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The Use of Foreign Currency Derivatives and Firm Market Value
This article examines the use of foreign currency derivatives (FCDs) in a sample of 720 large U.S. nonfinancial firms between 1990and 1995 and its potential impact on firm value. Using Tobin’s Q as aExpand
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Advertising, Breadth of Ownership, and Liquidity
We provide empirical evidence that a firm's overall visibility with investors, as measured by its product market advertising, has important consequences for the stock market. Specifically we showExpand
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The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds
We show that higher institutional ownership causes firms to pay more dividends. Our identification relies on a discontinuity in ownership around Russell index thresholds. Our estimates indicate thatExpand
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Exchange-Rate Hedging: Financial versus Operational Strategies
Exchange-rate exposure is an important source of risk for multinational corporations. To mitigate the impact of exchange-rate fluctuations, it has been claimed that multinational corporations canExpand
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Who's Informed? An Analysis of Stock Ownership and Informed Trading
This paper examines the relationship between ownership structure and informed trading. We attempt to reconcile some puzzling results in recent empirical literature about the impact of ownership onExpand
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Small business lending and the changing structure of the banking industry 1 The views in this paper
This invention relates to a process for modifying keratinous material, and, in particular, to a process for rendering the material resistant to shrinkage and to a process for imparting durable pressExpand
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Stock Market Liquidity and the Cost of Issuing Equity
We show that stock market liquidity is an important determinant of the cost of raising external capital. Using a large sample of seasoned equity offerings, we find that, ceteris paribus, investmentExpand
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Competition on the Nasdaq and the Impact of Recent Market Reforms
This paper examines the effect of recent market reforms on the competitive structure of the Nasdaq. Our results show that changes in inventory and information costs cannot explain the post-reformExpand
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Do investors value smooth performance
This paper presents empirical evidence that cash-flow volatility is negatively valued by investors. The magnitude of the effect is substantial with a 1% increase in cash-flow volatility, resulting inExpand
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Religion and Corporate (Mis)Behavior
We provide evidence that religiosity deters unethical corporate behavior. Firms headquartered in highly religious counties are less likely to backdate options, grant excessive compensation packagesExpand
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