Using a hand-collected executive pension database, we study how both CEO and non-CEO executive compensation structures affect the overall risk of a firm. We accomplish three major objectives: (i) we provide a significant extension of the Sundaram and Yermack (2007) research framework by...

This paper presents the first test of Indian-specific cost of equity measures: the capital asset pricing model (CAPM), global CAPM and an International Arbitrage Pricing Theory (IAPT) model. Using 312 firms weekly and 320 firms monthly derived from the Bombay Stock Exchange 500 Index, the firm...

This study is the first to show that the extent of executive pensions directly affects firm dividend policy. We argue and find that managers with high pension holdings are less likely to adapt a high dividend policy that can risk the managers' future pension payouts. Using a hand-collected...

We explore the effects of tax avoidance and tax risk on stock return volatilities of U.S. firms. We find that firms with very low and very high levels of tax avoidance and firms with high levels of tax risk have more volatile stock returns. We observe that tax avoidance primarily affects stock...

Employing a cluster analysis of 43 different European nations and 77 European banks, we find that significant differences exist between the country-level and firm-level financial risk characteristics. We find four basic financial systems exist in our sample countries based on the concentration...