This paper examines the effect of a firm's crash-risk exposure on its speed of leverage adjustment (SOA), and how this effect is influenced by the information environment of the country in which the firm is located. We employ a panel of 19,247 firms across 41 countries from 1989 to 2013, and we...

We investigate the optimal investment timing strategy in a real option framework. Depending on the state of the economy, whose changes are modeled by a Markov chain, the investment cost can take one of two values. The optimal investment timing decision is determined by finding the free boundary...

Guangzhou buyers' preference for premium Hawaiian grown product gift baskets with conjoint analysis was examined. Relative importance of three gift basket attributes: container type, products origin, and price were examined. Expenditure equivalent index to evaluate how much more each of the gift...

This paper examines the effect of firm crash-risk exposure on the speed of leverage adjustment (SOA), and how this effect is influenced by information environments, by employing a large panel of 19,254 firms across 39 countries spanning the years 1989 to 2009. We find that firms exposed to a...

Private benefits of control distort the risk choices of owner-managers. In particular, when riskier projects entail a larger increase in cash flow than in private benefits (if successful), (more) equity financing renders the owner-manager (more) conservative, which lowers both expected payoff...

We examine the impact of political uncertainty on firms' payout policy. Using a large international sample across 35 countries over the period from year 1990 to 2008, we find that past dividend payers are more likely to terminate dividends and that non-payers are less likely to initiate...

This paper provides empirical evidence showing that dual-class firms use dividend payments to mitigate agency problems while using repurchases of superior shares to maintain the private benefits of control. With a sample of dual-class firms from 1994 to 2015 that have both their superior voting...

We examine the impact of political uncertainty on firms' payout policy. Using a large international sample across 35 countries over the period from year 1990 to 2008, we find that past dividend payers are more likely to terminate dividends and that non-payers are less likely to initiate...

This paper presents different social preferences and their impact on investors' and firms' decisions within a unified framework. We categorize preferences into three types: deontological, non-consequentialist, and consequentialist. When investors are large, all three preferences influence...

This paper examines the effect of organization capital on corporate debt structure. We find that firms with higher organization capital rely more on unsecured debt. Using state-level unemployment insurance benefits and industry median organization capital as instrumental variables, we identity...