We provide measures of absolute and relative equity agency costs for corporations under
different ownership and management structures. Our base case is Jensen and Meckling's (…

Small business researchers conjecture that there is little separation between business and
personal risks among small businesses. Personal assets and wealth can be subject to …

This study applies linear and nonlinear Granger causality tests to examine the dynamic relation
between London Metal Exchange (LME) cash prices and three possible predictors. The …

No prior research has (1) studied the relation between gold and stocks for the four severe
bear markets since 1960s, (2) used different segments of stock markets simultaneously for …

We propose a ‘Fundamental’ approach to estimate the economies of scale and scope for
financial institutions offering multi-product lines. We first estimate pure economies of scale from …

We analyze the informational effect of earnings announcements on stock price changes.
Although prior studies postulate that the direction and magnitude of earnings surprises …

The effect of employee bonus plans may be difficult to ascertain empirically if the size of bonus
is not large enough in magnitude compared to base salary. This study makes use of data …

The spanning of financial products by the same mutual fund group is evidenced by the dramatic
increase in the of mutual funds offered by the a mutual fund group in recent years. This …

This paper proposes and tests two hypotheses for the firm size effect which remains a puzzle
in the literature. The hypotheses are formulated within the context of risk aversion and …

Past studies assessed the source of debt financing for a multinational project but ignored the
leverage effect of debt denomination on the project's market value. This research develops …