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Performance Changes Following Top Management Dismissals
The authors document that forced resignations of top managers are preceded by large and significant declines in operating performance and followed by large improvements in performance. However,Expand
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Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy
In the US, Canada, UK, Germany, France, and Japan, the propensity to pay dividends is higher among larger, more profitable firms, and those for which retained earnings comprise a large fraction ofExpand
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Financial Constraints, Investment, and the Value of Cash Holdings
Previous studies report that cash holdings are more valuable for financially constrained firms than for unconstrained firms. We examine (i) why this is so and (ii) why some constrained firms appearExpand
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The Choice between Bank Debt, Non-Bank Private Debt and Public Debt: Evidence from New Corporate Borrowings
Using a sample of 1,560 new debt financings, we examine the choice among bank debt, non-bank private debt, and public debt. The primary determinant of the debt source is the credit qualit y of theExpand
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Global Diversification, Industrial Diversification, and Firm Value
Using a sample of 44,288 firm-years between 1984 and 1997, we document an increase in the extent of global diversification over time. This trend does not ref lect a substitution of global forExpand
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Ownership and Board Structures in Publicly Traded Corporations
We examine the equity ownership structure and board composition of a sample of 583 firms over the ten-year period 1983-1992. Our evidence suggests that a substantial fraction of firms exhibit largeExpand
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Ownership structure and top executive turnover
Abstract We report that ownership structure significantly affects the likelihood of a change in top executive. Controlling for stock price performance, the probability of top executive turnover isExpand
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Agency Problems, Equity Ownership, and Corporate Diversification
The authors provide evidence on the agency cost explanation for corporate diversification. They find that the level of diversification is negatively related to managerial equity ownership and to theExpand
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Entrepreneurial finance: An overview of the issues and evidence Journal of Corporate Finance
Microbending loss is reduced and abrasion protection is afforded for optical fibers by relatively thick polymer coatings characterized in part by a preferred elastic tensile modulus and cold flowExpand
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Investment Opportunities and the Market Reaction to Equity Offerings
This paper examines the relation between the market reaction to primary seasoned equity offerings and alternative measures of the profitability of the issuing firm's growth opportunities. While theExpand
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