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Social Sciences x Mergers and Acquisitions x clear all

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Acquiring Acquirers

Ludovic Phalippou, Fangming Xu and Huainan Zhao.

in Review of Finance

July 2015; p ublished online September 2014 .

Journal Article. Subjects: Mergers and Acquisitions; Corporate Governance. 19195 words.

Target acquisitiveness stands out as one of the primary drivers of all the key aspects of the market for corporate takeovers: acquisition announcement returns, probability of deal success,...

Acquisition Values and Optimal Financial (In)Flexibility

Ulrich Hege and Christopher Hennessy.

in The Review of Financial Studies

July 2010; p ublished online March 2010 .

Journal Article. Subjects: Corporate Governance; Mergers and Acquisitions. 15148 words.

This article analyzes optimal financial contracts for an incumbent and potential entrant accounting for prospective asset mergers. Exercising a first-mover advantage, the incumbent...

Active Ownership

Elroy Dimson, Oğuzhan Karakaş and Xi Li.

in The Review of Financial Studies

December 2015; p ublished online August 2015 .

Journal Article. Subjects: Mergers and Acquisitions; Financial Institutions and Services; International Financial Markets. 20795 words.

We analyze an extensive proprietary database of corporate social responsibility engagements with U.S. public companies from 1999–2009. Engagements address environmental, social, and...

Agency Problems of Corporate Philanthropy

Ronald W. Masulis and Syed Walid Reza.

in The Review of Financial Studies

February 2015; p ublished online November 2014 .

Journal Article. Subjects: Corporate Governance; Mergers and Acquisitions; Wages, Compensation, and Labour Costs; Labour and Demographic Economics. 19859 words.

Evaluating agency theory and optimal contracting theory views of corporate philanthropy, we find that as corporate giving increases, shareholders reduce their valuation of firm cash...

Anticipation, Acquisitions, and Bidder Returns: Industry Shocks and the Transfer of Information across Rivals

Jie Cai, Moon H. Song and Ralph A. Walkling.

in The Review of Financial Studies

July 2011; p ublished online May 2011 .

Journal Article. Subjects: Mergers and Acquisitions; Economics. 19379 words.

We document market anticipation of merger bids and show that less anticipated bids earn significantly higher announcement returns. Subsequent bidders in the industry experience significant...

Are Mutual Funds Active Voters?

Peter Iliev and Michelle Lowry.

in The Review of Financial Studies

February 2015; p ublished online September 2014 .

Journal Article. Subjects: Financial Institutions and Services; Mergers and Acquisitions; Corporate Regulation. 18130 words.

Mutual funds vary greatly in their reliance on proxy advisory recommendations. Over 25% of funds rely almost entirely on Institutional Shareholder Services (ISS) recommendations, while...

Are U.S. CEOs Paid More? New International Evidence

Nuno Fernandes, Miguel A. Ferreira, Pedro Matos and Kevin J. Murphy.

in The Review of Financial Studies

February 2013; p ublished online December 2012 .

Journal Article. Subjects: Corporate Governance; Mergers and Acquisitions; Corporate Regulation. 19479 words.

This paper challenges the widely accepted stylized fact that chief executive officers (CEOs) in the United States are paid significantly more than their foreign counterparts. Using CEO pay...

Are U.S. CEOs Paid More Than U.K. CEOs? Inferences from Risk-adjusted Pay

Martin J. Conyon, John E. Core and Wayne R. Guay.

in The Review of Financial Studies

February 2011; p ublished online October 2010 .

Journal Article. Subjects: Corporate Governance; Mergers and Acquisitions; Accounting. 20384 words.

We compute and compare risk-adjusted CEO pay in the United States and United Kingdom, where the risk adjustment is based on estimated risk premiums stemming from the equity incentives borne...

An Assignment Theory of Foreign Direct Investment

Volker Nocke and Stephen Yeaple.

in The Review of Economic Studies

April 2008; p ublished online April 2008 .

Journal Article. Subjects: Mergers and Acquisitions; International Factor Movements and International Business. 12882 words.

We develop an assignment theory to analyse the volume and composition of foreign direct investment (FDI). Firms conduct FDI by either engaging in greenfield investment or in cross-border...

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Auditor Conservatism, Incentive Compensation, and the Quality of Financial Reporting

Ravi Singh and Ian Larkin.

in The Journal of Law, Economics, and Organization

November 2015; p ublished online June 2015 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; Corporate Governance; Mergers and Acquisitions; Corporate Regulation; Law and Economics; Accounting; Wages, Compensation, and Labour Costs. 13040 words.

This paper examines how performance-based compensation for managers influences their reporting behavior and the resulting stance auditors take when deciding whether to certify a manager’s...

Bank Capital and Value in the Cross-Section

Hamid Mehran and Anjan Thakor.

in The Review of Financial Studies

April 2011; p ublished online April 2011 .

Journal Article. Subjects: Banking; Financial Regulation; Corporate Governance; Mergers and Acquisitions. 24295 words.

We develop a dynamic model of bank capital structure in an acquisitions context which predicts: (i) total bank value and the bank’s equity capital are positively correlated in the...

Bank Debt and Corporate Governance

Victoria Ivashina, Vinay B. Nair, Anthony Saunders, Nadia Massoud and Roger Stover.

in The Review of Financial Studies

January 2009; p ublished online June 2008 .

Journal Article. Subjects: Economics; Financial Institutions and Services; Banking; Mergers and Acquisitions. 16856 words.

In this paper, we investigate the disciplining role of banks and bank debt in the market for corporate control. We find that relationship bank lending intensity and bank client network have...

Bank size or distance: what hampers innovation adoption by SMEs?

Pietro Alessandrini, Andrea F. Presbitero and Alberto Zazzaro.

in Journal of Economic Geography

November 2010; p ublished online December 2009 .

Journal Article. Subjects: Technological Change; Research and Development; Mergers and Acquisitions; Regional Government Analysis; Banking. 17437 words.

A growing body of research is focusing on banking organizational issues, emphasizing the difficulties encountered by the hierarchically organized banks in lending informationally opaque...

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Board Expertise: Do Directors from Related Industries Help Bridge the Information Gap?

Nishant Dass, Omesh Kini, Vikram Nanda, Bunyamin Onal and Jun Wang.

in The Review of Financial Studies

May 2014; p ublished online October 2013 .

Journal Article. Subjects: Mergers and Acquisitions; Corporate Governance. 28862 words.

We analyze the role of “directors from related industries” (DRIs) on a firm's board. DRIs are officers and/or directors of companies in the upstream/downstream industries of the firm. DRIs ...

The board of directors and dividend policy: the effect of gender diversity

María Consuelo Pucheta-Martínez and Inmaculada Bel-Oms.

in Industrial and Corporate Change

June 2016; p ublished online August 2015 .

Journal Article. Subjects: Mergers and Acquisitions; Corporate Governance. 15306 words.

In this article, we aim to study the impact on dividends policy of gender diversity on the board of directors (hereinafter BD). We hypothesize that the proportion of women directors, the...

Board structure and executive pay: evidence from the UK

Paul M. Guest.

in Cambridge Journal of Economics

November 2010; p ublished online July 2009 .

Journal Article. Subjects: Mergers and Acquisitions; Corporate Governance. 9874 words.

We examine the impact of board structure on executive pay for 1,880 UK public firms over the period 1983–2002, using panel data analysis. First, the proportion of non-executive directors...

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Board Structure and Monitoring: New Evidence from CEO Turnovers

Lixiong Guo and Ronald W. Masulis.

in The Review of Financial Studies

October 2015; p ublished online June 2015 .

Journal Article. Subjects: Law and Economics; Mergers and Acquisitions; Corporate Regulation. 18917 words.

We use the 2003 NYSE and NASDAQ listing rules for board and committee independence as a quasinatural experiment to examine the causal relations between board structure and CEO monitoring....

Board Structures Around the World: an Experimental Investigation

Ann B. Gillette, Thomas H. Noe and Michael J. Rebello.

in Review of Finance

March 2008; p ublished online October 2007 .

Journal Article. Subjects: Mergers and Acquisitions; Game Theory and Bargaining Theory. 18257 words.

We model and experimentally examine the board structure–performance relationship. We examine single-tiered boards, two-tiered boards, insider-controlled boards, and outsider-controlled...

The Bright Side of Corporate Diversification: Evidence from Internal Labor Markets

Geoffrey Tate and Liu Yang.

in The Review of Financial Studies

August 2015; p ublished online February 2015 .

Journal Article. Subjects: Economics; Demand and Supply of Labour; Mergers and Acquisitions; Wages, Compensation, and Labour Costs; Firm Objectives, Organization, and Behaviour; Mobility, Unemployment, and Vacancies. 21502 words.

We document differences in human-capital deployment between diversified and focused firms. We find that diversified firms have higher labor productivity and that they redeploy labor to...

Bundling and Licensing of Genes in Agricultural Biotechnology

Guanming Shi.

in American Journal of Agricultural Economics

February 2009; p ublished online February 2009 .

Journal Article. Subjects: Manufacturing; Mergers and Acquisitions; Firm Objectives, Organization, and Behaviour; Agricultural Economics; Market Structure, Firm Strategy, and Market Performance. 6933 words.

We examine the strategic incentive for gene holders to vertically integrate with seed companies and chemical input companies. With homogeneous conventional seeds, we find that a pure...

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