We investigate the effect of classified boards on the market reaction to seasoned equity offering (SEO) announcements and the operating performance following SEOs. We find that firms with classified boards on average earn lower SEO announcement returns and have worse abnormal operating...

In the theory of financial intermediation, bank debt is often characterized as being more readily renegotiable than public debt. Banks are also conjectured to gain valuable non-public information through closer monitoring. Given these features, bank debt can theoretically be more flexible than...

Empirical evidence shows that the pricing kernel, or stochastic discount factor (SDF), is not always downward sloping when estimated using Samp;P 500 data. On the other hand, we show that individual stock SDFs are in general downward sloping. We show that a simple jump diffusion returns model...