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Do independent directors enhance target shareholder wealth during tender offers
Authors' description of their article: Whereas the gains to target shareholders are usually large in tender offers, managers of takeover targets can have incentives to defeat such offers. We examine… Expand
The Structure of Debt and Active Equity Investors: The Case of The Buyout Specialist
This paper examines the role buyout specialists play in structuring the debt used to finance the LBO and in monitoring management in the post-LBO firm. We find that when buyout specialists control… Expand
Shareholder Proposals in the New Millennium: Shareholder Support, Board Response, and Market Reaction
Although the owners of publicly traded companies have had the right to offer shareholder proposals using Rule 14a-8 for several decades, the effectiveness of the rule has been frequently questioned… Expand
How managerial wealth affects the tender offer process
Abstract We present empirical evidence on the relation between changes in managerial wealth and tender offer characteristics. Changes in managerial wealth resulting from a tender offer are negatively… Expand
Dodd-Frank's Say on Pay: Will it Lead to a Greater Role for Shareholders in Corporate Governance?
"Say on pay" gives shareholders an advisory vote on a company's pay practices for its top executives. Beginning in 2011, Dodd-Frank mandated such votes at public companies. The first year of "say on… Expand
Toeholds as an M&A strategy?
“Toeholds” are a merger-and-acquisition (M&A) strategy, where a company buys a limited number of shares in a target firm prior to initiating M&A discussions with the target firm. Toeholds can lower… Expand
A cure for outdated capital budgeting techniques
Is your firm still using outdated capital budgeting techniques? They tend to be overly conservative in evaluating alternatives—and may reject a project that should have been accepted. Instead, the… Expand
Do markets react to required and voluntary disclosures associated with auditor realignments
Abstract This manuscript investigates whether required and voluntary Form 8-K (Item 4.01) auditor realignment disclosures in 2004 and 2005 convey information content to investors in a post SOX era.… Expand
The First Year of 'Say on Pay' Under Dodd-Frank: An Empirical Analysis and Look Forward
Using voting data from the first year of “say on pay” votes under Dodd-Frank, we look at the patterns of shareholder voting in advisory votes on executive pay. Consistent with the more limited “say… Expand