Laura Casares Field

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Securities litigation poses large costs to firms. The risk of litigation is heightened when firms have unexpected large earnings disappointments. Previous literature presents mixed evidence on whether voluntary disclosure of bad news prior to regularly scheduled earnings announcements deters or triggers litigation. We show that this conflicting evidence can(More)
We document that ownership by officers and directors of publicly-traded firms is on average higher today than earlier in the century. Managerial ownership rises from 13 percent for the universe of exchange-listed corporations in 1935, the earliest year for which such data exist, to 21 percent in 1995. We examine in detail the robustness of the increase and(More)
This paper uses evidence from a dataset of 27 European IPOs to analyse how investors bid and the factors that influence their allocations. We also make use of a unique ranking of investor quality, associated with the likelihood of flipping the IPO. We find that investors perceived to be long-term holders of the stock are consistently favored in allocation(More)
We test the hypothesis that insider trading impairs market liquidity, by analyzing intraday trades and quotes around 1,497 IPO lockup expirations in the period 1995-1999. We find that, while lockup expirations are associated with considerable insider trading for some IPO firms, they have little effect on effective spreads. By contrast, two other liquidity(More)
This paper demonstrates that intangible assets play an important role in financial policy. Using a proprietary database of consumer brand evaluation, I show that positive consumer attitude toward a firm's products alleviates financial frictions and provides additional net debt capacity, as measured by higher leverage and lower cash holdings. Brand(More)
Metacercarial cysts identified as Levinseniella sp. no. 17 (Deblock, 1980) were found in the mud snail Hydrobia ulvae. These larval trematodes had never been allied to a known species of adult worm. They were chemically excysted and cultured for 120 hr on the chorioallantoic membranes of chicken embryos. The resulting adult worms were observed by light and(More)
Both nitric oxide (NO) and prostaglandins (PG) and their associated enzymes nitric oxide synthases (NOS) and cyclooxygenases (COX) (specifically COX-2) have been implicated in the development of hyperalgesia. This study examined the effects of naturally occurring chronic inflammation, chronic mastitis, on spinal nociceptive processing in sheep and focused(More)
The JOBS Act allows certain analysts to engage in pre-IPO communications with investors, bankers, and company management, but does not affect other analysts nor does it relax existing restrictions on analyst compensation structure. Analysts privy to these pre-IPO communications issue reports that are more optimistically biased, less accurate, and generate(More)
We examine the impact of state laws on capital structure for a sample of U.S. manufacturing firms. Firms incorporated in states with stronger payout restrictions use less debt, while antitakeover statutes do not significantly reduce long-run leverage. Correcting for the endogenously determined choice of where to incorporate, we find that firms sort(More)