We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...

Female and male entrepreneurs differ in the way they finance their businesses. This can be attributed to the type of business and the type of management and experience (indirect effect). Female start-ups may also experience other barriers based upon discriminatory effects (direct effect)....

In a world of perfect markets, primary insurers could hedge catastrophic risks using financial instruments. In practice however, most primary insurers deal with catastrophic risk by the use of a financial intermediary - a reinsurer. This paper uses insights gained from the institutional...

The study proposes an assessment of the link between the performance of national health systems and volatility during the COVID-19 pandemic. Data from the World Health Organization was accessed regarding the Global Health Security Index of the states considered in the analysis as well as the...

Private equity investors have traditionally used innovative financial methods in structuring their leveraged buyouts (LBO) deals. In recent years, they have frequently employed securitization to raise funds on the back of their acquisitions' operating assets. A distinctive feature of these...

Free Cash Flow (FCF) was adopted in the late 1980s as a financial tool to evaluate the firm and its individual projects. We question the procedure of calculating the FCF where a significant portion of Current Liabilities is offset against Current Assets, thereby creating the hybrid asset Net...

We discuss the potential for below-parity employee representation in the board of directors by analyzing the workers' choice to adopt this mechanism of employee voice when employee board representation is optional and employees are granted only a minor share of board seats. Combining the...

Provided that there is some convergence in the size of firms over time, one should expect smaller firms to grow faster than their larger counterparts. However, if financial constraints influence the firm's investment decision this could have implications for the potential prospects of the firm....

We examine whether governance matters for acquisitions. Acquisitions are frequently beneficial to the CEO of the acquiring firm, but can often be value-destructive to acquirer shareholders and other stakeholders such as employees. We find that corporate governance does not appear to influence...

Any physicist and even any schoolchild knows that a body in motion finds in itself, by frictions which it generates, the proper limits of its movement, and the phenomenon of the privatization of public companies in West Africa today does not escape this logic. During the last decades, the...