividends are negatively related to returns to insider trades across firms. Firms that pay consistently high dividends have lower insider returns than...

We examine the short horizon relation between liquidity and trading activity in the US Treasury market during nonannouncement periods at 5-, 10- and 30-minute intervals. Our results provide an interesting contrast to the findings of Lee et al. (1993), who examine this relation for the New York...