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Corporate governance and the value of cash holdings.
In this paper, we investigate how corporate governance impacts firm value by examining both the value and the use of cash holdings in poorly and well governed firms. Cash represents a large andExpand
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International Corporate Governance and Corporate Cash Holdings
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 areExpand
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The Interaction of Capital Structure and Ownership Structure
We develop a model of the interaction of firms' capital and ownership structures. The structures are designed to trade off managerial discipline versus managerial initiative. Debt features constrainExpand
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Should banks own equity stakes in their borrowers? A contractual solution to hold-up problems
Abstract This paper develops a model to answer the question whether a bank should hold a share of the equity of a borrowing firm. The model shows that a small equity stake held by the bank can have aExpand
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Corporate Liquidity
Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are notExpand
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Financial Innovations and Corporate Insolvency
In this paper we develop a corporate-finance oriented theory of financial innovations. The theory is motivated by the different corporate insolvency procedures in England and America. In the paper’sExpand
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Preparing Students for Learning: The Case for Finance Pre-Courses at Business Schools
This paper has two objectives: first, it makes a case for the implementation of effective finance pre-courses in business schools. Based on findings from the learning theory and educationalExpand
Should Banks Own Equity? A Corporate Finance Perspective
This paper examines the question whether banks should hold a share of their borrowing firms' equity. A bank's equity participation can help overcome a well documented agency problem: without theExpand
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Two Puzzles about the Diversification Discount: Sfas # 131 and " Pseudo-conglomerates " Two Puzzles about the Diversification Discount: " Pseudo-conglomerates " and Sfas # 131
I document a large and significant diversification discount in multi-division firms that are diversified neither industrially nor geographically. All divisions of these firms, which are calledExpand
Organizational Structure, R&D Intensity, and Firm Value
This paper presents a theoretical model and an empirical study to show that the organizational structure of a firm affects firm value through the level of RD second, studies on the effect ofExpand
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