This paper examines the relationship between targets' asset divestitures and takeover premiums. We find that divesting targets (divestors) receive lower offered premiums, experience less positive announcement returns, and have a trade discount relative to non-divesting targets. We show that...

We examine the effect of foreign institutional investors on firm innovation. Using firm-level data across 26 non-U.S. economies between 2000 and 2010, we show that foreign institutional ownership has a positive, causal effect on firm innovation. We further explore three possible underlying...