This paper surveys the currency risk management practices of Swiss industrial corporations. We find that industrials do not quantify their currency risk exposure and investigate possible reasons. One possibility is that firms do not think they need to know because they use on-balance-sheet...

We examine the relation between managers' financial interests and firm performance. Since the relation could go in either direction, we cast the analysis in a simultaneous-equations framework. For firms involved in acquisitions, we find that acquisition performance and Tobin's Q ratios affect...

We examine the behavior of stock prices and trading activity around the issue day of seasoned common stock offerings. We find a distinct V-shaped pattern in prices, which decline before the issue and then rise following it. These price changes are nontrivial, especially for over-the-counter...

How much of entrepreneurial performance is sheer luck compared to talent, experience, education, and hard work? We define luck as unexpected performance and look for an answer in a large survey of entrepreneurs. Accordingly, luck ranks last in importance among various success factors and...

This study evaluates the disclosure of size revisions of seasoned stock offerings to determine what information is imparted to investors by the revision announcements. The results suggest not only that the announcements disclosure market- but not the firm-originating information; they also...