Heron, Randall A.; Lewellen, Wilbur G. - In: Journal of Financial and Quantitative Analysis 33 (1998) 04, pp. 549-568
The literature suggests two competing explanations for reincorporations: efforts at managerial entrenchment and attempts to improve contractual efficiency. The empirical evidence to date is inconclusive. To seek further evidence, we examine a large sample of firms that changed their state of...