Although bank letters of credit are considered the lifeblood of international commerce, there is little empirical evidence on their role in intermediating international trade transactions in the U.S. In this paper, we investigate if and to what extent commercial letters of credit (CLCs) provided...

In this study, we explore the hedge fund activist influence on managerial decisions in opaque banking industry. Focusing on loan loss provisions (LLPs), a discretionary item that is subject to managerial manipulations as well as pressures from various regulatory agencies, we find that hedge fund...

In this study, we explore the hedge fund activist influence on managerial decisions in opaque banking industry. Focusing on loan loss provisions (LLPs), a discretionary item that is subject to managerial manipulations as well as pressures from various regulatory agencies, we find that hedge fund...

Purpose: The purpose of this paper is to investigate the impact of social and economic factors on home ownership as an investment in American urban areas. Design/methodology/approach: The authors run a spatial analysis using home ownership data on 817 American counties from US Census Bureau’s...

We empirically investigate the impact of a proxy threat on corporate policies and find that the credibility of a proxy threat encourages incumbent managers to pursue more leveraged, more dividend paying, and less acquisitive policies. We provide the first evidence that the disciplinary effects...

Given the frequency and its important value implication of post-IPO M&A activity, we investigate empirically whether investors can utilize information based on IPO deal structure to predict merger and acquisition activity among newly public firms. Consistent with the hypothesis that some firms...

This study takes advantage of a natural experiment to trace out the supply-side effects of nontraditional assets on loan portfolios. The natural experiment centers on the recent accounting standards that require banks to transfer off-balance sheet securitized assets onto balance sheets,...