I study the driving forces behind dividend smoothing by developing a dynamic agency
model in which dividends signal the earnings persistence of firms. In equilibrium, managers …

This article investigates the impact of the observation that managers can use cash to defer
bankruptcy on default risk and corporate financial policies. I show that with managerial cash …

Based on Lintner's dividend model, we investigate how investment affects firm valuations
depending on the level of dividend management, and find that the stock market generally …

Cash levels in firm are an real option instrument similar to financial option of American type.
They can serve as hedging against risk instrument. Inside debt is a source of financial risk …

This study develops an investor utility approach to the concept that dividend payout is based
upon firm conditions and management objectives. The empirical version reports significant …

The credit derivatives market segment has been one of the most innovative and
fastestgrowing before the breakout of the recent subprime mortgage crisis. Barrett and Ewan …

This thesis consists of two self-contained studies on the implications of lump sum costs for
empirical design in the context of corporate finance. The first study analyzes the dynamics of …

I find that dividends are a strong predictor of forced executive turnover, which suggests that
managerial career concerns can be an important force behind observed dividend …