Author pages are created from data sourced from our academic publisher partnerships and public sources.
- Publications
- Influence
Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure
- M. Lemmon, M. Roberts, J. Zender
- 2005
We find that the majority of variation in leverage ratios is driven by an unobserved timeinvariant effect that generates surprisingly stable capital structures: High (low) levered firms tend to… Expand
Equilibrium Pricing and Optimal Hedging in Electricity Forward Markets
- H. Bessembinder, M. Lemmon
- Economics
- 1999
Spot power prices are volatile and since electricity cannot be economically stored, familiar arbitrage-based methods are not applicable for pricing power derivative contracts. This paper presents an… Expand
Consumer Confidence and Asset Prices: Some Empirical Evidence
- M. Lemmon, Evgenia Portniaguina
- Economics
- 1 December 2006
We explore the time-series relationship between investor sentiment and the small-stock premium using consumer confidence as a measure of investor optimism. We estimate the components of consumer… Expand
Stock Options and Managerial Incentives for Risk-Taking: Evidence from FAS 123R
- R. Hayes, M. Lemmon, Mingming Qiu
- Economics
- 1 September 2011
We provide new evidence on the relation between option-based compensation and risk-taking behavior by exploiting the change in the accounting treatment of stock options following the adoption of FAS… Expand
Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes
This paper provides large-sample evidence pertaining to the use of and wealth effects associated with provisions for termination fees in merger agreements between 1989 and 1998. The evidence suggests… Expand
Book‐to‐Market Equity, Distress Risk, and Stock Returns
- J. Griffin, M. Lemmon
- Economics
- 1 October 2002
This paper examines the relationship between book-to-market equity, distress risk, and stock returns. Among firms with the highest distress risk as proxied by Ohlson's (1980) O-score, the difference… Expand
Does Corporate Diversification Destroy Value
We analyze several hundred firms that expand via acquisition and0or increase their number of business segments. The combined market reaction to acquisition announcements is positive but acquiring… Expand
Debt Capacity and Tests of Capital Structure Theories
We examine the impact of explicitly incorporating a measure of debt capacity in recent tests of competing theories of capital structure. Our main results are that if external funds are required, in… Expand
Does the use of peer groups contribute to higher pay and less efficient compensation
- John M. Bizjak, M. Lemmon, L. Naveen
- Business
- 1 November 2008
We provide empirical evidence on how the practice of competitive benchmarking affects chief executive officer (CEO) pay. We find that the use of benchmarking is widespread and has a significant… Expand
Corporate policies restricting trading by insiders
This paper provides the first systematic examination of policies and procedures put in place by corporations to regulate trading in the stock by the firm's own insiders. Over 90 percent of our sample… Expand