In recent years, the investment community has become increasingly aware of the investment
risks from both the physical effects of climate change and the regulatory responses to …

This article reviews tax research related to domestic and multinational capital structure,
payout policy, compensation policy, risk management, and organizational form. For each …

This paper develops a general framework for analyzing corporate risk management policies.
We begin by observing that if external sources of finance are more costly to corporations …

This paper examines the relative importance of many factors in the capital structure
decisions of publicly traded American firms from 1950 to 2003. The most reliable factors for …

Traditional theories of intermediation are based on transaction costs and asymmetric
information. They are designed to account for institutions which take deposits or issue …

This article examines a new database that details corporate risk management activity in the
North American gold mining industry. I find little empirical support for the predictive power of …

We examine the use of currency derivatives in order to differentiate among existing theories
of hedging behavior. Firms with greater growth opportunities and tighter financial constraints …

There are two tax incentives for corporations to hedge: to increase debt capacity and interest
tax deductions, and to reduce expected tax liability if the tax function is convex. We test …

Enterprise risk management (ERM) has emerged as a construct that ostensibly overcomes
limitations of silo-based traditional risk management (TRM), yet little is known about its …

This article explores the information effect of financial risk management. Financial hedging
improves the informativeness of corporate earnings as a signal of management ability and …