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Peer Choice in CEO Compensation
Current research shows that firms are more likely to benchmark against peers that pay their Chief Executive Officers (CEOs) higher compensation, reflecting self-serving behavior. We propose an… Expand
Do Private Company Targets that Hire Big 4 Auditors Receive Higher Proceeds?
This study documents a substantial impact of Big 4 auditor choice on the sale proceeds of controlling interests of U.S. private firms. A representative private stock-purchase company with median… Expand
Analyst Report Readability
Using an extensive database of 356,463 sell-side equity analysts' reports from 2002 to 2009, this study is one of the first to analyze the readability of analysts' reports. We first examine the… Expand
Do Analysts' Notes Provide New Information?
This paper systematically studies analysts' notes, an important form of analyst disclosure not previously studied in the literature. Analyst notes are written disclosures that represent a product of… Expand
The Effect of Disclosure on the Pay-Performance Relation
We examine whether greater transparency leads to improved evaluation and rewarding of management. We posit that disclosure improves board effectiveness at monitoring executives and in strengthening… Expand
Product Market Peers in Lending: Information Processing Efficiencies and Proprietary Costs
This study examines how product market peers affect lending relationships. We contend that firms are more likely to borrow from a bank that has previously lent to a peer, to mitigate information… Expand
The Performance of Analysts with a CFA Designation: The Role of Human-Capital and Signaling Theories
This study compares the performance of sell-side equity analysts with and without a CFA designation. Using a large sample of forecasts, our tests indicate that CFA charterholders issue forecasts that… Expand
Marijuana Liberalization and Public Finance: A Capital Market Perspective on a Public Health Policy
The staggered passage of state medical marijuana laws increases state bonds’ offering and trading spreads by 7-11 basis points. Consistent with medical marijuana laws causing an increase in states’… Expand
Managerial Ability and Bank�?Loan Pricing
This paper examines the impact of borrowers’ managerial ability on lenders’ bank-loan pricing and the channels through which managerial ability affects bank-loan pricing. Using a large sample of U.S.… Expand
Similarity in the Restrictiveness of Bond Covenants
Abstract We examine the economic determinants and consequences associated with the inclusion of covenants with similar levels of restrictiveness in bond contracts. Using a unique Moody’s bond… Expand