Research has shown that respondents to protective orders have robust criminal histories and that criminal offending behavior often follows issuance of a protective order. Nonetheless, the specific nature of the association between protective orders and criminal offending remains unclear. This study uses two classes of statistical models to more clearly delineate that relationship. The models re...

Abstract We analyze rights and public offerings when informed shareholders strategically choose to subscribe. Absent wealth constraints, achieve the full information outcome dominate offerings. When some are constrained, lead more dilution of their stakes lower payoffs, despite income from selling these rights. In both offerings, there is a trade-off between investment efficiency transfers amon...

We study the issuance and payout policy that maximizes the value of a firm facing both agency costs of free cash-flow and external financing costs. We find that firms have target cash levels and optimally issue equity when they run out of cash. We characterize the process modelling the number of outstanding shares and the dynamics of the stock prices. In line with the leverage effect identified...

We argue that convertible securities can better attract investors with different beliefs on the firm’s future cash flows compared to straight bond and stock. We find that a firm is more likely to issue convertibles rather than stock and straight bond when investors are more heterogeneous in their beliefs. We also find that the positive impact of heterogeneous beliefs on the likelihood of a conv...

Smart cards have been deployed as trusted components in a wide range of industries. The basis of the trust on a smart card platform and applications is static and evaluated before the card issuance to cardholders. A dynamic and post-issuance security assurance and validation mechanism can be useful, but it is not considered necessary in the Issuer Centric Smart Card Ownership Model. However, in...

Issuance of this document does not constitute authority for declassification of classified copies of the same or similar content and title and by the same authors.

Using data on municipal bonds issued in California and New York between 1996 and 2014, this paper documents a decline in the benefit of municipal bond insurance, explores its underlying determinants, and quantifies its aggregate effect. First, we find that the insurance benefit declined remarkably from approximately 5.1% of the overall deal value between 1996 and 2001 to 0.5% by 2011-2014. Seco...