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Why Firms Use Currency Derivatives
The authors examine the use of currency derivatives in order to differentiate among existing theories of hedging behavior. Firms with greater growth opportunities and tighter financial constraints… Expand
The Impact of Cash Flow Volatility on Discretionary Investment and the Costs of Debt and Equity Financing
We document that cash flow volatility is associated with lower levels of investment in capital expenditures, R&D, and advertising. Thus, firms do not turn to external capital markets to fully cover… Expand
How Has CEO Turnover Changed?
We study CEO turnover – both internal (board driven) and external (through takeover and bankruptcy) – from 1992 to 2007 for a sample of large US companies. Annual CEO turnover is higher than that… Expand
Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers
Abstract This paper investigates the determinants of appointments of outsiders — directors previously employed by banks (bank directors) or by other nonfinancial firms (corporate directors) — to the… Expand
Financial Expertise of the Board, Risk Taking, and Performance: Evidence from Bank Holding Companies
Financial expertise among independent directors of U.S. banks is positively associated with balance-sheet and market-based measures of risk in the run-up to the 2007-2008 financial crisis. While… Expand
Taking a View: Corporate Speculation, Governance, and Compensation
Using a unique dataset from a well-known survey on derivatives use, this paper examines several questions about the use of derivatives to “take a view” on interest-rate and currency movements. Tests… Expand
How Much Do Banks Use Credit Derivatives to Hedge Loans?
Before the credit crisis that started in mid-2007, it was generally believed by top regulators that credit derivatives make banks sounder. In this paper, we investigate the validity of this view. We… Expand
Resolving the Exposure Puzzle: The Many Facets of Exchange Rate Exposure
Theory predicts sizeable exchange rate (FX) exposure for many firms. However, empirical research has not documented such exposures. To examine this discrepancy, we extend prior theoretical results to… Expand
How Has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOS
We study CEO turnover - both internal (board driven) and external (through takeover and bankruptcy) - from 1992 to 2005 for a sample of large U.S. companies. Annual CEO turnover is higher than that… Expand
Financial Conservatism: Evidence on Capital Structure from Low Leverage Firms
A persistent and puzzling empirical regularity is the fact that many firms adopt conservative financial policies. These "under-leveraged" firms carry substantially less debt than predicted by… Expand