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Cross-Country Determinants of Mergers and Acquisitions
This Paper studies the determinants of mergers and acquisitions around the world during the 1990s by focusing on differences in laws and regulation across countries. We find that the volume of M&AExpand
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The Political Economy of Corporate Governance
We analyze the political determinants of investor and employment protection. Expand
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Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy
This Paper studies the determinants of executive turnover and firm valuation as a function of ownership and control structure in Italy, a country that features low legal protection for investors,Expand
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Managers, Workers and Corporate Control
If management has high private benefits and owns a small equity stake, managers and workers are natural allies against a takeover threat. Two forces are at play. First, managers can transformExpand
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Corporate Governance Reforms in Continental Europe
This essay first describes the differences in the ownership structure of companies in the three main economies of continental Europe - Germany, France, and Italy - with comparisons to the UnitedExpand
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The Political Economy of Finance
If the private benefits of control are high and management owns a small equity stake, managers and workers are natural allies. There are two forces at play. First, managers effectively transformExpand
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Credit Ratings Failures and Policy Options
This paper examines the role of credit rating agencies in the subprime crisis that triggered the 2007-08 financial turmoil. The focus of the paper is on two aspects of ratings that contributed to theExpand
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Labor Protection and Leverage
This paper exploits intertemporal variations in employment protection across countries and finds that rigidities in labor markets are an important determinant of firms' capital structure decisions.Expand
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Does Family Control Matter? International Evidence from the 2008-2009 Financial Crisis
We study whether and how family control affects valuation and corporate decisions during the 2008--2009 financial crisis using a sample of more than 8,500 firms from 35 countries. We find thatExpand
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Corporate Governance Externalities
We argue that the choice of corporate governance by a firm affects and is affected by the choice of governance by other firms. Firms with weaker governance give higher payoffs to their management toExpand
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