Gerald T . Garvey

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We examine the cross-sectional variation in the marginal value of corporate cash holdings that arises from differences in corporate financial policy. We begin by providing semi-quantitative predictions for the value of an extra dollar of cash depending upon the likely use of that dollar, and derive a set of intuitive hypotheses to test empirically. By(More)
I develop a theory of stock-based compensation contracts for the chief executive officers (CEOs) of firms and confront the theoretical predictions with recent CEO compensation data. The model characterizes the optimal contract for a CEO whose reputation evolves as signals of the executive’s ability are observed by shareholders. Using various proxies for CEO(More)
Principal-agent theory suggests that a manager should be paid relative to a benchmark that removes the effect of market or sector performance on the firm’s own performance. Recently, it has been argued that we do not observe such indexation in the data because executives can set pay in their own interests, that is, they can enjoy “pay for luck” as well as(More)
We examine the importance of industry to firm-level financial and real decisions. We find that in addition to standard industry fixed effects, financial structure also depends on a firm’s position within its industry. In competitive industries, a firm’s financial leverage depends on its natural hedge (its proximity to the median industry capital–labor(More)
~LSND Collaboration! University of California, Riverside, California 92521 University of California, San Diego, California 92093 University of California, Santa Barbara, California 93106 Embry Riddle Aeronautical University, Prescott, Arizona 86301 Los Alamos National Laboratory, Los Alamos, New Mexico 87545 Louisiana State University, Baton Rouge,(More)
The MiniBooNE experiment at Fermilab reports results from a search for ¯ν_{μ}→¯ν_{e} oscillations, using a data sample corresponding to 5.66×10²⁰ protons on target. An excess of 20.9±14.0 events is observed in the energy range 475<E_{ν}^{QE}<1250  MeV, which, when constrained by the observed ¯ν_{μ} events, has a probability for consistency with the(More)
The MiniBooNE Collaboration observes unexplained electronlike events in the reconstructed neutrino energy range from 200 to 475 MeV. With 6.46x10;{20} protons on target, 544 electronlike events are observed in this energy range, compared to an expectation of 415.2+/-43.4 events, corresponding to an excess of 128.8+/-20.4+/-38.3 events. The shape of the(More)
The MiniBooNE experiment at Fermilab reports results from an analysis of ν[over ¯](e) appearance data from 11.27×10(20) protons on target in the antineutrino mode, an increase of approximately a factor of 2 over the previously reported results. An event excess of 78.4±28.5 events (2.8σ) is observed in the energy range 200<E(ν)(QE)<1250 MeV. If interpreted(More)
In early 2010, the Long-Baseline Neutrino Experiment (LBNE) science collaboration initiated a study to investigate the physics potential of the experiment with a broad set of different beam, nearand far-detector configurations. Nine initial topics were identified as scientific areas that motivate construction of a long-baseline neutrino experiment with a(More)