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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
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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
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Disentangling the Incentive and Entrenchment Effects of Large Shareholdings
This article disentangles the incentive and entrenchment effects of large ownership. Using data for 1,301 publicly traded corporations in eight East Asian economies, we find that firm value increasesExpand
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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
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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
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Contagion and competitive intra-industry effects of bankruptcy announcements
Abstract This paper investigates the effect of bankruptcy announcements on the equity value of the bankrupt firm's competitors. On average, bankruptcy announcements decrease the value of aExpand
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Leverage, Investment, and Firm Growth
We show that there is a negative relation between leverage and future growth at the firm level and, for diversified firms, at the segment level. Further, this negative relation between leverage andExpand
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Troubled debt restructurings*1: An empirical study of private reorganization of firms in default
Abstract This study investigates the incentives of financially distressed firms to restructure their debt privately rather than through formal bankruptcy. In a sample of 169 financially distressedExpand
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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
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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
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