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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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Politically Connected Firms
Examination of firms in 47 countries shows a widespread overlap of controlling shareholders and top officers who are connected with national parliaments or governments, particularly in countries withExpand
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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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Political Connections and Corporate Bailouts
We analyze the likelihood of government bailouts of 450 politically connected firms from 35 countries during 1997‐2002. Politically connected firms are significantly more likely to be bailed out thanExpand
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The Quality of Accounting Information in Politically Connected Firms
We document that the quality of earnings reported by politically connected firms is significantly poorer than that of similar non-connected companies. Our results are not due to firms with ex-anteExpand
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The Choice of Payment Method in European Mergers and Acquisitions
We study merger and acquisition (M&A) payment choices of European bidders for publicly and privately held targets in the 1997–2000 period. Europe is an ideal venue for studying the importance ofExpand
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Returns to Acquirers of Listed and Unlisted Targets
Abstract We examine announcement period abnormal returns to acquirers of listed and unlisted targets in 17 Western European countries over the interval 1996–2001. Acquirers of listed targets earn anExpand
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Differences between Politically Connected and Non-Connected Firms: A Cross Country Analysis
Evidence from firms in 47 countries shows that companies with political connections have higher leverage and higher market shares, but they underperform compared to non-connected companies on anExpand
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Government Control of Privatized Firms
We study the change in government control of privatized firms in OECD (Organisation for Economic Co-operation and Development) countries. At the end of 2000, after the largest privatization wave inExpand
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CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation
We extend the literature on how managerial traits relate to corporate choices by documenting that firms run by female CEOs have lower leverage, less volatile earnings, and a higher chance of survivalExpand
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