We examine the effect of CEO personal reputational capital on financial misconduct. We find that home CEOs (defined as those who manage firms located within 100 miles of their birthplaces) are associated with significantly less financial misconduct than firms with non-home CEOs. The effect is...

This paper analyzes the effect that the U.S. Supreme Court's landmark decision on Citizens United vs. FEC had on corporate political activism. The decision opened the door for corporate treasuries to engage in independent political spending. Politically connected firms have lower announcement...

Debt-financed share buybacks generate positive short-term and long-run abnormal stock returns. Leveraged buyback firms have more debt capacity, higher marginal tax rate, lower excess cash and lower growth prospects ex ante, increase leverage and reduce investments more sharply ex post than...

Using Internet search volume of dividend-related keywords to measure investor preference for dividends that varies over time and across states, we show that dividend sentiment affects corporate policies and asset prices. Investors search more for dividends when economic conditions are poor, with...

Using policy-related uncertainty as a shock to firms’ internal and external financing frictions, we find significantly lower repurchase likelihood, short-term market reactions, and post-announcement completion rate of open market share repurchases during periods of high policy uncertainty. The...