There is widespread concern about whether Chief Executive Officers (CEOs) are appropriately punished for poor performance. While CEOs are more likely to be forced out if their performance is poor relative to the industry average, overall industry performance also matters. This seems puzzling if...

We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing,...

This study analyzes how the relationship between non-controlling and controlling large shareholders affects corporate valuations. Using data from the Chinese market, we find that a firm's value is lower when its non-controlling large shareholders have a relationship with its controlling...

Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

We provide evidence on the link between busyness of CEOs and/or chairmen and the performance of family firms in India. We show that the level of CEO busyness has a negative effect on firm performance, measured by Tobin's q. That is, the frequency of the CEO attending board meetings is positively...

Using block share acquisitions made by private equity (PE) funds, we examine the sources of value gains in PE minority equity investments. We find that compared with non-PE acquirers, PE acquirers are more likely to place representatives with finance experience or those with experience in the...

Most extant studies consider golden parachutes as the totality of change-in-control payments. However, for the median CEO of firms listed in the S&P SmallCap 600 index in 2009, golden parachute payments are only 46% of total change-in-control compensation. We measure total change-in-control...

The dashboard is a way of framing, selecting, arranging and presenting of the indicators that allow for an overview of the general trends in the evolution kept under scrutiny. Depending on the objectives that it sets and monitors, an enterprise can build its own representation of the required...