• Publications
  • Influence
Does corporate social responsibility affect the cost of capital
We examine the effect of corporate social responsibility (CSR) on the cost of equity capital for a large sample of US firms. Using several approaches to estimate firms' ex ante cost of equity, weExpand
  • 1,166
  • 104
  • PDF
Political connections and the cost of equity capital
TLDR
We find that politically connected firms enjoy a lower cost of equity capital than their non-connected peers, which suggests that they are generally considered less risky. Expand
  • 307
  • 27
  • PDF
Corporate Social Responsibility and Credit Ratings
This study provides evidence on the relationship between corporate social responsibility (CSR) and firms’ credit ratings. We find that credit rating agencies tend to award relatively high ratings toExpand
  • 215
  • 22
Multiple large shareholders, control contests, and implied cost of equity
In this paper, we examine whether the presence of multiple large shareholders alleviates a firm's agency costs and information asymmetry manifested in the cost of equity financing. Using data forExpand
  • 216
  • 22
  • PDF
Postprivatization Corporate Governance: The Role of Ownership Structure and Investor Protection
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit ofExpand
  • 295
  • 20
  • PDF
National culture and dividend policy
This interdisciplinary study examines how national culture affects corporate dividend policies. The dividend puzzle is one of the most studied, yet unresolved, issues in financial economics. PriorExpand
  • 204
  • 16
Liberalization, corporate governance and the performance of privatized firms in developing countries
Abstract This paper seeks to provide an answer to the following question: when and how does privatization work? Using a sample of 230 firms headquartered in 32 developing countries, we document aExpand
  • 167
  • 16
Privatization and bank performance in developing countries
Abstract We examine the postprivatization performance of 81 banks from 22 developing countries. Our results suggest that: (i) On average, banks chosen for privatization have a lower economicExpand
  • 184
  • 15
Excess Control, Corporate Governance and Implied Cost of Equity: International Evidence
We investigate whether the separation between ownership and control rights can be costly to controlling shareholders and firms in terms of capital-raising costs. Using estimates of the cost of equityExpand
  • 94
  • 15
  • PDF
National culture and corporate debt maturity
We investigate the influence of national culture on corporate debt maturity choice. Based on the framework of Williamson, we argue that culture located in social embeddedness level can shapeExpand
  • 181
  • 15