competitive strategy constitutes an important determinant of firms' investment decisions. The analysis reveals that becoming an …This paper uses mergers and acquisitions (M&A) and textual analysis of firms' financial filings to show that … acquirer or a target depends on the strategy. Moreover, M&A deals are more likely between companies implementing the same …

explain the time series of observed leverage ratios. Our estimates also reveal that the variation in agency costs across firms …

takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In …

This paper evaluates the effect of shareholder passiveness on the market for corporate control. We find that firms with …

Equity research analysts tend to cover firms about which they have favorable views. We exploit this tendency to infer … examine the effect of these preferences on corporate policies. After an analyst disappears, firms change their policies in the … direction opposite to the analyst's preferences. The influence of analyst preferences on policies is stronger for firms for …

We use a dynamic model of financing decisions to measure agency conflicts for a large panel of 12,652 firms from 14 … countries. Our estimates show that agency conflicts are large and vary significantly across firms and countries. Differences in …

Between 2007 and 2016, 7.6% of publicly listed U.S. firms disclosed that their CEOs had pledged company stock as …