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Independent directors and defined benefit pension plan freezes
(2018)
We study the role of outside directors in defined benefit pension plan freezes, where the interests of shareholders are in apparent conflict with the interests of firm employees. We examine the effect of independent directors ...
National culture and bank risk-taking
(2019)
We investigate the relation between national cultural values and bank risk. Despite the rigid transnational regulatory oversight of systemic European banks, we find evidence of an economically significant association between ...
An empirical analysis of changes in the relative timeliness of issuer-paid vs. investor-paid ratings
(2019)
We investigate the lead-lag relationships between issuer-paid and investor-paid credit rating agencies (CRAs), after the regulatory reforms in the U.S. (2002–2006) also including outlooks. Over our sample period, ratings ...
Dividend increases and initiations and default risk in equity returns
(2011)
This study extends the Grullon, Michaely, and Swaminathan (2002) analysis by incorporating default risk. Using data for firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, ...