Andrew H. Roper

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It is well known that firms are more likely to issue equity when their market values are high, relative to book and past market values, and to repurchase equity when their market values are low. We document that the resulting effects on capital structure are very persistent. As a consequence, current capital structure is strongly related to historical(More)
Measuring the integration of world capital markets is a challenging task. For example, regulatory changes which appear comprehensive may have little impact on the functioning of the capital market if they fail to lead to foreign portfolio in°ows. In contrast to the usual practice of documenting the timing of regulatory changes, we specify a reduced-form(More)
OBJECT One of the limiting factors in gamma knife radiosurgery is the restriction to one treatment imposed by the fixed stereotactic frame. The ability, in selected cases, to remove the frame and replace it on a subsequent occasion in the same location would facilitate fractionated treatments and provide flexibility in the timing of treatment delivery. It(More)
Local Asian and international capital markets have been branded as culprits in the recent Asian financial crisis. Unfortunately, much of our understanding of the crisis stems from macro level analysis. We provide a micro level approach to understanding the Asian financial crisis that focuses on understanding the development of capital markets throughout the(More)
This paper conducts powerful new tests of whether debt can mitigate the effects of agency and information problems. We analyze emerging market firms for which pyramid ownership structures create potentially extreme managerial agency costs. Our tests incorporate both traditional financial statement data and new data on global debt contracts. Our analysis is(More)
This paper investigates the relationship between capital structure, managerial equity ownership, corporate governance, and firm value in firms suspected of having 'extreme' agency problems. Overall, we find that leverage plays a role in mitigating the problems that result from the separation of control rights from cash flow rights and a lack of corporate(More)
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