Informal finance is often believed to be expensive and in limited supply. But most informal investors -- family and friends -- offer funds cheaply; and yet, borrowers seem to prefer formal finance. We explain this in a model of external...
This article examines the recent development of EU regulatory policy with respect to the alternative investment industry up to and including the adoption of a major new Directive. This Directive is just one part of a much larger package...
We investigate firms’ decisions to pay elective stock dividends, known in the UK as scrip dividends. Scrip dividends give investors the choice between receiving new shares or the equivalent value as a cash dividend. UK firms paying...
Payout policy is an important component of a firm’s ability to maintain financial flexibility. Given the market’s heavy penalization of reductions...Read more
