This study identifies a new economic benefit of common institutional ownership, which refers
to the increasingly contentious phenomenon of US firms sharing stockholders with their …

We examine whether mandatory adoption of say on pay increases executives' incentives to
engage in insider trading to compensate for the negative impact of say on pay on the value …

Exploiting tax withholding elections around equity compensation transactions, we find that
transactions involving tax withholdings predict annualized next month returns that are 4 …

Over the past two decades, policymakers have increasingly passed broad-reaching and
complex regulation. Using the 2017 Tax Cuts and Jobs Act (TCJA) as a setting of such …

Prior research finds that shareholder-level taxes can affect dividend policy, but does not
consider whether this relation varies a) when conflicts exist between tax incentives of …

Abstract Machine learning models predict the likelihood and magnitude of insider trading
strikingly better than linear models such as OLS and logistic regression. We utilize hybrid …

Governments often try to promote an equitable distribution of the tax burden by imposing
progressive income tax rates, meaning that higher-earning taxpayers pay a higher tax rate …

This paper examines the effect of mandatory clinical trial disclosures on the profits of insider
trading, which is prevalent in the pharmaceutical industry. Using the implementation of the …

This paper examines employees' trading of own-company options. Using data from Finland,
I show that employees' direct and indirect purchases of call options represent 4%-14% of …

We study price and non-price provisions of debt contracts to gauge how creditors evaluate
changes in senior executives' personal income taxes (“managerial taxes”) of their borrowers …