Do investors benefit when managers have long-term perspective? The dominant narrative suggests that they do. In this paper, we exploit the language characteristics of annual reports and offer a nuanced answer. We find that future-focused language is associated with relatively lower corporate...

We examine the effect of CEO marital status on corporate cash holdings. Consistent with the agency framework, we find that firms with single CEOs hold more cash compared to otherwise similar firms with married CEOs. Our findings suggest that corporate tax avoidance and lower dividend payouts are...

Given the dramatic age variation in COVID death rates, we create a heterogeneous agent version of the Behavioral SIR contagion model of Engle et al. (2020). The Bayes Nash equilibrium of our infection avoidance game yields a simple new log-linear relationship between the case fatality rate (CFR)...

We model contingent capital with market trigger under dual jump-diffusion processes in asset values and equity prices. Under the dual jump-diffusions, we show that the conversion ratio is no longer deterministic under the jump-diffusion. The conversion ratio becomes a stochastic process related...