Competitive pressures and demanding business environments emphasise the importance of a firm's technological capabilities as a source of sustainable competitive advantage. Firms are increasingly looking at better ways of managing their technological resources over the long-term through the...

Purpose–The purpose of this paper is to empirically analyze the effects of managerial overconfidence on debt maturity structure decisions in terms of liquidity risk and asset match in Chinese listed companies. Design/methodology/approach–Combining data from CSMAR with some default data...

Using mutual fund redemptions as an instrument for price changes, we identify a strong effect of market prices on takeover activity (the quot;trigger effectquot;). An inter-quartile decrease in valuation leads to a 7 percentage point increase in acquisition likelihood, relative to a 6%...

Theoretical work in financial economics suggests that payoff complementarities lead to financial fragility. Indeed, phenomena like bank runs and currency attacks are often attributed to the feature that investors are better off taking the same action taken by other investors. Due to data...

Using a unique hand-collected dataset, we show that shareholder activism designed to open U.S. based closed-end funds has become more frequent since the SEC's reform of the proxy rules in 1992 (the 1992 Reform) that lifted restrictions on shareholder communication. We denote this activity...