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This paper analyzes the CEO incentives of inside debt in the form of deferred equity compensation in the context of M&A decisions. This study runs statistical regressions on the likelihood of a merger, whether the deal is diversifying, how much stock is used to pay for the deal, and the relative...
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We show that U.S. manufacturing wages during the Great Depression were importantly determined by forces on firms … combined to influence real wage growth. By contrast, the external effects of unemployment and replacement rates had much less …
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