Many commentators have suggested that companies pay top executives with deferred compensation, a type of incentive known as inside debt. Recent SEC disclosure reforms greatly increased the transparency of deferred compensation. We investigate stockholder and bondholder reactions to companies’...

I analyze changes in apparel company stock prices when Michelle Obama wears designer outfits at public events. Company stock prices rise significantly when the First Lady wears their clothing, increasing about 1.7% in the week following her most closely watched appearances and by about half as...

I analyze changes in apparel company stock prices when Michelle Obama wears designer outfits at major events. The First Lady's selections can create value exceeding $100 million for companies that design and market her clothing. The effect is approximately $2.3 billion during a 2009 European...