• Publications
  • Influence
Why Do Firms Hold so Much Cash? A Tax-Based Explanation
U.S. corporations hold significant amounts of cash on their balance sheets, and these cash holdings have been justified in the existing empirical literature by transaction costs and precautionaryExpand
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What S in it for Me? Ceos Whose Firms are Acquired
We study benefits received by target chief executive officers (CEOs) in completed mergers and acquisitions. Certain target CEOs negotiate large cash payments in the form of special bonuses orExpand
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The Impact of CEO Turnover on Equity Volatility
This study investigates the effect on stock-price volatility of a significant event in the life of the firm, a change in its CEO. We find significant, long-lived increases in volatility following CEOExpand
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Explaining Corporate Governance: Boards, Bylaws, and Charter Provisions
We provide arguments and present evidence that corporate governance structures are endogenous responses to the costs and benefits firms face when they choose the mechanisms that comprise thoseExpand
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The Effect of Corporate Governance on Investment: Evidence from Real Estate Investment Trusts
This study investigates the relation between firms' investment choices and various governance mechanisms, using a sample of real estate investment trusts (REITs). We find evidence that theExpand
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Tradeoffs in Corporate Governance: Evidence from Board Structures and Charter Provisions
We provide arguments and present evidence that corporate governance structures are composed of interrelated mechanisms, which are in turn endogenous responses to the costs and benefits firms faceExpand
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Is There a Disposition Effect in Corporate Investment Decisions? Evidence from Real Estate Investment Trusts
While several studies have documented behavioral biases in the behavior of individual investors, very little is known about the existence of such biases in corporations. We utilize the unique natureExpand
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Institutional investors as monitors of corporate diversification decisions: Evidence from real estate investment trusts
Determining whether diversification adds or destroys value is notoriously difficult, leaving open the question of the degree to which any diversification discount can be affected by managementExpand
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The Role of Corporate Governance in Initial Public Offerings: Evidence from Real Estate Investment Trusts
This study analyzes the impact of corporate governance structures at the initial public offering (IPO) date. We test hypotheses that firms with more shareholder‐oriented governance structures receiveExpand
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Human Capital and the Supply of Religion
We study the role of labor inputs in religious attendance using data on Oklahoma Methodist congregations from 1961 to 2003. Pastors play a significant role in church growth: replacing a 25thExpand
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