Prompted by recent financial integration and increasingly regional nature of trade and investment flows, we investigate the existence and characteristics of international market-related cash flow exposures for international and domestic companies. Specifically, we study whether firm-level cash...

In this paper, we study resource congruence, the degree to which the expenditure profile of a focal lines of business (LB) resembles others in its parent's portfolio. Taking each individual LB as a focal point, we examine the degree to which its resource allocation profile resembles or differs...

Using the previously untapped Census Quarterly Financial Report (QFR) file, we explored the financial performance of a large unbiased sample of 209 leveraged buyouts (LBOs) and 48 going private transactions occurring between 1978 and 1989. Our principal findings are: First, we confirm previous...

This paper details the impact of debt on R&D intensity for firms undergoing a leveraged buyout (LBO). We develop seven hypotheses based on capital market imperfection theories and agency theory. To test these hypotheses, we compare 72 R&D performing LBOs with 3329 non-LBO control observations...