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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 can… Expand
RETHINKING RISK MANAGEMENT
- René Stulz
- 1 September 1996
This paper presents a theory of corporate risk management that attempts to go beyond the "variance-minimization" model that dominates most academic discussions of the subject. It argues that the… Expand
Leverage, Investment, and Firm Growth
We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage and… Expand
Tobin''s q and the Gains from Successful Tender Offers
A honeycomb sandwich cast for supporting human or animal body portions. The cast has inner and outer cast layers which, in the finished cast, are rigid, and a central honeycomb core having honeycomb… Expand
Why Do Private Acquirers Pay so Little Compared to Public Acquirers?
We find that the announcement gain to target shareholders from acquisitions is significantly lower if a private firm instead of a public firm makes the acquisition. Non-operating firms like private… Expand
Bank CEO Incentives and the Credit Crisis
We investigate whether bank performance during the recent credit crisis is related to chief executive officer (CEO) incentives before the crisis. We find some evidence that banks with CEOs whose… Expand
Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle
Both a firm's market-timing opportunities and its corporate lifecycle stage exert statistically and economically significant influences on the probability that it conducts a seasoned equity offering… Expand
Financial Valuation and Risk Management Working Paper No . 603 Bank CEO Incentives and the Credit Crisis
We investigate whether bank performance during the credit crisis of 2008 is related to CEO incentives and share ownership before the crisis and whether CEOs reduced their equity stakes in their banks… Expand
Globalization of Equity Markets and the Cost of Capital
- René Stulz
- Economics, Business
- 1 February 1999
This paper examines the impact of globalization on the cost of equity capital. We argue that the cost of equity capital decreases because of globalization for two important reasons. First, the… Expand