A ladder strategy calls for the maturities of the bonds in a portfolio to be spread out evenly with an equal amount invested in each maturity. There is wide acceptance of bond laddering by retail investors as an appropriate approach to constructing bond portfolios. However, the coverage of bond...

We study empirically whether non-financial firms' behavior is consistent with systematic risk-shifting. We compare firms' operating risk before and after a debt issue, under the assumption that if there is any risk-shifting it is most likely to occur right after a debt issue. We document a...

Two common methods of attracting corporate investment are investment incentives and tax incentives. It is important to use the two incentives in the correct proportions, otherwise the government will give up too much value in the process of attracting investment. This paper examines the effect...