The paper examines the relationship between international diversification, financial structure,
and their individual and interactive implications for the combined debt and equity cost of …

To analyze the prospect of a firm’s advertising decision affecting shareholder wealth, this
article investigates the relationship between a firm’s advertising expenditure and the market-…

The paper extends the recent research on corporate non-market actions (Fernández &
Usero, 2010, and Usero & Fernández, 2009). Specifically, we study whether corporate …

To understand the performance implications of corporate strategies as conditioned by
business group affiliations, we analyze the relation between corporate diversification and …

Consistent with the agency view of cash holdings, we document a strong negative relationship
between economic policy uncertainty and corporate cash holdings for non-US firms from …

We find that Federal Open Market Committee (FOMC) actions (especially rate cuts) narrowed
corporate credit spreads during the pre-crisis period of 2002–07. During the 2008 crisis …

Evidence from hedging practices suggests that firms will hedge only if they expect that
unfavorable events will arise. In markets with a significant degree of information asymmetry in …

Extant literature posits that because of leverage, equity beta estimates from a single factor
capital asset pricing model based on an equity-only market index are biased. We show …

We develop a model and characterize the differences between the investment policies of a
rational CEO and an overconfident CEO. In the presence of risky outstanding debt, we show …

Purpose – The purpose of this paper is to determine if macroeconomic announcements affect
the Fama‐French market, size, book‐to‐market risk factors and momentum factor. Design/…