Concentration in the U.S. insurance industry's market shares and ownership, coupled with a network interlocking ownership relationships by institutional investors, raise social concerns. Studying the relationship between Tobin's q and corporate governance features of the industry, we fail to...

In a word, where information is costly, volatile cash flows create information acquisition costs that reduce value. Thus, managers act to reduce their firm's volatility of cash flow in anticipation of higher value for shareholders. However, when managers reduce the firm's cash flow volatility,...

We construct two potential scenarios to depict the cash flows from the operation of a captive insurer. We then use Monte Carlo simulation to identify conditions that are sustainable in practice and under which captives have a high probability of creating positive shareholder value. We use...

New York instituted a sales and use tax in 1965. This tax is the second largest source of revenue for the state, ranking only behind the income tax. This article examines the New York Tax Department's sales tax audit selection program. The first section discusses the Department's current...

Institutional investor ownership has often been considered a corporate governance variable, typically used to proxy those investors' ability to influence managers and to expropriate wealth from smaller shareholders. Large institutional investors have developed common holdings across numerous...