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The Determinants of Corporate Board Size and Composition: An Empirical Analysis
Many theories have been proposed to explain how corporate boards are structured. This paper groups these theories into three hypotheses and tests them empirically. We utilize a unique panel datasetExpand
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How are Firms Sold?
As measured by the number of bidders that publicly attempt to acquire a target, the takeover arena in the 1990s appears noncompetitive. However, we provide novel data on the pre-public, privateExpand
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Comparing acquisitions and divestitures
We study the acquisition and divestiture activity of a sample of 1,305 firms from 59 industries during the 1990-99 period. Consistent with the importance of restructuring activity during the 1990s,Expand
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Do Termination Provisions Truncate the Takeover Bidding Process
We provide new evidence on termination provisions and the takeover bidding process. Our central contribution is a novel database from Securities and Exchange Commission (SEC) documents thatExpand
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The effect of institutional ownership on firm transparency and information production
This paper provides evidence on the causal relationship of institutional ownership on a firm’s information environment. Our analyses use the annual reconstitution of the Russell 1000 and 2000Expand
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Do Auctions Induce a Winner's Curse? New Evidence from the Corporate Takeover Market
We contrast the winner's curse hypothesis and the competitive market hypothesis as potential explanations for the observed returns to bidders in corporate takeovers. The winner's curse hypothesisExpand
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The Effect of Institutional Ownership on Firm Transparency and Information Production
We examine the effects of institutional ownership on firms׳ information and trading environments using the annual Russell 1000/2000 index reconstitution. Characteristics of firms near the indexExpand
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Redacting Proprietary Information at the Initial Public Offering
Nearly 40% of IPO firms redact information from their SEC registration filings. These firms exhibit characteristics consistent with the need to shield proprietary information from potential rivals.Expand
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Do Private Equity Consortiums Facilitate Collusion in Takeover Bidding?
We address whether the joint bidding by private equity consortiums facilitates collusion in the takeover market. We employ a sample of 870 takeovers of publicly traded targets in the 2003 to 2007Expand
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Is There One Best Way to Sell a Company? Auctions Versus Negotiations and Controlled Sales
For managements and boards that have decided that the value-maximizing choice is to sell their companies, the board must then address another important question: what is the best way to sell theExpand
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