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Managerial Succession and Firm Performance
We examine CEO turnover and firm financial performance. Accounting measures of performance relative to other firms deteriorate prior to CEO turnover and improve thereafter. The degree of improvementExpand
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State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity
We present empirical evidence on the relative profitability, leverage, and labor intensity of government-owned and privately-owned firms. Cross-sectional analysis of a sample of very large firmsExpand
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Ownership Structure and the Cost of Corporate Borrowing
This article identifies an important channel through which excess control rights affect firm value. Using a new, hand-collected data set on corporate ownership and control of 3,468 firms in 22Expand
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The wealth effect of merger activity and the objective functions of merging firms
Abstract This paper studies the net effects of the long-run sequence of events leading to merger, and of merger per se, on shareholder wealth. The appropriate measure of the wealth effect is shown toExpand
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Public Offerings of State‐Owned And Privately‐Owned Enterprises: An International Comparison
The authors compare initial offer prices in privatizations to initial prices in public offerings of private companies. The evidence indicates that government officials in the United KingdomExpand
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Corporate Governance and Shareholder Initiatives: Empirical Evidence
Shareholder-initiated proxy proposals on corporate governance issues became popular in the late 1980s as corporate takeover activity declined. We find firms attracting governance proposals have poorExpand
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Earnings Management: IPO Valuation and Subsequent Performance
We examine the role of earnings management by issuers prior to making initial public offerings (IPOs). Our results indicate that pre-IPO abnormal accruals are positively related to initial firmExpand
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The wealth effects of second-generation state takeover legislation
Abstract We examine the stock-price effects of all second-generation state takeover laws introduced from 1982 through 1987 for which we find press announcements. On average, the announcements areExpand
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Earnings management, stock issues, and shareholder lawsuits
Abstract Abnormal accounting accruals are unusually high around stock offers, especially high for firms whose offers subsequently attract lawsuits. Accruals tend to reverse after stock offers and areExpand
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Corporate Ownership Structure and the Choice Between Bank Debt and Public Debt
This article examines the relation between a borrowing firm's ownership structure and its choice of debt source using a novel data set on corporate ownership, control, and debt structures for 9,831Expand
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