This paper investigates the relation between firms' locations and their corporate finance decisions. We develop a model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those acquisitions, firms within clusters maintain more financial...

This study evaluates the link between CEO governance heterogeneity, power structure of the firm, and product market competition on various facets of post-IPO cash policy. Our results suggest that post-IPO cash holdings as well as marginal value of cash reserves are higher under a founder CEO...

(VF) Dans cette étude portant sur un vaste échantillon de sociétés japonaises, nous montrons que, comme aux États-Unis, une bonne gouvernance se traduit par un niveau de disponibilités plus élevé. Toutefois, cette relation ne s’explique pas par le fait que les sociétés japonaises à...

Material-Adverse-Change clauses (MACs) are present in over 90% of acquisition agreements. These clauses are the outcome of extensive negotiation and exhibit substantial cross-sectional variation in the number and types of events that are excluded from being ‘material adverse events’ (MAEs)....

This paper reproduces a survey - previously applied in two different Continents, North America and Europe - to inquire about cost of capital, capital budgeting, capital structure, and corporate governance. The survey utilized in this article is Graham amp; Harvey's survey ( 2001) and its...

As the oversight role of the corporate board in Enterprise Risk Management (ERM) expands, companies feel the need to fill a knowledge gap on effective risk governance practices.The concept of correlating risk management, governance, and strategy in an enterprise-wide structure first appeared in...

Having focused heavily on Sarbanes-Oxley requirements and more rigorous corporate governance and compliance standards, U.S. corporate boards are now beginning to assess their evolving role in providing oversight in the area of enterprise risk management (ERM).This paper documents how boards of...

We examine the impact of the agency conflicts of debt on firm financing decision. Consistent with the hypothesis that firm financing policy is determined by the tradeoff between the market for corporate control (takeover defenses) and managerial opportunism, we find that managerial equity...