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Corporate Governance and Acquirer Returns
We examine whether corporate governance mechanisms, especially the market for corporate control, affect the profitability of firm acquisitions. We find that acquirers with more antitakeoverExpand
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Optimal Capital Structure Under Corporate and Personal Taxation
In this paper, a model of corporate leverage choice is formulated in which corporate and differential personal taxes exist and supply side adjustments by firms enter into the determination ofExpand
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Political Connections and Corporate Bailouts
We analyze the likelihood of government bailouts of 450 politically connected firms from 35 countries during 1997‐2002. Politically connected firms are significantly more likely to be bailed out thanExpand
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Correlations in Price Changes and Volatility Across International Stock Markets
The short-run interdependence of prices and price volatility across three major international stock markets is studied. Daily opening and closing prices of major stock indexes for the Tokyo, London,Expand
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The Choice of Payment Method in European Mergers and Acquisitions
We study merger and acquisition (M&A) payment choices of European bidders for publicly and privately held targets in the 1997–2000 period. Europe is an ideal venue for studying the importance ofExpand
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Seasoned Equity Offerings: An Empirical Investigation
This study examines common stock price adjustments to announcements of underwritten common stock offerings. On average, a negative stock price change is observed, which is larger for industrials thanExpand
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Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance
We examine the benefits and costs associated with foreign independent directors (FIDs) at U.S. corporations. We find that firms with FIDs make better cross-border acquisitions when the targets areExpand
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Common Stock Offerings Across the Business Cycle: Theory and Evidence
It is well known that historically a larger number of firms issue common stock and the proportion of external financing accounted for by equity is substantially higher in expansionary phases of theExpand
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Adverse Selection and the Rights Offer Paradox
We develop an analytical framework to explain a firm's choice of equity flotation method and the near disappearance of rights offers by U.S. exchange-listed firms. The choice between uninsuredExpand
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The Valuation Effects of Stock Splits and Stock Dividends
This study presents evidence which indicates that stock prices, on average, react positively to stock dividend and stock split announcements that are uncontaminated by other contemporaneousExpand
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