We investigate the impact on firms of joining the S&P 500 index from 1997 to 2017. We find that the positive announcement effect on the stock price of...
We develop a theory of income and payout smoothing by firms when insiders know more about income than outside shareholders, but property rights ensure...
This paper investigates whether female independent directors are more likely to impose high dividend payouts. We find evidence that firms with a larger...
We analyze how industry-wide risks are shared between firms' employees and their owners. Focusing on the electricity industry, we study firms which are...
The interaction between household finance and corporate finance may be particularly strong in private firms. First, private firms often face...Read more
The relationship between dividends and taxes continues to be an open empirical question. While some researchers find that taxes have a first-order...Read more