This paper presents the results of an in-depth investigation of 61 publicly-traded firms that chose to liquidate voluntarily over the period 1970 through 1991. In comparison with a size-matched sample of industry peers, firms that elect to liquidate voluntarily are characterized by lower Tobin's...

Investment strategies of buying and holding recently spun off companies and their parents have received significant attention from the investment community in the recent past. Despite their popularity, the existing evidence on the attractiveness of spin-offs appears piecemeal. In this paper, we...

We present causal evidence of an important yet less explored channel for board of directors to enhance firm value, namely by building, maintaining and disclosing a CEO succession plan. Using a new dataset of 9,084 CEOs and hand-collected information of succession plans, we exploit two regulatory...

Prior to May 22, 2017, trading information displayed on certain days of the week and on days prior to market-closed holidays required investors in Chinese exchange-traded repos to infer repos' actual maturities to place orders at appropriate rates. Repo rates on these days exhibited remarkable...

During the 1990s and beyond, countries around the world have witnessed calls and/or mandates for more outside directors on publicly-traded companies' boards even though extant studies find no significant correlation between outside directors and corporate performance. We examine the connection...

We examine announcement period abnormal returns to acquirers of listed and unlisted targets in 17 Western European countries over the interval 1996-2001. Acquirers of listed targets earn an insignificant average abnormal return of -0.38%, while acquirers of unlisted targets earn a significant...

We examine announcement period abnormal returns to acquirers of listed and unlisted targets in 17 Western European countries over the interval 1996-2001. Acquirers of listed targets earn an insignificant average abnormal return of -0.38%, while acquirers of unlisted targets earn a significant...