This paper focuses on tendencies and determinants of corporate long-term capital policy. The study covered nearly 2000 firms during the period 1988-2002 in four European countries, namely: France, Germany, Great Britain and Poland. It answers the two main questions. First, what tendencies can be...

How much of a loan should a lender dynamically retain and how does retention affect loan performance? We address these questions in a dynamic agency model in which a lender originates loans that it can sell to investors. The lender reduces default risk through screening at origination and...

We examine the relationship between protracted CEO successions and stock returns. In protracted successions, an incumbent CEO announces his or her resignation without a known successor, so the incumbent CEO becomes a “lame duck.” We find that 31% of CEO successions from 2005 to 2014 in the...