• Publications
  • Influence
The dividend policies of all‐equity firms: A direct test of the free cash flow theory
This paper finds support for Jensen's (1986) hypothesis that dividends and debt are substitute mechanisms for controlling the agency costs of free cash flow. We find that dividend payout ratios of aExpand
  • 197
  • 23
CEO Overconfidence and International Merger and Acquisition Activity
Abstract This study examines the role that chief executive officer (CEO) overconfidence plays in an explanation of international mergers and acquisitions during the period 2000–2006. Using a sampleExpand
  • 171
  • 17
  • PDF
The impact of international cross listings on risk and return: The evidence from American depository receipts
Abstract This paper examines the impact of the listing of American Depository Receipts (ADRs) on the risk and return of the underlying stocks. We find that the listing of ADRs is associated withExpand
  • 221
  • 16
CEO founder status and firm financial performance
Founders create their organizations, yet are often expected to eventually become liabilities to these same organizations. Past empirical research on the relationship between CEO founder status (i.e.,Expand
  • 221
  • 11
The path-to-profitability of Internet IPO firms
Extant empirical evidence indicates that the proportion of firms going public prior to achieving profitability has been increasing over time. This phenomenon is largely driven by an increase in theExpand
  • 76
  • 10
  • PDF
What is the Relationship between Organizational Slack and Innovation
Innovation is generally viewed as critical to the competitive health of organizations, industries, and nations. As such, how, why, when, and which organizations innovate has been a subject ofExpand
  • 156
  • 9
Informed Trading Around Merger Announcements: An Empirical Test Using Transaction Volume and Open Interest in Options Market
This paper provides empirical evidence on the level of trading activity in the stock options market prior to the announcement of a merger or an acquisition. Our analysis shows that there is aExpand
  • 98
  • 8
An Analysis of the Determinants and Shareholder Wealth Effects of Mutual Fund Mergers
This study examines the determinants of mutual fund mergers and their subsequent wealth impact on shareholders of target and acquiring funds. Results indicate significant improvements in postmergerExpand
  • 97
  • 5
  • PDF
The response of competitors to announcements of bankruptcy: An empirical examination of contagion and competitive effects
Abstract We find, like [Lang, L.H.P., Stulz, R.M., 1992. Contagion and competitive intra-industry effects of bankruptcy announcements: An empirical analysis, Journal of Financial Economics, 32(1),Expand
  • 91
  • 5
Are Analyst Recommendations Biased? Evidence from Corporate Bankruptcies
Abstract We test whether a bias exists in analyst recommendations for firms that file for bankruptcy during 1995–2001. We fail to find overoptimism in analyst recommendations, including those ofExpand
  • 67
  • 5