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The Determinants of Corporate Board Size and Composition: An Empirical Analysis
Many theories have been proposed to explain how corporate boards are structured. This paper groups these theories into three hypotheses and tests them empirically. We utilize a unique panel datasetExpand
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The Expiration of IPO Share Lockups
We examine 1,948 share lockup agreements that prevent insiders from selling their shares in the period immediately after the IPO (typically 180 days). While lockups are in effect, there is littleExpand
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Takeover Defenses of IPO Firms
Many firms deploy takeover defenses when they go public. IPO managers tend to deploy defenses when their compensation is high, shareholdings are small, and oversight from nonmanagerial shareholdersExpand
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Does Disclosure Deter or Trigger Litigation
Securities litigation poses large costs to firms. The risk of litigation is heightened when firms have unexpectedly large earnings disappointments. Previous literature presents mixed evidence onExpand
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Are Busy Boards Detrimental?
Busy directors have been widely criticized as being ineffective. However, we hypothesize that busy directors offer advantages for many firms. While busy directors may be less effective monitors,Expand
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Institutional Versus Individual Investment in Ipos: The Importance of Firm Fundamentals
Consistent with institutions having an advantage over individuals, we find that newly public firms with the highest levels of institutional investment significantly outperform those with the lowestExpand
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The JOBS Act and IPO Volume: Evidence that Disclosure Costs Affect the IPO Decision
In April 2012, the Jumpstart Our Business Startups Act (JOBS Act) was enacted to help revitalize the initial public offering (IPO) market, especially for small firms. During the year ending MarchExpand
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Can Managers Time the Market? Evidence Using Repurchase Price Data
Little is known about the price firms pay for stock repurchases. Using a data set of all U.S. repurchases from 2004 to 2011, we compare the actual average price paid monthly in a repurchase with theExpand
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Does Insider Trading Impair Market Liquidity? Evidence from IPO Lockup Expirations
We test the hypothesis that insider trading impairs market liquidity by analyzing intraday trades and quotes around 1,497 IPO lockup expirations in the period 1995–1999. We find that, while lockupExpand
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The Effect of Director Experience on Acquisition Performance
Prior research finds that firms hire directors for their acquisition experience, regardless of acquisition quality (whether their prior acquisitions earned positive or negative announcement returns).Expand
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