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  • Influence
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 antitakeover
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 than
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,
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 of
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 than
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 are
Agency Problems at Dual-Class Companies
Using a sample of U.S. dual-class companies, we examine how divergence between insider voting and cash flow rights affects managerial extraction of private benefits of control. We find that as this