• Publications
  • Influence
Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage
I test the hypothesis that short debt maturity attenuates the negative effect of growth opportunities on leverage. Using simultaneous equations with leverage and maturity endogenous, I find strongExpand
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CEO Optimism and Forced Turnover
We show theoretically that optimism can lead a risk-averse Chief Executive Officer (CEO) to choose the first-best investment level that maximizes shareholder value. Optimism below (above) theExpand
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An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure
I examine the relation between corporate debt ownership structure and several firm characteristics suggested by recent theory. The results demonstrate the importance of monitoring and informationExpand
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The Value and Incentive Effects of Nontraditional Executive Stock Option Plans
We examine the value and incentive effects of six nontraditional executive stock options: premium options,performance-vested options, repriceable options, purchased options, reload options, andExpand
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Indexed Executive Stock Options
We design and derive a pricing model for an executive stock option with a strike price indexed to a benchmark and investigate its valuation and incentive implications. In both up and down markets,Expand
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Firm size and the information content of bank loan announcements
Abstract We examine share price responses to announcements of bank credit agreements for exchange listed and NASDAQ firms and test whether there are systematic differences between large and smallExpand
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Managerial Incentives and Corporate Fraud: The Sources of Incentives Matter
Operating performance and stock return results imply that managers who commit fraud anticipate large stock price declines if they were to report truthfully, which would cause greater losses forExpand
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A Rexamination of the Motives and Gains in Joint Ventures
We distinguish between horizontal and vertical joint ventures, and find correspondingly different valuation effects. Horizontal joint ventures create synergistic gains that are shared by theExpand
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The Effect of Bank Debt on Optimal Capital Structure
I examine the relation between leverage and bank debt use to analyze the effects of bank screening and monitoring on capital structure. The analysis joins capital structure models in whichExpand
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Redacting Proprietary Information at the Initial Public Offering
Nearly 40% of IPO firms redact information from their SEC registration filings. These firms exhibit characteristics consistent with the need to shield proprietary information from potential rivals.Expand
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