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Full-Text Articles in Business
Catering Driven Substitution In Corporate Payouts, Manoj Kulchania
Catering Driven Substitution In Corporate Payouts, Manoj Kulchania
Finance Faculty Research and Publications
This paper investigates catering as a motivation for substitution between share repurchases and dividend payments. I hypothesize that firms cater to investor demand by repurchasing shares when investors place a premium on the stock price of firms that repurchase shares, and by paying dividends when investors place a higher value on dividend-paying firms. I propose a proxy to measure the relative preference for repurchases over dividends — the difference premium. Results show that the decision to repurchase shares or to pay dividends depends on this premium. Firms channel higher fractions of the additional payout dollars toward share repurchases when this …
The Discretionary Effect Of Ceos And Board Chairs On Corporate Governance Structures, Matteo P. Arena, Marcus V. Braga-Alves
The Discretionary Effect Of Ceos And Board Chairs On Corporate Governance Structures, Matteo P. Arena, Marcus V. Braga-Alves
Finance Faculty Research and Publications
In this study we analyze the effect of latent managerial characteristics on corporate governance. We find that CEO and board chair fixed effects explain a significant portion of the variation in board size, board independence, and CEO-chair duality even after controlling for several firm characteristics and firm fixed effects. The effect of CEOs on corporate governance practices is attributable mainly to executives who simultaneously hold the position of CEO and board chair in the same firm. Our results do not show a decline in CEO discretionary influence on corporate governance after the enactment of the Sarbanes–Oxley Act and stock exchange …
Commercial Property Rent Dynamics In U.S. Metropolitan Areas: An Examination Of Office, Industrial, Flex And Retail Space, Maria R. Ibanez, Anthony Pennington-Cross
Commercial Property Rent Dynamics In U.S. Metropolitan Areas: An Examination Of Office, Industrial, Flex And Retail Space, Maria R. Ibanez, Anthony Pennington-Cross
Finance Faculty Research and Publications
This paper is concerned with the market rental rate for space offered by commercial property and how that rental rate evolves over time. Rental rates reflect the value of the services provided by the property and can have a significant impact on the ability of its owners to make monthly debt obligations. We investigate commercial property rent dynamics for 34 large metropolitan areas in the U.S. The dynamics are studied from the second quarter of 1990 through the second quarter of 2009 and the results are compared across four property types or uses (office, industrial, flex, and retail). There is …