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When Are Outside Directors Effective?
This paper uses recent regulations that have required some companies to increase the number of outside directors on their boards to generate estimates of the effect of board independence onExpand
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Fiscal Effects of the Voter Initiative: Evidence from the Last 30 Years
In 23 American states, citizens can initiate and approve laws by popular vote; in the other 27 states, laws can be proposed only by elected representatives. This paper compares the fiscal behavior ofExpand
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Takeover Motives During the Conglomerate Merger Wave
This article examines the stock market response to acquisition announcements during and immediately after the conglomerate merger wave of the late 1960s. The main finding is that acquirerExpand
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Corporate Diversification, Value Maximization, and Organizational Capabilities
This article develops a dynamic model of a firm in which diversification can be a value-maximizing strategy even if specialization is generally efficient. The central idea is that firms are composedExpand
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Direct Democracy Works
The purpose of this essay is to describe the practice and theory of the increasingly important political phenomenon of direct democracy and the main lessons from the scholarly literature. ManyExpand
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Budget Referendums and Government Spending: Evidence from Swiss Cantons
New government spending must be approved by a referendum of citizens in many Swiss cantons. This decisionmaking procedure seems like a simple way to address citizen-legislator agency problems, butExpand
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Explaining voter turnout patterns: An information theory
Voting research is rich in empirical regularities yet a parsimonious theory of voter turnout that can match the facts has proven to be elusive. This paper argues that voter turnout patterns can beExpand
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Internal Capital Markets and Corporate Refocusing
This paper develops a theory of organization based on the benefits and costs of internal capital markets. A central assumption is that the transaction cost of raising external funds is greater thanExpand
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Consumer Confidence and Economic Fluctuations
If consumers become pessimistic about the state of the economy, can there be a slowdown in output even if their pessimism is not based on economic fundamentals? Recent macroeconomic models show theExpand
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DIRECT DEMOCRACY: New Approaches to Old Questions
▪ Abstract Until recently, direct democracy scholarship was primarily descriptive or normative. Much of it sought to highlight the processes' shortcomings. We describe new research that examinesExpand
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