Family firm researchers have found a host of characteristics that are unique to family firms. These familial attributes are often taken as plausible explanations for governance and operational differences between family firms and their non-family competitors. We use these familial...

The objective of the paper is to determine if family firms are able to provide a return premium compared to their non-family counterparts. The assumption is that some of the benefits and costs related to family ownership can be absorbed into the business model. This may mean that family...

Listed companies in the UK are required to comply or give reasons for non-compliance with the recommendations of the UK code of corporate governance called The Combined Code. Prior studies investigating the relationship between compliance and firm performance have found the link to be either...

We study the short-run and long-run performance of Chinese privatization initial public offerings (PIPOs), using data for 340 and 409 new issues on the Shanghai and Shenzhen Stock Exchanges respectively, from 1 January 1996 through 31 December 1997. The average market-adjusted initial return is...

We study the short-run performance of Chinese privatization initial public offerings (PIPOs), using data on 668 new issues on both the Shanghai and Shenzhen Stock Exchanges from 1 January 1996 to 31 December 2000. We find that the average market-adjusted initial returns on the 1st, 5th, 10th,...

Using a sample of US bank mergers from 1995 to 2012, we observe that the pre-post merger changes in CEO bonus are significantly negatively related to the strength of corporate governance within the bidding bank. This suggests that bonus compensation is not consistent with the “optimal...

We study the short-run and long-run performance of 340 and 409 IPOs, respectively, listed on China's two exchanges from 1996 to 1997. We find that the average underpricing is 127.3%, and that the average market-adjusted cumulative return and buy-and-hold return over the three years after listing...

This paper looks at the interrelationships between the real and financial decisions made by the UK industrial and commercial company sector. It uses a capital gains augmented version of Purvis' integrated expenditure and portfolio allocation model, a development of the Brainard-Tobin "pitfalls"...