are more likely to have forced turnovers when there is more over-investment prior to the turnover, and these firms make … more efficient investment decisions subsequently. Board influence is largely insignificant prior to a CEO turnover but is … consistently associated with higher levels of investment subsequently. …

investment project. The manager's choice of innovation effort is subject to a holdup problem because of the ex post opportunism … on the part of headquarters. We analyze and contrast the performance of centralized and delegated forms of investment …' investment opportunity sets. …

firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a …-ownership divergence can have a real impact on corporate financial and investment outcomes …

We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The … market timing and catering approach views managerial financing and investment decisions as rational managerial responses to … securities mispricing. The managerial biases approach studies the direct effects of managers' biases and nonstandard preferences …

Dividend reductions have long been considered a "last resort" action for firm managers. Managerial reluctance to reduce …

We examine the effect of credit default swap (CDS) trading on firm investment, finding a post-CDS introduction decrease … controlling for past investment and financing activities. Further analysis reveals a CDS introduction-year increase in debt … increase in bankruptcy risk and debt overhang likely plays a dominant role in the investment effect of CDS, while the expansion …

policies and firm value. I first derive the implications of a structural model of a firm with assets in place and an investment … managers of those firms capture 0.8% of firms' net income on average, thereby decreasing aggregate firm value by 1.7%. These …