• Publications
  • Influence
ON THE EXISTENCE OF AN OPTIMAL CAPITAL STRUCTURE: THEORY AND EVIDENCE
ONE OF THE MOST contentious issues in the theory of finance during the past quarter century has been the theory of capital structure. The geneses of this controversy were the seminal contributions byExpand
  • 2,306
  • 151
Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
This paper documents that a successful tender offer increases the combined value of the target and acquiring firms by an average of 7.4%. We also provide a theoretical analysis of the process ofExpand
  • 1,706
  • 116
To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation
Data on corporate governance and disclosure practices reveal wide within-country variation that decreases with the strength of investors’ legal protection. A simple model identifies three firmExpand
  • 866
  • 112
  • PDF
Stock Market Openings: Experience of Emerging Economies
This article is an exploratory examination of the benefits and risks associated with opening of stock markets. Specifically, we estimate changes in the level and volatility of stock returns,Expand
  • 559
  • 37
  • PDF
Labor and Corporate Governance: International Evidence from Restructuring Decisions
Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but alsoExpand
  • 281
  • 36
  • PDF
A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity
AN ISSUE OF CONCERN to the theory of business finance over the past two decades has been the effect of financial structure on the valuation of firms. The traditional presumption is that a firm'sExpand
  • 547
  • 34
THE RATIONALE BEHIND INTERFIRM TENDER OFFERS Information or Synergy
This paper investigates the rationale behind interlirm tender offers by examining the returns realized by the stockholders of lirms that were the targets of unsuccessful tender offers and lirms thatExpand
  • 632
  • 32
Mergers and Market Power: Evidence from the Airline Industry
This paper examines price changes associated with airline mergers during 1985-88, a period of natural experimentation in which mergers were not contested by the government. The results show thatExpand
  • 608
  • 30
Business ties and proxy voting by mutual funds
Abstract The magnitude of mutual funds’ business ties with their portfolio firms is documented and is linked to funds’ proxy votes at specific firms and to overall voting practices. Aggregate votesExpand
  • 366
  • 24
  • PDF
To steal or not to steal: firm attributes
TLDR
An open-backed tape cartridge shell is inserted in conventional fashion into a cartridge tape machine to provide access through the tape cartridgeshell to the tape-contacting elements of the tape machine. Expand
  • 599
  • 21