Financially constrained bidders are more likely to use stock in acquisitions and are significantly more sensitive to stock valuations and growth opportunities in their method of payment decisions than are unconstrained bidders. Furthermore, in stock-swap transactions, constrained acquirers with...

This study exploits a complex information setting of a network of customer-supplier relationships to test whether short sellers pay attention to corporate news to act upon this news across the supply chain. We measure revealed short seller attention by using the link between a customer's news...

Some estimates of the marginal values of cash reported in existing literature appear inconsistent with economic common sense. We establish reasonable benchmark values for the marginal value of cash based on economic theory and empirical evidence. In various samples and contexts, the estimates of...

This paper studies the impact of the 2003 SEC Regulation requiring shareholder approval of all equity-based executive compensation plans on executive compensation policies and practices at S&P 500 firms. Following the 2003 Regulation, firms with shareholder approved equity plans in place or...