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- Publications
- Influence
Additional evidence on equity ownership and corporate value
- John J. McConnell, Henri Servaes
- Economics
- 1 October 1990
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 relation… Expand
International Corporate Governance and Corporate Cash Holdings
- A. Dittmar, Jan Mahrt-Smith, Henri Servaes
- Business
- 1 March 2003
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 are… Expand
The Cost of Diversity: The Diversification Discount and Inefficient Investment
- R. Rajan, Henri Servaes, L. Zingales
- Business, Economics
- 1 January 1998
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 greater… Expand
Tobin's Q and the Gains from Takeovers
- Henri Servaes
- Economics
- 1 March 1991
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 total… Expand
The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness
- Henri Servaes, A. Tamayo
- Business, Computer Science
- Manag. Sci.
- 1 July 2012
TLDR
Equity ownership and the two faces of debt
- John J. McConnell, Henri Servaes
- Business
- 1 September 1995
We empirically investigate the relation between corporate value, leverage, and equity ownership. For ‘high-growth’ firms corporate value is negatively correlated with leverage, whereas for… Expand
Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis
- K. Lins, Henri Servaes, A. Tamayo
- Business
- 3 October 2016
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 higher… Expand
International Evidence on the Value of Corporate Diversification
- K. Lins, Henri Servaes
- Economics
- 1 December 1999
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
The Role of Investment Banks in Acquisitions
- Henri Servaes, Marc Zenner
- Economics
- 1 July 1996
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
Is Corporate Diversification Beneficial in Emerging Markets
- K. Lins, Henri Servaes
- Economics, Business
- 2 March 2002
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 are… Expand