This article examines the role of stock option programs and executive holdings of stock options in real estate investment trust (REIT) governance. We study the issue by analyzing how the market reaction to a stock repurchase announcement varies as a function of the individual REIT's governance...

This dissertation consists of three essays covering corporate governance, agency costs and asset pricing. The recent spate of corporate governance scandals has led to the emergence of several commercial governance rating agencies which rate firms on their strength of governance mechanisms. In...

We analyze the dual role of investment banks that provide advice to acquiring firms and act as underwriters on the securities issued to finance the acquisition. We find that a significant fraction (56 percent) of acquirers that issue public securities to finance their acquisitions also use their...