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Corporate governance and firm cash holdings in the US
Using governance metrics based on antitakeover provisions and inside ownership, we find that firms with weaker corporate governance structures actually have smaller cash reserves. When distributingExpand
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The Sources of Value Destruction in Acquisitions by Entrenched Managers
Prior work has established that entrenched managers make value-decreasing acquisitions. In this study, we determine how they destroy that value. Overall, we find that value destruction by entrenchedExpand
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Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats
Abstract I investigate the nature of the incentives that lead outside directors to serve stockholders’ interests. Specifically, I document the effect of a takeover bid on target directors, both inExpand
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The Real Effects of Uncertainty on Merger Activity
Firm values can substantially change between the time deal terms are set and the actual deal closing, risking renegotiation, or termination. We find increases in market volatility decrease subsequentExpand
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Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions
A common view in the literature is that the director labor market provides an ex post settling-up for past decisions by rewarding CEO ability and actions that are consistent with shareholderExpand
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Corporate boards and the leverage and debt maturity choices
Debt, and in particular, short-term debt have the potential to discipline managers. We examine the role of the board in making financing decisions that provide this discipline. Specifically, given aExpand
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Stakeholder Orientation and the Cost of Debt : Evidence from a Natural Experiment
We examine the causal effect of stakeholder orientation on firms’ costs of debt. Our test exploits the staggered adoption of state-level constituency statutes, which allow directors to considerExpand
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Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases
We analyze a sample of 72 IPO firms that went public between 1992 and 1996 for which we have detailed proprietary information about the amount and cost of D&O liability insurance. If managers of IPOExpand
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The strategic use of corporate cash holdings in collective bargaining with labor unions *
We provide evidence that firms in more unionized industries strategically hold less cash to gain bargaining advantages over labor unions and shelter corporate income from their demands. Specifically,Expand
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Hope for African children with cancer: African pediatric oncology group
To the Editor: With over 400 million children living in Africa, it is estimated that almost 50,000 new cases of childhood cancer would occur each year. The continent, however, has the world’s lowestExpand
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