Using newly collected data on the ultimate ownership structure of publicly traded firms in nine East Asian economies, we find that family control is negatively related to the dividend payout ratio. Family firms are less (more) likely to increase (omit) dividends than non-family firms. These...

We provide the first international evidence on the impact of economic policy uncertainty (EPU) on dividend policy. Using data from 19 countries, we find that a high level of EPU is positively associated with dividend payout. This evidence is robust to using alternative dividend payout measures,...

Purpose: Study the impact of the heterogeneity of institutional investors, evident in their investment horizon, on firm credit ratings.Methodology/Approach: Use a large sample of U.S. firms over the period 1985 to 2006 (20,670 U.S. firm-year observations) to empirically investigate the...

Purpose – Study the impact of the heterogeneity of institutional investors, evident in their investment horizon, on firm credit ratings. Methodology/approach – Use a large sample of U.S. firms over the period from 1985 to 2006 (20,670 U.S. firm-year observations) to empirically investigate...

Using panel data on S&P's credit ratings for firms from 63 countries over the 2000–2016 period, we uncover divergent patterns in the rating standards over time. Standards strengthen by 1.5 notches for U.S. firms and by 2.2 notches for other developed country firms, but weaken by 1.2 notches...