This study examines the empirical relations between the governance structure of public corporations in the United States and the rating and pricing of their debt securities. We study an unbalanced panel of 775 unique U.S. ...

This paper documents that classified boards substantially reduce the cost of debt. The evidence is not consistent with the argument that bondholders benefit from board classification because they are concerned about hostile ...

This study examines the empirical relations between the governance structure of public corporations in the United States and the credit ratings and pricing of their debt securities. We study an unbalanced panel of 775 ...

Using Sarbanes-Oxley Act (SOX) as a natural experiment, we find evidence consistent with an optimal level of board independence for credit ratings. We test two hypotheses that could explain this optimality: information ...

Using Sarbanes-Oxley Act (SOX) as a natural experiment, we find evidence consistent with an optimal level of board independence for credit ratings. We test two hypotheses that could explain this optimality: information ...

We find that firms that provide limited liability and indemnification for their directors enjoy higher credit ratings and lower yield spreads. We argue that such provisions insulate corporate directors from the discipline ...

This paper is the first to examine the relationships among golden parachutes (GPs), CEO compensation incentives, and managerial risk-taking. GPs are positively associated with risktaking, but only when controlling for the ...

The everchanging role of the National Football League (NFL) sports fan, in a world of billion-dollar dreams, global domination, and poor consumer relations. The sport fan has many reasons that they love watching professional ...

We examine the relations between golden parachutes (GPs), pay-performance sensitivity (delta), and managerial risk-taking. We find an insignificant effect of GPs, but a negative and significant interaction of GPs with ...