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The International Journal of Business and Finance Research ♦ VOLUME 9 ♦ NUMBER 2 ♦ 2015 Demerjian, P., Lev, B., and McVay, S. (2012), Quantifying Managerial Ability: A New Measure and Validity Tests. Management Science, 58(7), 1229–1248.
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Wurgler, J. (2000), Financial Markets and the Allocation of Capital. Journal of Financial Economics, 58, 187-214. ACKNOWLEDGEMENT We would like to thank the journal editors, Terrance Jalbert and Mercedes Jalbert, and two anonymous referees for their insightful comments. Any errors are our own. BIOGRAPHY Dr. Wenjing Ouyang is an Assistant Professor of Finance at University of the Pacific. She can be contacted at: Weber Hall 210B, Eberhardt School of Business, University of the Pacific, 3601 Pacific Ave, Stockton, CA 95219. Phone: 209-946-3910. Email: wouyang@pacific.edu. Dr. Menghistu Sallehu is an Assistant Professor of Accounting at Eastern Illinois University. He can be contacted at: 600 Lincoln Avenue, 4016 Lumpkin Hall, Charleston, IL 61920. Phone 217-581-7052. Email: mmsallehu@eiu.edu.