• Publications
  • Influence
The Structure of Corporate Ownership: Causes and Consequences
This paper argues that the structure of corporate ownership varies systematically in ways that are consistent with value maximization. Among the variables that are empirically significant inExpand
  • 5,917
  • 466
  • PDF
Free Cash Flow and Stockholder Gains in Going Private Transactions
We investigate the source of stockholder gains in going private transactions. We find support for the hypothesis advanced by Jensen that a major source of these gains is the mitigation of agencyExpand
  • 1,083
  • 93
CEO Turnover after Acquisitions: Are Bad Bidders Fired?
We examine the relation between bidder returns and the probability of chief executive officer (CEO) turnover in acquiring firms. Using a sample of 714 acquisitions during 1990 to 1998, we find thatExpand
  • 305
  • 37
Determinants of the Size and Structure of Corporate Boards: 1935-2000
We argue that the size and composition of corporate boards are determined by tradeoffs involving the information that directors bring to boards versus the coordination costs and free rider problemsExpand
  • 422
  • 34
  • PDF
Sarbanes-Oxley and Corporate Risk-Taking
We empirically examine whether risk-taking by publicly traded US companies declined significantly after adoption of the Sarbanes-Oxley Act of 2002 (SOX). Several provisions of SOX are likely toExpand
  • 250
  • 25
Do Bad Bidders Become Good Targets
This paper empirically examines one motive for takeovers: to change control of firms that make acquisitions that diminish the value of their equity. Firms that subsequently become takeover targetsExpand
  • 241
  • 24
Growth Opportunities and Corporate Debt Policy: The Case of the U.S. Defense Industry
The U.S. defense industry provides a natural experiment for examining how changes in growth opportunities affect the level and structure of corporate debt. Compared with other firms, the growthExpand
  • 186
  • 17
Determinants of the Size and Composition of US Corporate Boards: 1935-2000
"We examine the determinants of the size and composition of corporate boards for a sample of 82 US companies that survived during the period 1935-2000. Our hypotheses lead to predictions that firmExpand
  • 336
  • 17
EVA & MVA as performance measures and signals for strategic change
The increasing frequency with which the business environment demands strategic change elevates the role played by performance measures in assessing alternative business strategies. TraditionalExpand
  • 205
  • 9
Newly Listed Firms: Fundamentals, Survival Rates, and Returns
After 1979, the rate at which new firms are listed on the major U.S. stock exchanges increases sharply, asset growth rates of new lists are high, but their profitability declines and remains low forExpand
  • 46
  • 9
  • PDF