This paper contrasts the costs and benefits of leasing, rather than owning real estate assets. Consistent with the financing and agency costs hypotheses, I find that large and high growth companies are likely to lease than to own real estate. The results also indicate that leasing companies are...

The issue of the separation of the roles of Chief Executive Officer (CEO) and Chairman of the Board (COB) has been at the centre stage of various corporate governance guidelines. While in the US, these roles are typically combined, in the UK companies are advised to split them following the...

We document stock price behaviour in the period following a stock market stress. We focus on price behaviour using daily market indexes from 39 stock exchanges. Our results are not consistent with the overreaction hypothesis. We find positive (negative) abnormal price performance in the...

We analyze the simultaneous relationship between managerial ownership, board structure, and firm value, using a sample of all UK non-financial listed companies. We test the hypothesis that managers in the UK should become entrenched at a higher level of ownership compared to their US...

This study examines the behaviour of share prices around the ex-dividend dates before and after the introduction of the 1988 Income and Corporation Taxes Act (ICTA) that changed substantially the tax differential between dividends and capital gains in the UK. Moreover, after accounting for the...