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The Choice of IPO versus Takeover: Empirical Evidence*
We examine factors that influence the choice between an initial public offering (IPO) and a takeover by a public acquirer. Our results show that the industry concentration, high-tech industry… Expand
Are CFOs’ Trades More Informative than CEOs’ Trades?
We investigate whether trades made by chief financial officers (CFOs) reveal more information about future stock returns than those by chief executive officers (CEOs). We find that CFOs earn… Expand
The Underpricing of Venture and Nonventure Capital IPOs: An Empirical Investigation
In this paper, we examine the premarket underpricing phenomenon within a group of venture-backed and a group of non-venture-backed initial public offerings (IPOs), using a stochastic frontier… Expand
Financial Stability Paper No. 35: Measuring the macroeconomic costs and benefits of higher UK bank capital requirements -
The baseline bank capital requirements in the United Kingdom are being set to comply with agreed international standards established in Basel III (as implemented in Europe through CRD IV). The… Expand
Testing for Deliberate Underpricing in the IPO Premarket: A Stochastic Frontier Approach
We re-evaluate the IPO underpricing phenomenon using the stochastic frontier methodology. The advantage of the stochastic frontier is that it can be used to measure the level of deliberate… Expand
Corporate Governance and Dividend Payout Policy: A Test Using Antitakeover Legislation
Managers strongly prefer not to pay dividends as dividend payouts reduce the amount of cash subject to managerial discretion (Easterbrook, 1984; Jensen, 1986). Previous empirical tests of the… Expand
Twin Deficits: Apparition or Reality?
This paper uses cointegration and multicointegration analysis to explore the issue of twin deficits for the USA in the post-World War II period. The results suggest that prior to 1974 the systems of… Expand
Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets
Controlling for country-level governance, we investigate how firms' corporate governance influences financing constraints. Using firm-level corporate governance rankings across 14 emerging markets,… Expand
Incentives and Innovation: Evidence from CEO Compensation Contracts
We investigate the relationship between chief executive officer (CEO) compensation and innovation. In an empirical examination of compensation contracts of S&P 400, 500, and 600 firms we find that… Expand
Corporate Boards and Bank Loan Contracting
We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral,… Expand