• Publications
  • Influence
Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids
This paper analyses the short-term wealth effects of large intra-European takeover bids. We find announcement effects of 9% for the target firms compared to a statistically significant announcementExpand
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Investment Policy, Internal Financing and Ownership Concentration in the UK
This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds suchExpand
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Strong Managers and Passive Institutional Investors in the UK
The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight shareholders is required to reach an absolute majority of voting rights. Even thoughExpand
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Dividend Policy and Corporate Governance
Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of theExpand
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Dividend policy of German firms: A panel data analysis of partial adjustment models
German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two majorExpand
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The Impact of Board Gender Composition on Dividend Payouts
This paper investigates whether female independent directors are more likely to impose high dividend payouts. We find evidence that firms with a larger fraction of female directors on their boardExpand
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Explaining the Diversity in Shareholder Lockup Agreements
This paper investigates whether shareholder lockup agreements in France and Germany mitigate problems of agency and asymmetric information. Despite minimum requirements in terms of the length andExpand
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The long‐run performance of UK IPOs: can it be predicted?
Purpose - The aim of the paper is to study the long-run under-performance of UK initial public offerings (IPOs) by relating it to the pre-IPO financial performance of the firm as well as theExpand
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IPO lock-in agreements in the UK
When a company offers shares in an initial public offering (IPO), existing owners often enter into lock-in agreements prohibiting them from selling shares for a specified period after the IPO. ThereExpand
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Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe
This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation. In particular, we investigate whether the recent reforms of takeoverExpand
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