Results 91 to 100 of about 31,009 (233)
An Agency Theory of Dividend Taxation [PDF]
Recent empirical studies of dividend taxation have found that: (1) dividend tax cuts cause large, immediate increases in dividend payouts, and (2) the increases are driven by firms with high levels of shareownership among top executives or the board of ...
Emmanuel Saez, Raj Chetty
core
Exposure to Left‐Tail Risk, Risk Appetite, and Mutual Fund Flows
Financial Review, EarlyView.ABSTRACT Using a measure of aggregate tail risk, we show that a fund's sensitivity (exposure) to tail risk negatively affects the fund flows and the fund's performance. Further, a fund's tail risk sensitivity relates positively to the left‐tail risk measures of the fund.
Ali K. Malik
wiley +1 more source
This paper surveys the literature on payout policy. We start with a description of the Miller-Modigliani payout irrelevance proposition, and then consider the effect of relaxing the assumptions on which it is based.
Franklin Allen, Roni Michaely
core
Political Partisanship and State‐Level Bank Efficiency
Financial Review, EarlyView.ABSTRACT We examine the relationship between political partisanship and commercial bank efficiency in the United States from 1972 to 2020, assessing the persistent influence of political affiliations at the state and District of Columbia levels. Bank efficiency scores are estimated using a double‐bootstrap approach, and the analysis is conducted within
Jeremy Eng‐Tuck Cheah +3 more
wiley +1 more source
Labor Demand Similarity and Mergers and Acquisitions: Evidence From 3 Million Job Postings
Financial Review, EarlyView.ABSTRACT Using a job‐posting‐based measure of labor market competition, we show that firms tend to acquire companies that are their labor market competitors. Cross‐sectional evidence indicates that these acquisitions are more likely in industries with similar corporate cultures, more binding noncompete agreements, and among firms that are not rivals in
Mingming Ao +4 more
wiley +1 more source
A monetary approach to asset liquidity [PDF]
This paper offers a monetary theory of asset liquidity—one that emphasizes the role of assets in payment arrangements—and it explores the implications of the theory for the relationship between assets’ intrinsic characteristics and liquidity, and the ...
Guillaume Rocheteau
core
Long‐Term Institutional Investors and Executive Compensation
Financial Review, EarlyView.ABSTRACT Standard agency theory views would suggest that long‐term investors will use long‐term CEO compensation to align incentives and promote long‐term value maximization. An alternative view is that long‐term investors—who are more able to bear the fixed costs associated with monitoring—will monitor more heavily than short‐term investors, reducing ...
T. Colin Campbell +2 more
wiley +1 more source
Editorial for special issue on advances in Actuarial Science and quantitative finance. [PDF]
Methodol Comput Appl Probab, 2022 Feng R +3 more
europepmc +1 more source
In recent years, there has been increasing pressure on U.S. corporations to distribute earnings to shareholders in the form of dividends. This Commentary explains that dividends are important, but investors can err by reading too much into them ...
O. Emre Ergungor
core
Stock Option Incentives and Corporate Hedging Decisions: Theory and Empirical Evidence
Financial Markets, Institutions &Instruments, EarlyView.ABSTRACT This paper examines how managerial risk‐taking incentives impact corporate hedging decisions. By nesting a well‐known corporate hedging model within a principal‐agent framework, we show that managers are motivated to maintain the same level of hedge intensity even if they are provided with stock option incentives.
Chengcheng Charlie Huang, Yisong S. Tian
wiley +1 more source