I use more than 1,500 firm-year observations for 271 US firms between 1991-1997 to examine the relation between insider membership in compensation committees and CEO pay. I find a steady decline in the number of committees with insider participation during the sample period, and uncover some...

This study examines the wealth effects to U.S. target firms observed at the announcement of acquisition bids made by foreign and U.S. bidders. We hypothesize that if the market expects foreign bidders to produce superior takeover gains, the announcement-related excess returns of the targets will...

This article serves two main purposes. First, it aims to provide a comprehensive overview of the existing real options literature and applications, as well as to present practically useful principles for quantifying the value of various real options. Second, it takes a first step towards...