We employ a unique data set that tracks the changes of each lender's share commitment in each syndicated credit facility in each year to study the relationship between credit cuts and the borrowing firms' future performance. Overcoming the crucial data limitations in prior empirical studies of...

In this paper we study CEO contract design employing a unique dataset on privately-held and public firm CEO annual compensation over the period 1999-2011. We first show that CEOs in public firms are paid 30% more than CEOs in comparable privately-held firms. We further show that both private and...

Using a hand-collected sample of election nominations for more than 30,000 directors over the period 2001–2010, we construct a novel measure of director proximity to elections called Years-to-election. We find that the closer directors of a board are to their next elections, the higher CEO...