A strategically minded CFO will realize that strategic corporate risk management is about finding the right balance between risk prevention and proactive value generation. Efficient risk and performance management requires adequate assessment of risk and risk exposures on the one hand and...

Using data from 17 countries that have suffered a currency crisis, this paper studies firm-level leverage and performance measures before and after a crisis has occurred. We show that in the years preceding a currency crisis, companies that are expected to benefit from currency depreciations...

The current paper analyzes the impacts of privatization of Sudan air carrier, Sudan Airways. The hypothetical framework in this study is that alternative policies other than privatization are feasible. Sudan airways represents the sovereignty of the country carrying its flag, its objectives is...

We assess the diverse roles of institutional investors in impacting survival and performance of chronically underperforming firms and contrast the results for consistently overperforming firms. We find material differences in institutional investor roles between these two samples....

We focus on firms that chronically underperform and evaluate ways that institutional investors can facilitate the redeployment of assets to higher valued uses. Our evidence indicates that institutional holdings affect firm survival. Increases in institutional holdings are associated with...

If there is an economically important optimal capital structure, then firms that deviate too far from the optimum will face greater risk of failure or acquisition. Using data from the oil industry we find no significant evidence that capital structure policy affects acquisition or failure...

The main strategic objective of bank-affiliated venture capital funds (BVCs) is to enhance demand of debt capital from portfolio companies. This paper investigates the channels through which banks pursue such a strategy. Using detailed data from seven Western European countries in the period...

We investigate the takeover strategies of high default risk acquirers and their value impact. We find that these bidders select bigger, less profitable and unrelated targets, pursue transactions during recessions, and pay with shares by offering target shareholders high premiums. Their long-term...

Spanish savings banks (Cajas) and commercial banks have experienced very different destinies. Before the crisis both types of banks shared, almost equally, most of the financial Spanish market. Cajas were performing well. Nowadays, the soundest Cajas have been forced to transform themselves into...

Private growth and investment in most of central, eastern and south-eastern Europe (CESEE) is still hampered by persistent financial distress in the corporate sector, resulting from the excessive debt taken on before the 2008 crisis. This paper looks at how this excess leverage affects firm...