The study makes a distinction between the role of hostile takeovers as a mechanism for downsizing and exit in the process of 'creative destruction' and the role of hostile takeovers as a corporate governance mechanism for curbing managerial slack and opportunism. The likelihood that...

In corporate governance today, there is a lot of emphasis on structural reform. Individual aspects of the board have increasingly been the focus of policy reform and shareholder activism. Specific attributes of board structure like the separation of the posts of chairperson and the CEO,...

The impact of LCGE on financing of Canadian corporations and investment and risk-taking behaviour of individual Canadians is examined. The post-LCGE period shows a significantly higher reliance on external equity by large corporations, an increase in the number of taxpayers reporting dividend...

Purpose –This study aims to examine a large, non-disclosed production contract awarded to Lockheed Corp. in the context of a trade-off between a contractually required non-disclosure clause and the need (as a publicly traded firm) to disclose material information to its shareholders. This...

Given the recent findings in the literature that idiosyncratic volatility reflects stock price informativeness, we analyze the impact of idiosyncratic volatility on many acquisition parameters. We find that idiosyncratic volatility is positively related to acquisition premium; the relationship...