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Governance Mechanisms and Equity Prices
We investigate how the market for corporate control (external governance) and shareholder activism (internal governance) interact. A portfolio that buys firms with the highest level of takeoverExpand
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Governance Mechanisms and Bond Prices
We investigate the effects of shareholder governance mechanisms on bondholders and document two new findings. First, the impact of shareholder control (proxied by large institutional blockholders) onExpand
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Tradeoffs in Staying Close: Corporate Decision-Making and Geographic Dispersion
We document the role of geographic dispersion on corporate decision-making. Our findings include: (i) geographically dispersed firms are less employee friendly; (ii) dismissals of divisionalExpand
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The Impact of Shareholder Control on Bondholders
This paper investigates the effect of shareholder control on bondholder wealth. While stronger shareholder control can benefit bondholders by disciplining managers, it also increases the likelihoodExpand
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Takeovers, Governance and the Cross-Section of Returns
This paper considers the impact of the takeover channel on firm valuation. We usethe idea that takeover activity responds to investor expectations of future rate of return and hence to stateExpand
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