Using new data on S&P 1500 firms’ CEO-to-employee pay ratios disclosed by mandate of Section 953(b) of the Dodd-Frank Act, we examine the effect of within-firm pay inequality on bond yield spreads. We find a significant negative relation between industry-adjusted CEO-to-employee pay ratio and...

The influence of the Fed's actions on equity prices has been a source of significant speculation in recent years. This paper uses a well-regarded measure for the “fair” value of interest rates to measure the degree to which the Fed is influencing interest rates, and then relates that level...

Prior research finds that stocks earn significantly higher returns in January compared to other months, with the effect most often attributed to tax-motivated selloffs in December leading to price reversion in January. We examine how patterns in turn-of-the-year performance impact prominent...

Using political corruption conviction data from the U.S. Department of Justice, we examine the impact of local corruption on firms’ debt maturity structure while exploring both demand-side and supply-side explanations. Our results support the demand-side story and indicate that firms located...

We provide evidence that discretionary loan loss provisions (DLLP) convey value-relevant information to the market that is highly dependent upon the state of the economy. DLLP is associated with negative abnormal returns during bad economic states characterized by growing default concerns, but...

Purpose: The purpose of this paper is to deal with the practical challenge faced by modern logistics enterprises to accurately evaluate driving performance with high computational efficiency under the disturbance of road smoothness and to identify significantly associated performance influence...