We present the first comprehensive overview of regulation and standards of investments in real estate investment trusts (REITs) in 32 countries across the world. While there are large variations in REIT regulations across various countries, we also notice some common themes. REITs domiciled in...

In this study, we are the first to examine the role of domestic and foreign venture capital and private equity firms (VCPEs) in Indian firms. We find robust evidence to indicate that portfolio firms backed by foreign VCPEs incorporate effective governance structures in the post-IPO period....

The protection provided by antitakeover provisions (ATPs) can be used by managers to undertake acquisitions (M&A) that either reduce their personal risk but worsen shareholder wealth, or those that increase their personal risk but enhance shareholder wealth. We exploit sources of exogeneity at...

We examine force-the-vote (FTV) provisions in M&A transactions from 2003-2016 and test competing agency and efficient contracting explanations for their usage. Target FTV provisions are observed more frequently when bidding is costly, and are associated with higher target returns, lower...

We investigate how ownership structure influences operating performance and implied agency costs using multi-year data on over 42,000 firms, covering the full spectrum of ownership and management arrangements ranging from owner or non-owner managed single or multiple-owner private firms, through...

Target termination fee provisions are widely used in merger agreements and require the target firm to pay the bidder a fixed cash fee in the event the target firm backs out of the agreement. We examine the determinants and consequences of target termination fee provisions in REIT mergers and...

We examine the role of target firms' governance characteristics in determining their survival status and acquirer type. We find that conditional on being a takeover target, firms with a powerful board, i.e., those that are insider dominated and immune from shareholder oversight, are more likely...