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Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis
We use the 2007 credit crisis to assess the effect of financial contracting on real corporate behavior. We identify heterogeneity in financial contracting at the onset of the crisis by exploring
Local Does as Local is: Information Content of the Geography of Individual Investors&Apos; Common Stock Investments
Using a data set on the investments made by a large number of retail investors from 1991 to 1996, we find that households exhibit a strong preference for local investment - the average household
Neighbors Matter: Causal Community Effects and Stock Market Participation
This paper establishes a causal relation between an individual's decision of whether to own stocks and average stock market participation decision of the individual's community. We instrument for the
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 an
Local Dividend Clienteles
We exploit demographic variation to identify the effect of dividend demand on corporate payout policy. Retail investors tend to hold local stocks and older investors prefer dividend-paying stocks.
Individual Investor Mutual-Fund Flows
This paper studies the relation between individuals' mutual fund flows and fund characteristics, establishing three key results. First, consistent with tax motivations, individual investors are
How University Endowments Respond to Financial Market Shocks: Evidence and Implications
Endowment payouts have become an increasingly important component of universities' revenues in recent decades. We test two leading theories of endowment payouts: (1) universities smooth endowment
Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis
We use the August 2007 crisis episode to gauge the causal effect of financial contracting on real firm behavior. We identify heterogeneity in financial contracting at the onset of the crisis by
Local Does as Local is: Information Content of the Geography of Individual Investors' Common Stock Investments
Using a data set on the investments made by a large number of retail investors from 1991 to 1996, we find that households exhibit a strong preference for local investment - the average household
Corporate Share Repurchases in the 1990s: What Role Do Stock Options Play?
This paper investigates how the growth of stock option programs has affected corporate payout policy. Given that earnings per share (EPS) is widely used in equity valuation, some corporations may opt
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