V. Acharya, S. A. Davydenko, and I. A. Strebulaev, Cash Holdings and Credit Risk, Review of Financial Studies, vol.25, issue.12, pp.3572-3609, 2012.
DOI : 10.1093/rfs/hhs106

H. Almeida, M. Campello, and M. S. Weisbach, The Cash Flow Sensitivity of Cash, The Journal of Finance, vol.47, issue.4, pp.1777-804, 2004.
DOI : 10.1111/j.1540-6261.2004.00679.x

M. Baker and J. Wurgler, Behavioral Corporate Finance: A Current Survey Handbooks in Economics, Handbook of the Economics of Finance, vol.2, 2012.

M. Baker, Y. Xuan, M. , X. Pan, and J. Wurgler, The effect of reference point prices on mergers and acquisitions, Journal of Financial Economics, vol.106, issue.1, pp.49-71, 2011.
DOI : 10.1016/j.jfineco.2012.04.010

B. M. Barber and T. Odean, All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, Review of Financial Studies, vol.21, issue.2, pp.785-818, 2008.
DOI : 10.1093/rfs/hhm079

T. W. Bates, K. M. Kahle, and R. M. Stulz, Why Do U.S. Firms Hold So Much More Cash than They Used To?, The Journal of Finance, vol.20, issue.5, 1985.
DOI : 10.1111/j.1540-6261.2009.01492.x

M. Bertrand and S. Mullainathan, Enjoying the Quiet Life? Corporate Governance and Managerial Preferences, Journal of Political Economy, vol.111, issue.5, pp.1043-1075, 2003.
DOI : 10.1086/376950

M. Bertrand, E. Dulfo, and S. Mullainathan, How Much Should We Trust Differences-In-Differences Estimates?, The Quarterly Journal of Economics, vol.119, issue.1, pp.249-75, 2004.
DOI : 10.1162/003355304772839588

S. Betton, B. E. Eckbo, and K. S. Thorburn, Corporate Takeovers", Handbook of Corporate Finance: Empirical Corporate Finance, pp.291-430, 2008.

O. Bin and S. Polasky, Effects of Flood Hazards on Property Values: Evidence before and after Hurricane Floyd, Land Economics, vol.80, issue.4, pp.490-500, 2004.
DOI : 10.2307/3655805

E. S. Blake, C. W. Landsea, and E. J. Gibney, The deadliest, costliest, and most intense United States tropical cyclones from 1851 to 2010 (and other frequently requested hurricane facts), 2011.

P. Bordalo, N. Gennaioli, and A. Shleifer, Salience in Experimental Tests of the Endowment Effect, American Economic Review, vol.102, issue.3, pp.47-52, 2012.
DOI : 10.1257/aer.102.3.47

P. Bordalo, N. Gennaioli, and A. Shleifer, Salience Theory of Choice Under Risk, The Quarterly Journal of Economics, vol.127, issue.3, pp.1243-85, 2012.
DOI : 10.1093/qje/qjs018

P. Bordalo, N. Gennaioli, and A. Shleifer, Salience and Consumer Choice, Journal of Political Economy (Forthcoming), 2013.
DOI : 10.3386/w17947

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=

A. P. Brav, J. R. Graham, C. Harvey, and R. Michaely, Payout policy in the 21st century, Journal of Financial Economics, vol.77, issue.3, pp.483-527, 2005.
DOI : 10.1016/j.jfineco.2004.07.004

J. J. Choi, D. Laibson, B. C. Madrian, and A. Metrick, Reinforcement Learning and Savings Behavior, The Journal of Finance, vol.40, issue.5, pp.2515-2534, 2009.
DOI : 10.1111/j.1540-6261.2009.01509.x

S. Dellavigna, Psychology and Economics: Evidence from the Field, Journal of Economic Literature, vol.47, issue.2, pp.315-372, 2009.
DOI : 10.1257/jel.47.2.315

D. J. Denis and V. Sibilkov, Financial Constraints, Investment, and the Value of Cash Holdings, Review of Financial Studies, vol.23, issue.1, pp.247-269, 2010.
DOI : 10.1093/rfs/hhp031

R. A. Pielke, J. Jr, C. W. Gratz, D. Landsea, M. A. Collins et al., Normalized Hurricane Damage in the United States, Natural Hazards Review, vol.9, pp.1900-2005, 2008.

A. Ramirez and N. Altay, Risk and the Multinational Corporation Revisited: The Case of Natural Disasters and Corporate Cash HoldingsEndogeneity in Empirical Corporate Finance, 2011.

R. Savickas, Event-Induced Volatility and Tests for Abnormal Performance, Journal of Financial Research, vol.28, issue.2, pp.165-178, 2003.
DOI : 10.1016/0304-405X(89)90064-0

A. Shleifer and R. Vishny, Fire Sales in Finance and Macroeconomics, Journal of Economic Perspectives, vol.25, issue.1, pp.29-48, 2011.
DOI : 10.1257/jep.25.1.29

P. Todd, A Practical Guide to Implementing Matching Estimators, 1999.

A. Tversky and D. Kahneman, Availability: A heuristic for judging frequency and probability, Cognitive Psychology, vol.4, pp.207-232, 1973.

A. Tversky and D. Kahneman, Judgment under Uncertainty: Heuristics and Biases, Science, vol.185, issue.4157, pp.1124-1155, 1974.
DOI : 10.1126/science.185.4157.1124

M. Bagnoli, W. Kross, and S. G. Watts, The Information in Management's Expected Earnings Report Date: A Day Late, a Penny Short, Journal of Accounting Research, vol.40, issue.5, pp.1275-96, 2002.
DOI : 10.1111/1475-679X.t01-1-00054

M. Bagnoli, M. B. Clement, S. G. Watts, H. K. , J. R. Nofsinger et al., Around-the-Clock Media Coverage and the Timing of Earnings Announcements International Cross-listing and Visibility, Journal of Financial and Quantitative Analysis, vol.37, pp.495-521, 2002.

H. K. Baker and J. R. Nofsinger, Behavioral Finance: Investors, Corporations, and Markets, 2010.
DOI : 10.1002/9781118258415

B. Barber and T. Odean, All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors, Review of Financial Studies, vol.21, issue.2, pp.785-818, 2008.
DOI : 10.1093/rfs/hhm079

B. Barber, R. Lehavy, and B. Trueman, Comparing the stock recommendation performance of investment banks and independent research firms, Journal of Financial Economics, vol.85, issue.2, pp.490-517, 2007.
DOI : 10.1016/j.jfineco.2005.09.004

J. Begley and P. E. Fischer, Is There Information in an Earnings Announcement Delay?, Review of Accounting Studies, vol.3, issue.4, pp.347-63, 1998.
DOI : 10.1023/A:1009635117801

M. T. Bradshaw and R. G. Sloan, GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings, Journal of Accounting Research, vol.40, issue.1, pp.41-66, 2002.
DOI : 10.1111/1475-679X.00038

B. Chakrabarty and P. C. Moulton, Earnings announcements and attention constraints: The role of market design, Journal of Accounting and Economics, vol.53, issue.3, pp.612-634, 2012.
DOI : 10.1016/j.jacceco.2012.01.001

S. A. Corwin and J. F. Coughenour, Limited Attention and the Allocation of Effort in Securities Trading, The Journal of Finance, vol.33, issue.6, pp.3031-3067, 2008.
DOI : 10.1111/j.1540-6261.2008.01420.x

Z. Da, J. Engelberg, and P. Ga, In Search of Attention, Search of Attention, pp.1461-99, 2011.
DOI : 10.1111/j.1540-6261.2011.01679.x

A. Damodaran, The Weekend Effect in Information Releases: A Study of Earnings and Dividend Announcements, Review of Financial Studies, vol.2, issue.4, pp.607-630, 1989.
DOI : 10.1093/rfs/2.4.607

K. Daniel, M. Grinblatt, S. Titman, and R. Wermers, Measuring Mutual Fund Performance with Characteristic-Based Benchmarks, The Journal of Finance, vol.50, issue.3, pp.1035-58, 1997.
DOI : 10.1111/j.1540-6261.1997.tb02724.x

S. Dellavigna and J. M. Pollet, Investor Inattention and Friday Earnings Announcements, The Journal of Finance, vol.18, issue.2, pp.709-758, 2009.
DOI : 10.1111/j.1540-6261.2009.01447.x

J. T. Doyle and M. J. Magilke, The Timing of Earnings Announcements: An Examination of the Strategic Disclosure Hypothesis, The Accounting Review, vol.84, issue.1, pp.157-82, 2009.
DOI : 10.2308/accr.2009.84.1.157

T. Duarte-silva, H. Fu, C. F. Noe, and K. Ramesh, Information Content of Earnings Delay Announcements, 2010.

A. Frazzini and O. Lamont, The Earnings Announcement Premium and Trading Volume, 2007.

S. Gervais, R. Kaniel, and D. H. Mingelgrin, The High-Volume Return Premium, The Journal of Finance, vol.34, issue.3, pp.877-919, 2001.
DOI : 10.1111/0022-1082.00349

D. Givoly and D. Palmon, Timeliness of Annual Earnings Announcement: Some Empirical Evidence, The Accounting Review, vol.57, pp.486-508, 1982.

J. R. Graham, C. R. Harvey, and S. , The economic implications of corporate financial reporting, Journal of Accounting and Economics, vol.40, issue.1-3, pp.3-73, 2005.
DOI : 10.1016/j.jacceco.2005.01.002

P. M. Healy and K. G. Palepu, Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature, Journal of Accounting and Economics, vol.31, issue.1-3, pp.405-445, 2001.
DOI : 10.1016/S0165-4101(01)00018-0

D. Hirshleifer, S. S. Lim, and S. H. Teoh, Driven to Distraction: Extraneous Events and Underreaction to Earnings News, The Journal of Finance, vol.211, issue.Supplement, pp.2289-2325, 2009.
DOI : 10.1111/j.1540-6261.2009.01501.x

D. Hirshleifer and S. H. Teoh, Limited attention, information disclosure, and financial reporting, Journal of Accounting and Economics, vol.36, issue.1-3, pp.337-86, 2003.
DOI : 10.1016/j.jacceco.2003.10.002

K. Hou, W. Xiong, and L. Peng, A Tale of Two Anomalies: The Implications of Investor Attention for Price and Earnings Momentum, 2009.

D. Kahneman, Attention and effort, 1973.

W. Kross, PROFITABILITY, EARNINGS ANNOUNCEMENT TIME LAGS, AND STOCK PRICES, Journal of Business Finance & Accounting, vol.1968, issue.1981, pp.313-341, 1982.
DOI : 10.1037/h0047975

W. Kross and D. A. Schroeder, An Empirical Investigation of the Effect of Quarterly Earnings Announcement Timing on Stock Returns, Journal of Accounting Research, vol.22, issue.1, pp.153-76, 1984.
DOI : 10.2307/2490706

D. Lou, Attracting Investor Attention through Advertising. Working Paper, 2009.

J. M. Patell and M. A. Wolfson, Good News, Bad News, and the Intraday Timing of Corporate Disclosures, The Accounting Review, vol.57, pp.509-536, 1982.

L. Peng and X. Wei, Investor attention, overconfidence and category learning, Journal of Financial Economics, vol.80, issue.3, pp.563-602, 2006.
DOI : 10.1016/j.jfineco.2005.05.003

URL : http://citeseerx.ist.psu.edu/viewdoc/summary?doi=

S. H. Penman, The distribution of earnings news over time and seasonalities in aggregate stock returns, Journal of Financial Economics, vol.18, issue.2, pp.199-228, 1987.
DOI : 10.1016/0304-405X(87)90039-0

J. Peress, Media Coverage and Investors' Attention to Earnings Announcements. Working Paper, p.141, 2008.

Y. Yuan, Market-Wide Attention, Trading, and Stock Returns Working paper 2.10 Appendix 2.10.1. Notice of earnings example, pp.7-8, 2012.

M. Allen, I. Shaked, and Y. Lee, An Evaluation of Investment Banker Acquisition Advice: The Shareholders' Perspective, Financial Management, vol.20, pp.40-49, 1991.

J. Bao and A. Edmans, Do Investment Banks Matter for M&A Returns?, Review of Financial Studies, vol.24, issue.7, pp.2286-2315, 2011.
DOI : 10.1093/rfs/hhr014

M. Bertrand and S. Mullainathan, Enjoying the Quiet Life? Corporate Governance and Managerial Preferences, Journal of Political Economy, vol.111, issue.5, pp.1043-1075, 2003.
DOI : 10.1086/376950

S. Betton, B. E. Eckbo, and K. S. Thorburn, Corporate Takeovers " , Handbook of Empirical Corporate Finance, pp.291-429, 2008.

A. Bodnaruk, M. Massa, and A. Simonov, Investment Banks as Insiders and the Market for Corporate Control, Review of Financial Studies, vol.22, issue.12, pp.4989-5026, 2009.
DOI : 10.1093/rfs/hhp043

H. Bowers and R. Miller, Choice of Investment Banker and Shareholders' Wealth of Firms Involved in Acquisitions, Financial Management, vol.19, issue.4, pp.34-44, 1990.
DOI : 10.2307/3665608

S. Davidoff, Fairness Opinions in M&As, American University Law Review, vol.19, issue.2, pp.1557-1625, 2006.
DOI : 10.1002/9781118258996.ch26

M. J. Flannery and K. W. Hankins, Estimating dynamic panel models in corporate finance, Journal of Corporate Finance, vol.19, pp.1-19, 2013.
DOI : 10.1016/j.jcorpfin.2012.09.004

A. Golubov, D. Petmezas, and N. G. Travlos, When It Pays to Pay Your Investment Banker: New Evidence on the Role of Financial Advisors in M&As, The Journal of Finance, vol.59, issue.1, 2011.
DOI : 10.1111/j.1540-6261.2011.01712.x

J. R. Green and N. L. Stokey, A Comparison of Tournaments and Contracts, Journal of Political Economy, vol.91, issue.3, pp.349-364, 1983.
DOI : 10.1086/261153

H. Hong and J. Kubik, Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts, The Journal of Finance, vol.103, issue.S, pp.313-351, 2003.
DOI : 10.1111/1540-6261.00526

R. A. Judson and A. L. Owen, Estimating dynamic panel data models: a guide for macroeconomists, Economics Letters, vol.65, issue.1, pp.9-15, 1999.
DOI : 10.1016/S0165-1765(99)00130-5

J. Kale, O. Kini, and H. Ryan, Financial Advisors and Shareholder Wealth Gains in Corporate Takeovers, The Journal of Financial and Quantitative Analysis, vol.38, issue.3, pp.475-501, 2003.
DOI : 10.2307/4126728

A. Khwaja and A. Mian, Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market, American Economic Review, vol.98, issue.4, pp.1413-1442, 2008.
DOI : 10.1257/aer.98.4.1413

D. Kisgen, J. Qian, and W. Song, Are fairness opinions fair? The case of mergers and acquisitions???, Journal of Financial Economics, vol.91, pp.179-207, 2009.
DOI : 10.1016/j.jfineco.2008.03.001

E. P. Lazear and S. Rosen, Rank-Order Tournaments as Optimum Labor Contracts, Journal of Political Economy, vol.89, issue.5, pp.841-864, 1981.
DOI : 10.1086/261010

D. S. Lee, Randomized experiments from non-random selection in U.S. House elections, Journal of Econometrics, vol.142, issue.2, pp.675-697, 2008.
DOI : 10.1016/j.jeconom.2007.05.004

A. Ljungqvist, F. Marston, W. J. Wilhelm, and J. , Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations, The Journal of Finance, vol.60, issue.1, pp.301-340, 2006.
DOI : 10.1111/j.1540-6261.2006.00837.x

A. Ljungqvist, M. Felicia, W. J. Wilhelm, and J. , Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-management Appointments, Review of Financial Studies, vol.22, issue.10, pp.3977-4007, 2009.
DOI : 10.1093/rfs/hhn106

J. Mcconnell and V. Sibilkov, Client performance, choice of investment bank advisors in corporate takeovers, and investment bank market share, 2011.

R. Mclaughlin, Investment-banking contracts in tender offers, Journal of Financial Economics, vol.28, issue.1-2, pp.209-232, 1992.
DOI : 10.1016/0304-405X(90)90053-3

B. J. Nalebuff and J. E. Stiglitz, Prizes and Incentives: Towards a General Theory of Compensation and Competition, The Bell Journal of Economics, vol.14, issue.1, pp.21-43, 1983.
DOI : 10.2307/3003535

J. Netter, M. Stegemoller, and M. B. Wintoki, Implications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992 to 2009, Review of Financial Studies, vol.24, issue.7, pp.2316-2357, 1992.
DOI : 10.1093/rfs/hhr010

S. Nickell, Biases in Dynamic Models with Fixed Effects, Econometrica, vol.49, issue.6, pp.1417-1426, 1981.
DOI : 10.2307/1911408

R. Rajan, Fault Lines: How Hidden Fractures Still Threaten the World Economy, 2010.
DOI : 10.1515/9781400839803

P. R. Rau, Investment Bank Market Share, Contingent Fee Payments, and the Performance of Acquiring Firms, Journal of Financial Economics, vol.56, pp.293-324, 2000.

M. R. Roberts and Y. M. Whited, Endogeneity in Empirical Corporate Finance, SSRN Electronic Journal, 2012.
DOI : 10.2139/ssrn.1748604

H. Servaes and M. Zenner, The Role of Investment Banks in Acquisitions, Review of Financial Studies, vol.9, issue.3, pp.787-815, 1996.
DOI : 10.1093/rfs/9.3.787

T. Walter, W. Yawson, and C. Yeung, The role of investment banks in M&A transactions: Fees and services, Pacific-Basin Finance Journal, vol.16, issue.4, pp.341-369, 2008.
DOI : 10.1016/j.pacfin.2007.08.002