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Additional evidence on equity ownership and corporate value
Abstract We investigate the relation between Tobin's Q and the structure of equity ownership for a sample of 1,173 firms for 1976 and 1,093 firms for 1986. We find a significant curvilinear relationExpand
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International Corporate Governance and Corporate Cash Holdings
Agency problems are an important determinant of corporate cash holdings. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights areExpand
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The Cost of Diversity: The Diversification Discount and Inefficient Investment
In a simple model of capital budgeting in a diversified firm where headquarters has limited power, we show that funds are allocated towards the most inefficient divisions. The distortion is greaterExpand
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Tobin's Q and the Gains from Takeovers
This paper analyzes the relation between takeover gains and the q rations of targets and bidders for a sample of 704 mergers and tender offers over the period 1972-87. Target, bidder, and totalExpand
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The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness
This paper shows that corporate social responsibility (CSR) and firm value are positively related for firms with high customer awareness, as proxied by advertising expenditures. Expand
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Equity ownership and the two faces of debt
We empirically investigate the relation between corporate value, leverage, and equity ownership. For ‘high-growth’ firms corporate value is negatively correlated with leverage, whereas forExpand
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Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis
During the 2008-2009 financial crisis, firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higherExpand
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International Evidence on the Value of Corporate Diversification
The valuation effect of diversification is examined for large samples of firms in Germany, Japan, and the United Kingdom for 1992 and 1994. We find no significant diversification discount in Germany,Expand
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The Role of Investment Banks in Acquisitions
We compare acquisitions completed with and without investment bank advice over the 1981 to 1992 period. We find that the choice to use an investment bank depends on the complexity of the transaction,Expand
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Is Corporate Diversification Beneficial in Emerging Markets
Using a sample of over 1000 firms from seven emerging markets in 1995, we find that diversified firms trade at a discount of approximately 7% compared to single-segment firms. Diversified firms areExpand
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