• Publications
  • Influence
The Bonding Hypothesis of Takeover Defenses: Evidence from IPO Firms
We propose and test an efficiency explanation for why firms deploy takeover defenses using initial public offering (IPO) firm data. We hypothesize that takeover defenses bond the firm׳s commitmentsExpand
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Angels and venture capitalists in the initial public offering market
In this article, we examine angel investors and venture capital investors to determine how they interact in the market for small firm equity investment. We first generate a novel dataset of firmsExpand
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Universal Banking, Asset Management, and Stock Underwriting
This paper examines institutions that underwrite IPOs and have asset management divisions from 1993 through 1998. We provide evidence that these firms use asset management funds as vehicles to helpExpand
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Product and Process Innovation in Service Organizations: The Influence of Organizational Culture in Higher Education Institutions
Executive Summary Many organizations, particularly service organizations, have failed to stay atop their industries when confronting product and process innovation. These innovations place pressureExpand
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Corporate Fraud and the Value of Reputations in the Product Market
We examine the consequences of a damaged reputation for fraud firms in the context of product markets. We generate three direct measures of reputational damage and find evidence that customers imposeExpand
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The Certification Role of Large Customers in the New Issues Market
Using a sample of 1,429 IPOs from 1997 to 2005, this paper examines the certification role of large customers in the new issues market. We find that IPO firms that have product market relationshipsExpand
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The Consequences to Directors of Deploying Poison Pills
We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases inExpand
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INITIAL PUBLIC OFFERINGS AND PRE-IPO SHAREHOLDERS: ANGELS VERSUS VENTURE CAPITALISTS
At the time of an initial public offering, shares in a firm are typically held by venture capitalists, insiders, corporate investors and angel investors. We examine the role of angel investors in theExpand
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The Lifecycle Effects of Firm Takeover Defenses
We propose and test the hypothesis that takeover defenses confer costs and benefits to a firm’s shareholders that change in systematic ways as a firm ages. In particular, the cost of managerialExpand
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