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From State to Market: A Survey of Empirical Studies on Privatization
This study surveys the literature examining the privatization of state-owned enterprises (SOEs) We review the history of privatization, the theoretical and empirical evidence on the relativeExpand
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What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions
We study shareholder returns for firms that acquired five or more public, private, and/or subsidiary targets within a short time period. Since the same bidder chooses different types of targets andExpand
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The Determinants of Board Structure
Using a comprehensive sample of nearly 7,000 firms from 1990 to 2004, this paper examines corporate board structure, its trends, and its determinants. We study how board structure has evolved overExpand
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Endogeneity and the Dynamics of Internal Corporate Governance
We use a well-developed dynamic panel generalized method of moments (GMM) estimator to alleviate endogeneity concerns in two aspects of corporate governance research: the effect of board structure onExpand
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Share issue privatizations as financial means to political and economic ends
This paper analyzes the use and terms of "share-issue privatizations (SIPs)" during the period 1961-1994. We present a theory of SIPs implying their terms are designed to build the political supportExpand
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The Effects and Unintended Consequences of the Sarbanes-Oxley Act on the Supply and Demand for Directors
Using eight thousand public companies, we study the impact of the Sarbanes-Oxley Act (SOX) of 2002 and other contemporary reforms on directors and boards, guided by their impact on the supply andExpand
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Implications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992-2009
We analyze a comprehensive set of mergers and acquisitions from SDC data from 1992 through 2009. We do not impose common restrictions such as excluding private bidders, small targets, or dealsExpand
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The Market for Corporate Control: The Empirical Evidence Since 1980
C orporate takeovers have been very big business in the 1980s. The Office of the Chief Economist (OCE) of the Securities and Exchange Commission estimates that shareholders of target firms inExpand
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The Voluntary Restructuring of Large Firms in Response to Performance Decline
Much of the research on corporate restructuring has examined the causes and aftermath of extreme changes in corporate governance such as takeovers and bankruptcy. In contrast, we study restructuringsExpand
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Determinants of contractual relations between shareholders and bondholders: investment opportunities and restrictive covenants
Abstract We evaluate the costs and benefits of restrictive covenants in bonds issued in 1989 and 1996. Our results indicate that firms with growth opportunities are more likely to seek to preserveExpand
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