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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 exploringExpand
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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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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 endowmentExpand
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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 optExpand
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The Effect of Inheritance Receipt on Retirement
This paper provides new evidence on how wealth shocks influence retirement behavior. Economic theory generally posits that leisure is a normal good, yet it is difficult to obtain reliable empiricalExpand
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The Effect of Inheritance Receipt on Retirement
This paper uses the receipt of an inheritance to measure the effect of wealth shocks on retirement. Using the Health and Retirement Study (HRS), we first document that inheritance receipt is commonExpand
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Capital Gains Tax Rules, Tax Loss Trading and Turn-of-The-Year Returns
This paper investigates the effect of specific features of the U.S. capital gains tax on turn-of-the-year stock returns. It focuses on two tax changes. The first, enacted in 1969, reduced theExpand
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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 byExpand
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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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The Downside of Defaults
The use of default options to influence retirement saving behavior is often portrayed as a Pareto improvement because it guides behavior without constraining individual choice. When defaults areExpand
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