Company stock option plans have diverse acirc;not;Ssunsetacirc;not;? policies for modifying terms of options held by managers who exit the firm. In our Samp;P 500 sample, these forfeiture, vesting, and expiration provisions are less generous in companies characterized by fast growth, dependence on...

One of the most important risks faced by a bank is that of loan default by its borrowers. Existing literature has documented the negative announcement-period returns for lending banks when a big sovereign borrower announces a moratorium on its bank loans. In contrast, little research has been...

This paper examines the information content of the announcement of the sale of a borrower s loan by its bank. A large body of research has documented the positive impact on a firm s stock price around the announcement of formation and renewal of bank lending relationships. In light of these...

Pensions and deferred compensation represent substantial components of CEO incentives. We study stockholder and bondholder reactions to companies' initial reports of CEOs' inside debt positions following a 2007 SEC disclosure reform. We find that bond prices rise, equity prices fall, and the...

We study the effects of cartel participation on top corporate managers. Although a strong public interest exists in regulating price fixing, we find little evidence that either corporate governance or the legal system holds managers of cartel firms accountable. Instead, managers of cartel firms...

We study the effects of cartel participation on top corporate managers. Although a strong public interest exists in regulating price fixing, we find little evidence that either corporate governance or the legal system holds managers of cartel firms accountable. Instead, managers of cartel firms...

We study real estate purchases by major company CEOs, compiling a database of theprincipal residences of nearly every top executive in the Standard amp; Poor s 500 index. When a CEO buys real estate, future company performance is inversely related to the CEO s liquidation of company shares and...

This paper evaluates recent proposals in the legal and finance literature for limiting the sizes of boards of directors. After controlling for firm size and industry membership, I find evidence of an inverse association between board sizes and firms market values in a sample of 792 large U.S....

This paper analyzes companies' disclosure of CEO stock option values in compliance with recent changes in the SEC s regulations for reporting executive compensation data to stockholders. Results suggest that companies exploit the flexibility of the SEC s disclosure regulations to reduce the...

This paper analyzes company disclosures of CEO stock option values in compliance with the SEC s regulations for reporting executive compensation data to stockholders. Companies appear to exploit the flexibility of the regulations to reduce the apparent value of managerial compensation. Companies...