We create a new measure called director-specific quality (DSQ) that captures the collection of value-relevant transferable attributes unique to a director and explains 10% of the variation in firm value. Directors with higher DSQ receive greater voter support, and investors respond more (less)...

Using a hand-collected novel dataset, we provide the first in-depth study of solicitations exempt from proxy filing requirements. Our findings indicate that proxy exempt solicitations (ES) are an effective, lower-cost alternative to proxy contests. They provide a unique, more flexible way for...

The effects of state tax and regulatory policies on the location of real, financial, and portfolio choice activity of banks are investigated. The results show that banks have increased their efforts to avoid tax and regulatory policies since the 1980 Depository Institutions Deregulation and...

We conduct an empirical investigation to explain observed differentials in mortgage overage pricing. Our analysis makes several contributions. First, we study an area of mortgage pricing that is little understood by consumers and has received little scrutiny in the literature. Second, we...