We explore the relationship between underwriter reputation and pricing (fee and yield) of corporate bond underwriting services in the U.S. during the global financial crisis (GFC) of 2007-2009. We compare the effect of underwriter reputation on bond pricing during the GFC with that in pre- and...

We investigate the effect of CEOs' education on their firms' probability of choosing convertible debt instead of straight debt and equity. Using a security choice framework, we find that CEOs with higher levels of education have a greater likelihood of issuing convertible debt, particularly when...

This paper analyses the impact of the EU market abuse law on share repurchases. We find that the Member States' previous rules differed considerably, and therefore it can be said that the Regulation on share repurchases has provided uniformity as to the availability of a safe harbor for share...

We analyze the impact of market contestability on the payout policy of banks by exploiting plausibly exogenous changes in interstate geographical restrictions on branch expansion of banks. Leveraging branch-level data on bank deposits, we provide evidence of a negative impact of branching...

Firms that follow excessive payout policies (over-payers) are higher on the financial distress spectrum and have lower survival rates than under-payers. In addition, over-payers endure lower future sales and asset growth than under-payers and experience negative abnormal returns in the bond and...

We present robust evidence that firms enlarge the executive pay gap when executive mobility is constrained by the enhanced enforceability of non-compete agreements. We interpret this finding as evidence that firms increase tournament incentives to keep executives incentivized after the loss of...

Purpose – The aim of the paper is to study the long‐run under‐performance of UK initial public offerings (IPOs) by relating it to the pre‐IPO financial performance of the firm as well as the managerial decisions taken before the IPO. Design/methodology/approach – The three‐year share...

One of the key questions in the study of regulation is whether the costs of regulatory compliance fall homogeneously on all businesses or whether certain firms, for instance small ones, are especially penalized. We quantify firms' compliance costs in terms of their labor spending to adhere to...