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Underpricing, ownership and control in initial public offerings of equity securities in the UK
In this paper we examine how separation of ownership and control evolves as a result of an initial public offering (IPO) and how the underpricing of the issue can be used by insiders to retainExpand
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Do Bankruptcy Codes Matter? A Study of Defaults in France, Germany, and the U.K.
Using a sample of small firms that defaulted on their bank debt in France, Germany, and the United Kingdom, we find that large differences in creditors' rights across countries lead banks to adjustExpand
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Ownership and Control of German Corporations
In a study of the ownership of German corporations, we find a strong relation between board turnover and corporate performance, little association of concentrations of ownership with managerialExpand
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Hostile takeovers and the correction of managerial failure
This paper examines the disciplining function of hostile takeovers in the U.K. in 1985 and 1986. We report evidence of high board turnover and significant levels of post-takeover restructuring. LargeExpand
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Shareholder wealth effects of corporate takeovers : The U.K. experience 1955-1985
Abstract This paper examines the effects of over 1,800 U.K. takeovers on shareholder wealth in the period 1955–1985. It shows that around the merger announcement date targets gain 25 to 30 percentExpand
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An Empirical Investigation of U.S. Firms in Reorganization
The purpose of this paper is to understand the institutional features of Chapter 11 from an empirical examination of thirty firms that have emerged from reorganization. We find the recontractingExpand
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A comparison of financial recontracting in distressed exchanges and chapter 11 reorganizations
Abstract We investigate the financial recontracting of firms completing distressed exchanges and those reorganizing under Chapter 11. We find that recovery rates for creditors, on average, are higherExpand
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Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund
This article reports a unique analysis of private engagements by an activist fund. It is based on data made available to us by Hermes, the fund manager owned by the British Telecom Pension Scheme, onExpand
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The postmerger share-price performance of acquiring firms
Abstract This paper investigates share-price performance following corporate takeovers. We use multifactor benchmarks from the portfolio evaluation literature that overcome some of the knownExpand
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Ownership: Evolution and Regulation
This article is the first study of long-run evolution of investor protection and corporate ownership in the United Kingdom over the twentieth century. Formal investor protection emerged only in theExpand
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