This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...

This paper investigates Securities and Exchange Commission (SEC) deregistrations by foreign firms from the time the Sarbanes-Oxley Act (SOX) was passed in 2002 through 2008. We test two theories, the bonding theory and the loss of competitiveness theory, to understand why foreign firms leave...

The aim of this study is to examine the relationships between profits and risks of five companies which are Chevron,ConocoPhillips,Valero Energy Corporation, Occidental Petroluem Corpotion,ExxonMobil Corporation.This study was carried out using the secondary data which was obtained from the...

The leverage of unregulated U.S. corporations has decreased markedly since 1992. We find greater power by institutional investors explains part of this deleveraging trend. Removing legal barriers enhanced institutions' influence and enabled them to induce firms to move toward more efficient...

We analyze capital structure decisions of U.S. firms during 1905-1924, a period characterized by two shocks that provide a unique experiment for studying the primary determinants of financing choices: (i) the introduction of corporate and individual taxes, and (ii) the onset of World War I,...

Using firm-level administrative tax data on the 43% of business liabilities in the United States tied to privately held firms, we document dramatic reductions in leverage since the Great Recession. Leverage for the average private firm fell fifteen percent between 2004 and 2018. In contrast,...

Most research on the CEO labor market studies public company CEOs while largely ignoring CEOs in private equity (PE) funded companies. We fill this gap by studying the market for CEOs among U.S. companies purchased by PE firms in large leveraged buyout transactions. 71% of those companies hired...

Puzzling findings from prior studies demonstrated that US multinational corporations (MNCs) capital structure include significantly lower leverage than their domestic counterparts. This study utilized the period of the 2008- Global Financial Crisis (GFC) to compare the leverage ratios between...

The objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or...

Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that...