This study examines whether and how anticorruption efforts may mitigate the risk of corporate fraud. Based on a sample of Chinese publicly listed firms over the period of 2008 to 2017, we find that anticorruption efforts reduce the likelihood of fraud commission and increase the likelihood of...

Non-controlling minority shareholdings in rivals (NCMS) lower the sustainability of collusion under a wide variety of circumstances. Nevertheless, NCMS are sometimes deemed to facilitate collusion, in particular if the level of NCMS is exogenous. The present paper endogenizes firms' choice of...

We analyse the effects of monetary policy on mergers and acquisitions (M&A) activity in the United States, both on the aggregate and the firm level. We find that aggregate M&A activity decreases significantly following a monetary policy shock. The aggregate results are confirmed by an analysis...

This paper investigates how family ownership, control and management affect firm investment performance. We use the identity of the CEO and the COB to establish under what management the firm is: founder, descendent or external management. The analysis shows that founder management has no effect...

This paper focuses on how corruption affects an important internationalization behavior of firms: the extent of control - wholly owned subsidiary or equity participation - exercised by firms involved in cross-border mergers and acquisitions (M&A). Recently, scholars have recommended studying the...

Private equity companies have become a major force in the economic landscape. Financial- and operational-engineering are innovative characteristics of this emerging method of finance. The existing empirical data provide strong evidence that private equity activity contribute positively to the...