This paper provides a cross-country analysis to determine whether CEO turnover is a credible threat, whether it is effective in delivering performance improvements, and whether better governance improves credibility and effectiveness of CEO turnover. The analysis is based on a detailed panel of...

This report is the first known stocktaking of its kind to provide a regional overview of state-owned enterprise (SOE) governance reforms and challenges across the Southern African Development Community (SADC) region. Part One summarises the challenges and governance practices related to...

This paper examines the stock price reaction to cross-border spinoff announcements and investigates whether country characteristics (such as takeover market liquidity and investor protection) cause variation in the announcements' wealth effects. We observe a positive and significant price...

We examine the characteristics of the sixth merger wave that started in 2003 and came to an end approximately in late-2007. The drivers of this wave lie primarily in the availability of abundant liquidity, in line with neoclassical explanations of merger waves. Acquirers were less overvalued...

What is the optimal form of corporate governance during court supervised attempts to reorganize and restructure a financially distressed firm? Corporate bankruptcy scholarship has contemplated this normative query against the backdrop of two prevailing models: the American Debtor-In-Possession...

The main provisions of the new Law on the Financial Management of Enterprises (LFME) became fully effective in January 2000. The new legislation's motivation was to improve the ability to pay and bolster payment discipline in the Slovenian economy. Besides reducing the number of enterprises with...

Purpose– The purpose of this paper is examine governance and enterprise restructuring in Southeast Europe (SEE) (Western Balkans) transition economies. International organizations classify the following countries in SEE (Western Balkans): Albania, Bosnia and Herzegovina, Croatia, Macedonia,...

The competition and dynamics of the macro-economy have certainly pushed companies to pay attention into their survival rates. Businesses have to maintain focus on multiple issues instantaneously, from shaping visionary management, skills improvement, quality excellence, and better efficiency...

In recent years the U.S. experienced an increase in the share of default events that are resolved out-of-court, as well as a reduction in bankruptcy-related costs. This trend raises the question as to what drives the frequency with which defaults turn into bankruptcies. We propose a theory based...

We develop a model of a firm in financial distress. Distress can be mitigated by filing for bankruptcy, which is costly, or preempted by restructuring, which is impeded by a collective action problem. We find that bankruptcy and restructuring are complements, not substitutes: Reducing bankruptcy...