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We investigate the impact of founding family ownership structure on the agency cost of debt. We find that founding family ownership is common in large, publicly traded firms and is related, both statistically and economically, to a lower cost of debt financing. Our results are consistent with the idea that founding family firms have incentive structures(More)
This paper uses a unique panel dataset of consumer financial transactions to study how consumers respond to an exogenous unantici-pated income shock. Consumption rose significantly after the fiscal policy announcement: during the ten subsequent months, for each $1 received, consumers on average spent $0.80. We find a strong announcement effect—19 percent of(More)
We argue that the creation of new knowledge is both difficult and rare. More specifically, we posit that the creation of new knowledge is dominated by a few key insights that challenge the way people think about an idea; generating high interest and use. We label this the blockbuster hypothesis. Using two large samples of published management studies over(More)
We investigate the role of intermediary ownership form in providing reliable financial services to consumers. Exploiting a novel dataset of the universe of consumer complaints to state regulators, we find significant differences between stock and mutual insurers in the number of complaints made about them. Consumer complaints stem from concerns over reduced(More)
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