We find that the majority of variation in leverage ratios is driven by an unobserved time‐invariant
effect that generates surprisingly stable capital structures: High (low) levered firms tend …

We use a sample of 800 firms in eight East Asian countries to study the effect of ownership
structure on value during the region's financial crisis. The crisis negatively impacted firms' …

We analyze several hundred firms that expand via acquisition and/or increase their number
of business segments. The combined market reaction to acquisition announcements is …

This paper examines the relationship between book‐to‐market equity, distress risk, and
stock returns. Among firms with the highest distress risk as proxied by Ohlson's (1980) O‐score, …

This paper examines event-triggered data transmission in distributed networked control
systems with packet loss and transmission delays. We propose a distributed event-triggering …

Spot power prices are volatile and since electricity cannot be economically stored, familiar
arbitrage‐based methods are not applicable for pricing power derivative contracts. This paper …

We examine the impact of explicitly incorporating a measure of debt capacity in recent tests
of competing theories of capital structure. Our main results are that if external funds are …

We explore the time-series relationship between investor sentiment and the small-stock
premium using consumer confidence as a measure of investor optimism. We estimate the …

We provide evidence that corporate tax status is endogenous to financing decisions, which
induces a spurious relation between measures of financial policy and many commonly used …

Public firms that place equity privately experience positive announcements effects, with
negative post‐announcement stock‐price performance. This finding is inconsistent with the …