We provide maximum likelihood estimators of term structures of conditional probabilities of corporate default, incorporating the dynamics of firm-specific and macroeconomic covariates. For U.S. Industrial firms, based on over 390,000 firm-months of data spanning 1980 to 2004, the level and shape...

This paper provides highly significant evidence that golden parachutes spur innovation in concentrated-ownership corporations and State-Owned-Enterprises (SOEs). Taking advantage of China's institutional features, we find that golden parachutes lead to higher levels of innovation quantity and...

This paper presents large-sample evidence that firms consider labor unemployment risk when setting their resource adjustment policies. Prior studies find that costs rise more in response to sales increases than they fall in response to sales decreases. Anderson, Banker, and Janakiraman (2003)...