Does private information banks generate about their corporate borrowers deepen and change in nature over time, and if so, how? Exploiting the comprehensive Federal Reserve’s supervisory dataset, we distinguish two private information dimensions embedded in internal credit ratings: depth and...

Using options-implied variance, a forward-looking measure of conditional variance, we revisit the debate on the idiosyncratic risk-return relation. In both cross-sectional (for individual stocks) and time-series (for the market index) regressions, we find a negative relation between...

Using a sample of 2198 completed M&A transactions between 1994 and 2010 in which both target and acquirer are public US firms supplemented with hand-collected data for target CEO retention, we uncover a significantly negative relation between target CEO retention and takeover premiums received...