Companies can increase executive compensation by allowing dividends to be paid on unvested restricted stocks grants, also known as stealth compensation. Examining all S&P 500 firms over the period 2003–2007, we find that more than half of the dividend paying firms allow this practice. We look...

Companies can increase executive compensation by allowing dividends to be paid on unvested restricted stocks grants, also known as stealth compensation. Examining all S&P 500 firms over the period 2003-2007, we find that more than half of the dividend paying firms allow this practice. We look at...

A comprehensive empirical examination of a relatively new form of leverage-increasing transaction known as a leveraged recapitalization (LR) is presented. Although similar to a leveraged buyout, the LR differs from LBOs in that the firm remains public instead of going private. We find...

This paper evaluates investment strategies that exploit the deviations from theoretical price parity in a sample of 12 dual-listed companies (DLCs) in the period 1980--2002. We show that simple trading rules produce abnormal returns of up to almost 10% per annum adjusted for systematic risk,...

This paper addresses the question of whether nominal Eurocurrency interest rates provide significant information about expected inflation. To test this question two sets of inflation forecasts for the U.S. and five European countries were generated: 1) from time series of past inflation rates;2)...