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Working paper
Corporate Call Policy for Nonconvertible Bonds
In: The journal of business, Band 73, Heft 3, S. 403-444
ISSN: 1537-5374
Human capital cost and investment policy
In: Review of financial economics: RFE, Band 39, Heft 3, S. 254-279
ISSN: 1873-5924
AbstractIn this paper, we examine the link between human capital cost and investment policy. We find a significantly positive relationship between investment risk and the cost of human capital measured by average employee pay, especially when employees have strong bargaining power. We further investigate various channels through which investment risk influences human capital cost and find strong empirical support that these channels are important drivers. Our results suggest that a higher human capital cost associated with an increase in investment risk discourages firms from making valuable but risky investments in the future, leading to a potential problem of underinvestment.
The Effect of Option Listing on Financing Decisions
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Working paper
National Culture and Governance on Bondholder Wealth: Evidence from Joint Ventures and Strategic Alliances around the World
In: Quarterly Journal of Finance, Forthcoming
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Working paper
Do Strategic Alliances and Joint Ventures Create Value for Bondholders and Shareholders?
In: Journal of Banking and Finance, 2015
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