• Publications
  • Influence
Corporate Takeover Bids, Methods of Payment, and Bidding Firms' Stock Returns
This study explores the role of the method of payment in explaining common stock returns of bidding firms at the announcement of takeover bids. The results reveal significant differences in theExpand
  • 1,389
  • 100
The Cadbury Committee, Corporate Performance, and Top Management Turnover
In 1992, the Cadbury Committee issued the "Code of Best Practice" which recommends that boards of U.K. corporations include at least three outside directors and that the positions of chairman and CEOExpand
  • 576
  • 47
  • PDF
Ownership Structure, Deregulation, and Bank Risk Taking
This paper investigates the relationship between bank ownership structure and risk taking. It is hypothesized that stockholder controlled banks have incentives to take higher risk than manageriallyExpand
  • 972
  • 45
The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International Acquisitions
This study presents direct evidence on the effect of international acquisitions on stock prices of U.S. bidding firms. Shareholders of multinational corporations not operating in the target firm'sExpand
  • 584
  • 41
When It Pays to Pay Your Investment Banker: New Evidence on the Role of Financial Advisors in M&As
We provide new evidence on the role of financial advisors in M&As. Contrary to prior studies, top-tier advisors deliver higher bidder returns than their non-top-tier counterparts but in publicExpand
  • 255
  • 40
  • PDF
Corporate Control and the Choice of Investment Financing: The Case of Corporate Acquisitions
The authors test the proposition that corporate control considerations motivate the means of investment financing-cash (and debt) or stock. Corporate insiders who value control will prefer financingExpand
  • 395
  • 24
Long memory in the Greek stock market
We test for stochastic long memory in the Greek stock market, an emerging capital market. The fractional differencing parameter is estimated using the spectral regression method. Contrary to findingsExpand
  • 203
  • 18
  • PDF
Deal Size, Acquisition Premia and Shareholder Gains
This study examines the contradictory predictions regarding the association between the premium paid in acquisitions and deal size. We document a robust negative relation between offer premia andExpand
  • 149
  • 18
  • PDF
Gains from Mergers and Acquisitions Around the World: New Evidence
Using a global M&A data set, this paper provides evidence that the empirical observations relating public acquisitions to, at best, zero abnormal returns, and their stock-financed subset to negativeExpand
  • 153
  • 14
  • PDF
How have M&As changed? Evidence from the sixth merger wave
We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in late 2007. The drivers of this wave lie primarily in the availability of abundantExpand
  • 123
  • 13
  • PDF