• Publications
  • Influence
The Separation of Ownership and Control in East Asian Corporations
We examine the separation of ownership and control for 2,980 corporations in nine East Asian countries. In all countries, voting rights frequently exceed cash-flow rights via pyramid structures andExpand
  • 3,857
  • 527
  • PDF
The Ultimate Ownership of Western European Corporations
We analyze the ultimate ownership and control of 5,232 corporations in 13 Western European countries. Typically firms are widely held (36.93%) or family controlled (44.29%). Widely held firms areExpand
  • 3,138
  • 401
Dividends and Expropriation
Whereas most U.S. corporations are widely held, the predominant form of ownership in East Asia is control by a family, which often supplies a top manager. These features of "crony capitalism" areExpand
  • 1,416
  • 142
  • PDF
An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure
This paper provides a test of whether capital structure decisions are at least in part motivated by managerial self-interest. It is show n that the debt ratio is negatively related to management'sExpand
  • 1,040
  • 79
Dividend announcements: Cash flow signalling vs. free cash flow hypothesis?
Abstract We test the cash flow signalling and free cash flow/overinvestment explanations of the impact of dividend announcements on stock prices. We use Tobin's Q ratios less than unity to designateExpand
  • 794
  • 47
Tobin''s q and the Gains from Successful Tender Offers
A honeycomb sandwich cast for supporting human or animal body portions. The cast has inner and outer cast layers which, in the finished cast, are rigid, and a central honeycomb core having honeycombExpand
  • 888
  • 45
  • PDF
Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion
We argue that management sells assets when doing so provides the cheapest funds to pursue its objectives rather than for operating efficiency reasons alone. This hypothesis suggests that (1) firmsExpand
  • 555
  • 43
  • PDF
The Measurement of Relatedness: An Application to Corporate Diversification
Employing commodity flow data from input-output (IO) tables, we construct two IO-based measures to capture interindustry and intersegment vertical relatedness and complementarity. At the industryExpand
  • 433
  • 41
  • PDF
Expropriation of Minority Shareholders in East Asia
We examine the evidence on expropriation of minority shareholders by the controlling shareholder in publicly traded companies in nine East Asian countries. Higher cash-flow rights are associated withExpand
  • 286
  • 29
  • PDF
Effects of Large Shareholding on Information Asymmetry and Stock Liquidity
Prior studies, such as Claessens, Djankov, Fan and Lang (2002), suggest that separation between ultimate control and ownership decreases firm value (due to the entrenchment effects of largeExpand
  • 211
  • 20