We show firms pay more dividends and repurchase more shares when they have higher levels of institutional ownership, even if the institutions are not activist investors. We also find evidence of an effect of institutional ownership on proxy voting, profitability, R&D, and CEO compensation. Our...

We quantify the value of social status using market prices for Delaware license plates. Delaware plates are numbered sequentially, are private property, and can be legally bequeathed or traded in a secondary market. License plates offer no direct economic benefit other than authorizing the...

Business School faculty salaries are strongly correlated with top-ranked-journal publications. However, publishing outside the top-ranked journals is rewarded differently across fields, and the rewards are significantly lower in finance for publication outside of the “Top-3” (JF, JFE, RFS)....

We quantify the value of social status using market prices for Delaware license plates. Delaware plates are numbered sequentially, are private property, and can be legally bequeathed or traded in a secondary market. License plates offer no direct economic benefit other than authorizing the...

We test whether bank loans change public bond yields. A 10% increase in bank debt raises bond yields by 15bps, reflecting a trade-off between the benefits of bank cross-monitoring and higher bond risk. This effect is smaller for firms with no CDS and junk debt, where bank monitoring is most...

This paper examines the use of foreign currency derivatives (FCDs) by a sample of 720 large U.S. nonfinancial firms between 1990 and 1995 and its potential impact on firm value. Using Tobin's Q as an approximation of a firm's market valuation, we find a positive relationship between firm value...

This paper examines the use of foreign currency derivatives (FCDs)in a sample of 720 large U.S. nonfinancial firms between 1990 and 1995 and its potential impact on firm value. Using Tobin's Q as a proxy for firm value, we find a positive relation between firm value and the use of FCDs. The...