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Why Do U.S. Firms Hold so Much More Cash than They Used to?
The average cash to assets ratio for U.S. industrial firms increases by 129% from 1980 to 2004. Because of this increase in the average cash ratio, American firms at the end of the sample period canExpand
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Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes
This paper provides large-sample evidence pertaining to the use of and wealth effects associated with provisions for termination fees in merger agreements between 1989 and 1998. The evidence suggestsExpand
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Asset Sales, Investment Opportunities, and the Use of Proceeds
This study examines the allocation of cash proceeds following 400 subsidiary sales between 1990 and 1998. Retention probabilities are increasing in the divesting firm's contemporaneous growthExpand
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Board classification and managerial entrenchment: Evidence from the market for corporate control
This paper considers the relation between board classification, takeover activity, and transaction outcomes for a panel of firms between 1990 and 2002. Target board classification does not change theExpand
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Results of epidemic simulation modeling to evaluate strategies to control an outbreak of foot-and-mouth disease.
OBJECTIVE To assess estimated effectiveness of control and eradication procedures for foot-and-mouth disease (FMD) in a region of California. SAMPLE POPULATION 2,238 herds and 5 sale yards inExpand
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Why Has the Value of Cash Increased over Time
The value of corporate cash holdings has increased significantly in recent decades. On average, $1 of cash is valued at $0.61 in the 1980s, $1.04 in the 1990s, and $1.12 in the 2000s. This increaseExpand
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Description of an epidemic simulation model for use in evaluating strategies to control an outbreak of foot-and-mouth disease.
OBJECTIVE To develop a spatial epidemic model to simulate intraherd and interherd transmission of foot-and-mouth disease (FMD) virus. SAMPLE POPULATION 2,238 herds, representing beef, dairy, swine,Expand
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Direct and indirect contact rates among beef, dairy, goat, sheep, and swine herds in three California counties, with reference to control of potential foot-and-mouth disease transmission.
OBJECTIVE To estimate direct and indirect contact rates on livestock facilities and distance traveled between herd contacts. SAMPLE POPULATION 320 beef, dairy, goat, sheep, and swine herds, 7Expand
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Benefit-cost analysis of vaccination and preemptive slaughter as a means of eradicating foot-and-mouth disease.
OBJECTIVE To assess relative costs and benefits of vaccination and preemptive herd slaughter to control transmission of foot-and-mouth disease (FMD) virus (FMDV). SAMPLE POPULATION 2,238 herds andExpand
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Shareholder Wealth Effects and Bid Negotiation in Freeze-Out Deals: Are Minority Shareholders Left Out in the Cold?
TLDR
This paper examines the shareholder wealth effects of bids by controlling shareholders seeking to acquire the remaining minority equity stake in a firm - deals commonly referred to as minority freeze-outs. Expand
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