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Three Essays on Empirical Corporate Finance
The second essay follows up on the first by investigating whether debt repurchase activity is consistent with the existence of an optimal capital structure. I find that the timing and size of debt repurchases are consistent with trade-off theories of capital structure. Specifically, the likelihood and size of debt repurchases is increasing in a firm's deviation from its estimated target. The positive abnormal returns around the announcement of repurchases are increasing in the deviation from the target debt level, consistent with an optimal capital structure.
Arbitration’s Age of Enlightenment?
Directly presenting the considered views of a broad cross-section of the international arbitration community, this timely collection of essays addresses the criticism of the arbitral process that has been voiced in recent years, interpreting the challenge as an invitation to enlightenment. The volume records the entire proceedings of the twenty-fifth Congress of the International Council for Commercial Arbitration (ICCA), held in Edinburgh in September 2022. Topics range from the impact of artificial intelligence to the role of international arbitration in restraining resort to unilateralism, protectionism, and nationalism. The contributors tackle such contentious issues as the following: ti...
Beneath the Psalm Tree
There is a world beyond our comfort zone. How do we know what that world is like unless we step into it? We invite you on a journey into the broken lives of twenty-three teenage boys and the way God used us to reach out to them. It will give you courage and compassion and may even help you in your own journey of sacrificial love.
Truth Decay
"Truth Decay" refers to a diminishing reliance on facts and analysis observed in contemporary U.S. society, and especially its political discourse. This report explores the causes and effects of Truth Decay and proposes strategies for further action.
Aggregate Uncertainty and Sectoral Productivity Growth
We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. This effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference approach using productivity growth for 25 industries for 18 advanced economies over the period 1985-2010—mitigates concerns with omitted variable bias and reverse causality. The results are robust to the inclusion of other sources of interaction effects, such as financial development (Rajan and Zingales, 1998) and counter-cyclical fiscal policy (Aghion et al., 2014). The results also hold if economic policy uncertainty (Baker et al., 2015) is used instead of stock market volatility as the measure of aggregate uncertainty.
From Sword to Shield
This historical account of the evolution of the corporate income tax in America explains the origins of corporate income tax. Banks shows that political, economic, and social forces transformed it from a sword against evasion of the individual income tax to a shield against government and shareholder interference.
Private International Law and Arbitral Jurisdiction
International commercial arbitration and litigation are often seen as competing fora, fields of law, or markets. This intersection is at its highest at the forefront of any proceedings, at the jurisdictional stage. The analysis of jurisdictional issues at the forefront of an arbitration has been confined in a descriptive analysis of the law and jurisprudence, dealing with jurisdictional intersections almost in a mechanistic manner. These are not, however, issues which can be treated as mere mechanical rules. They are issues pertaining to core notions of authority, sovereignty, their origins and their allocation. At the same time, the pragmatic and practical domination of party autonomy is a ...
5G and Beyond
5G communications technologies will transform entire industries around the world and are already a core element of the mobile communications and automotive ecosystems. 5G and Beyond brings together some of the world's leading thinkers in law, economics, and competition policy, drawn from academia, government, and industry, to lay the intellectual foundation for sound innovation and competition policy in wireless-enabled environments. Contributors include former heads of the U.S. Patent & Trademark Office, Commissioners of the U.S. Federal Trade Commission and International Trade Commission, distinguished academics, and industry leaders. Chapters provide economically grounded and empirically informed analyses of the innovation policy issues involved in the development and adoption of 5G-enabled computing and communications technologies in the Internet of Things. This title is also available as open access on Cambridge Core.
