Using governance metrics based on antitakeover provisions and inside ownership, we find
that firms with weaker corporate governance structures actually have smaller cash reserves. …

We examine a sample of 8,313 cases, between 1951 and 2001, where firms unexpectedly
increase their research and development (R&D) expenditures by a significant amount. We …

We examine the relation between auditor characteristics (quality and tenure) and the cost of
debt financing. Consistent with the hypothesis that audit characteristics are important to the …

We find that firms mitigate refinancing risk by increasing their cash holdings and saving
cash from cash flows. The maturity of firms’ long‐term debt has shortened markedly, and this …

We examine the relation between the cost of debt financing and a governance index that
contains various antitakeover and shareholder protection provisions. Using firm-level data from …

We analyze the empirical power and specification of test statistics designed to detect abnormal
bond returns in corporate event studies, using monthly and daily data. We find that test …

Prior work suggests that if a firm shares a larger proportion of its growth opportunities with
rivals, an inability to fully invest in these opportunities leads to predatory behavior on the part …

We provide evidence that firms in more unionized industries strategically hold less cash to
gain bargaining advantages over labor unions and shelter corporate income from their …

Prior research has documented positive abnormal stock returns around the announcements
of repurchase programs; several explanations of these returns have been suggested, …

We examine the relation between analyst forecast characteristics and the cost of debt
financing. Consistent with the view that the information contained in analysts’ forecasts is …