Corporate boards are the focal points for companies' decisions on strategy and investment, and hence they embody the key features of firm production and management. Researchers and policy makers alike thus invariably ask “who makes these decisions?” A stream of research examines the...

We investigate whether corporate securitization enhances a firm's debt service capacity. Agency problems may arise in the relationship between bondholders and servicers/managers because of the operating nature of the securitized assets. Securitization overcomes such concerns by introducing a set...