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Corporate Payout Policy and Managerial Stock Incentives
We examine how corporate payout policy is affected by managerial stock incentives using data on more than 1100 nonfinancial firms during 1993-97. We find that management share ownership encouragesExpand
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Monetary Policy, Financial Conditions, and Financial Stability
We review a growing literature that incorporates endogenous risk premiums and risk-taking in the conduct of monetary policy. Accommodative policy can create an intertemporal tradeoff betweenExpand
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Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut
Using the 2003 reduction in dividend tax rates to identify an exogenous change in the after-tax value of dividends to shareholders, we test whether stock holdings among company executives is anExpand
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The Evolution of a Financial Crisis: Collapse of the Asset-Backed Commercial Paper Market
This paper documents “runs” on asset-backed commercial paper (ABCP) programs using a novel dataset of all transactions in the U.S. market during its severe contraction in 2007. We find that one-thirdExpand
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The Private Equity Market: An Overveiw
The private equity market is an important source of funds for start-up firms, private middle-market firms, firms in financial distress, and public firms seeking buyout financing. Over the pastExpand
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The Term Structure of Growth-at-Risk
Using panel quantile regressions, we show that the conditional distribution of GDP growth depends on financial conditions, with growth-at-risk (GaR)-defined as conditional growth at the lower 5thExpand
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Do Creditor Rights Increase Employment Risk? Evidence from Loan Covenants
This paper studies whether financial contracts exacerbate or mitigate agency conflicts among stakeholders. We consider a specific contractual provision, debt covenants, and examine how, by allocatingExpand
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401(K) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers
This paper examines why some employers provide matching contributions to 401(k) plans in company stock and explores the implications of match policy for employee retirement wealth. Unlike stockExpand
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Good News and Bad News About Share Repurchases
We estimate the cross-sectional relationship between open market repurchases and accounting data for a large sample of dividend- paying and non-dividend paying firms over a twelve year periodExpand
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