This research examines the relationship between policy uncertainty and mergers and acquisitions (M&As). We find that policy uncertainty is negatively related to firm acquisitiveness and positively related to the time it takes to complete M&A deals. In addition, policy uncertainty motivates...

This research examines the relationships between government economic policy uncertainty and corporate cash holdings and the value of cash. We find robust evidence that policy uncertainty is positively related to corporate cash holdings due to firms' precautionary motives and investment delays....

This research examines the relations between government economic policy uncertainty and firm cash holdings and the value of cash. We find robust evidence that policy uncertainty is positively related to corporate cash holdings due to firms' precautionary motives and investment delays. Policy...

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to...

We examine the relation between chief executive officer (CEO) sensation seeking, which captures the desire for varied, novel, and complex personal sensations and experiences, and corporate debt contracting. Using pilot certificates as a proxy for the personality trait of sensation seeking, we...

We exploit the staggered adoption of the universal demand (UD) laws across U.S. states, which impedes shareholder rights to initiate derivative lawsuits, as a quasi-natural experiment to examine the relation between shareholder litigation rights and firm capital structures. We find that weaker...

We use variation in corruption convictions across judicial districts in the United States to examine the relationship between political corruption and risk-taking of public firms. Firms headquartered in regions with high levels of political corruption have lower total risk and lower...

This research examines the relation between shareholder litigation and corporate social responsibility (CSR). Exploiting exogenous changes in shareholder litigation rights following the staggered adoption of universal demand laws by U.S. states and the Ninth Circuit Court of Appeals' ruling on...

This study examines the relation between CEO tournament incentives, proxied by the difference between CEO pay and the median pay of the senior executives of a given firm, and corporate debt contracting. We find negative relations between CEO pay gap and the cost of debt and default risk, and a...