This study empirically tests shareholder wealth effects at the announcement of acquisitions of foreign firms by Chinese firms. Listed firms in China are unique in that the ratio of shareholding by the state or state-owned enterprises is high in many firms, and their shares listed sorely in...

Acquisitions by emerging market firms of targets located in developed markets have increased drastically over the recent years. We use this setting to test Coffee's (1999) bonding hypothesis in a cross-border M&A context by examining whether acquirers adopt the corporate governance practices...

We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data from 64 countries during the period 2005-2014, we find that cross-border M&A activity is associated with subsequent improvements in the governance of...

We test the hypothesis that foreign direct investment promotes corporate governance spillovers in the host country. Using firm-level data from 64 countries during the period 2005-2014, we find that cross-border M&A activity is associated with subsequent improvements in the governance of...

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated disincentives for U.S. multinational corporations (MNCs) to repatriate foreign subsidiaries' earnings, but the TCJA included additional provisions that will impact U.S. firms' acquisition decisions. We find that both the likelihood and number...

Vital in preserving managerial accountability, the firmly established one share, one vote rule provides shareholders with limited rights to elect directors who appoint managers and to approve certain extraordinary transactions. Without the deterrents of risk of capital loss and fear of removal,...

The regulation of hostile takeovers constitutes an interesting corporate governance microcosm. It is an area where clear contrasts in approach, regarding the balance of power between shareholders and the board of directors, are evident across different jurisdictions. Takeovers also reflect the...

Using 1320 European mergers and acquisitions (M&As) completed between 2003 and 2012, this paper investigates patterns of earnings management and the implications for non-cash acquisition premia considering both the form of payment and the target firm's listing status. The empirical evidence...

Debt-ridden corporate growth and increased vulnerability was one of the causes of the 1997 financial crisis in Korea. Introduction of outside director system has been the core part of the corporate reforms following the crisis. Our estimation using instruments obtained from a natural experiment...