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Macroeconomic Conditions and Capital Structure Adjustment Speed
Using two dynamic partial adjustment capital structure models to estimate the impact of several macroeconomic factors on the speed of capital structure adjustment toward target leverage, we findExpand
On the Marketing of IPOs
Derrien (2005) and Ljungqvist, Nanda, and Singh (2003) build upon the work of Miller (1977) and claim that issuers and the regular customers of investment bankers benefit from the presence ofExpand
On the Timing and Execution of Open Market Repurchases
Little is known about the timing and execution of open market repurchases. U.S. firms are under no obligation to disclose when they are trading, and generally report only quarterly changes in sharesExpand
Regression analysis of proportions in finance with self selection
Numerous papers in finance study the conditional mean of some proportion or fraction with a mass point at zero. We argue that most, if not all, of these studies use mis-specified statistical models,Expand
An Analysis of Sec Guidelines for Executing Open Market Repurchases
Rule 10b-18 is the only guidance the Securities and Exchange Commission provides for open market stock repurchases. Fashioned as a safe harbor without disclosure, 10b-18 conformity is unverifiableExpand
Monitoring as a Motivation for IPO Underpricing
Brennan and Franks (1997) and Stoughton and Zechner (1998) provide contrasting arguments for why monitoring considerations create incentives for managers to underprice their firms' IPOs (initialExpand
Firm and Guarantor Risk, Risk Contagion, and the Interfirm Spread among Insured Deposits
We develop a model of third party guaranteed debt and show that interest rate premiums are multiplicatively related to firm and guarantor risk. We apply the model to thrifts issuing CDs guaranteed byExpand
Poison Put Bonds: An Analysis of Their Economic Role
This article examines the effect of issuing debt with and without 'poison put' covenants on outstanding debt and equity claims for the period 1988 to 1989. The analysis shows that poison putExpand
Repudiation Risk and Restitution Costs: Toward Understanding Premiums on Insured Deposits
This paper contains a theoretical development of the relationship of CD premiums to both the risks of the CD issuer and the third party government guarantor of those deposits. The theoreticalExpand
Lender Certification Premiums
The announcement of a bank loan by a borrowing firm has been shown to have a positive effect on the market value of the borrower's claims. This is consistent with a lender's implied endorsement ofExpand
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