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Management Ownership and Market Valuation: An Empirical Analysis
We investigate the relation between management ownership and corporate performance, as measured by Tobin's Q. In a cross-section of Fortune 500 firms, Tobin's Q first increases and then declines asExpand
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Do Managerial Objectives Drive Bad Acquisitions?
This paper documents for a sample of 327 US acquisitions between 1975 and 1987 three forces that systematically reduce the announcement day return of bidding firms. The returns to biddingExpand
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Corporate Governance, Economic Entrenchment and Growth
Around the world, large corporations usually have controlling owners, who are usually very wealthy families. Outside the U.S. and the U.K., pyramidal control structures, cross shareholding and superExpand
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Value-Enhancing Capital Budgeting and Firm-specific Stock Return Variation
We document a robust cross-sectional positive association across industries between a measure of the economic efficiency of corporate investment and the magnitude of firm-specific variation in stockExpand
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Perspectives on China's outward foreign direct investment
Recent economic data reveal that, at the infant stage, China's outward foreign direct investment (FDI) is biased towards tax havens and Southeast Asian countries and are mostly conducted byExpand
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Does Greater Firm-Specific Return Variation Mean More or Less Informed Stock Pricing?
Roll [1988] observes low R 2 statistics for common asset pricing models due to vigorous firm-specific return variation not associated with public information. He concludes that this implies “eitherExpand
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Why Investors Value Multinationality
The authors examine the value of multinationality to investors as reflected in firms' q ratios. The positive impact of research and development and advertising spending on a firm's q is enhanced byExpand
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Agency Problems in Large Family Business Groups
Greater managerial ownership in family firms need not mitigate agency problems, especially when each family controls a group of publicly traded and private firms, as is the case in most countries.Expand
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The Internationalization of Small and Medium-Sized Enterprises: A Policy Perspective
Small and medium sized firms play an important role in the process of creative destruction. The focus of the paper is on the international diffusion of small and medium sized firms innovations. SmallExpand
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Inherited Wealth, Corporate Control and Economic Growth
Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly; show signs of more political rent seeking, and spend less on innovation than do other countries at similarExpand
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