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Why Do U.S. Firms Hold so Much More Cash than They Used to?
The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 to 2004. Because of this increase in the average cash ratio, American firms at the end of the sample period canExpand
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Measuring Abnormal Bond Performance
We analyze the empirical power and specification of test statistics designed to detect abnormal bond returns in corporate event studies, using monthly and daily data. We find that test statisticsExpand
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When a Buyback Isn't a Buyback: Open Market Repurchases and Employee Options
This paper examines how stock options have affected the decision to repurchase shares, the amount repurchased, and the market reaction to the repurchase announcement. I find that firms announceExpand
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Access to Capital, Investment, and the Financial Crisis
During the recent financial crisis, corporate borrowing and capital expenditures fall sharply. Most existing research links the two phenomena by arguing that a shock to bank lending (or, moreExpand
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Errors in Estimating Share Repurchases
We examine the accuracy of various estimates of firms' repurchases of common stock used in earlier studies, and find high error rates in the most commonly used estimators. We also find that theExpand
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The Long-Run Performance of Secondary Equity Issues: A Test of the Windows of Opportunity Hypothesis
We examine long-run stock and operating performance following secondary equity offerings. For a subsample of issuers in which the seller is an insider, both 3- and 5-year post-issue abnormal stockExpand
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Insider Trading and the Long-Run Performance of New Security Issues
This paper uses insider trading around new security issues to provide evidence of managerial timing ability. I show that insider sales increase and purchases decrease prior to issues ofExpand
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The Impact of Industry Classifications on Financial Research
Using approximately 10,000 firms jointly covered by Compustat and CRSP from 1974–1993, we find substantial differences in the SIC codes designated by the two databases. More than 36 percent of theExpand
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Is the U.S. Public Corporation in Trouble?
We examine the current state of the U.S. public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is nowExpand
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Declining propensity to pay? A re-examination of the lifecycle theory
Our results indicate that the declining propensity to pay is a function of the changing composition of firms over time and not a declining propensity in individual firms themselves. In particular,Expand
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