Using firm level panel data for the years 1996-2001, covering all sectors of the economy, the impact of multinational ownership on the exit decisions of firms located in Belgium is estimated. In the analysis, I clearly distinguish for nationality of ownership, allowing for possible differences...

Drawing on the Carnegie tradition, this paper examines how the Greek government and its military apparatus handled an incident involving the islets of Imia, which led to a near-war with Turkey in 1996. This came about not merely as a result of escalating circumstances: there were failures in...

Should a firm favor insiders (handicap outsiders) when selecting a CEO? One reason to do so is to take advantage of the contest to become CEO as a device for providing current incentives to employees. An important reason not to do so is that this can reduce the ability of future CEOs and, hence,...

This paper focuses on the strategic role of corporate venture-financing carried out by a corporation (a headquarter). When the headquarter finances a venture through its corporate venture-financing arm, it can increase the complementarity between products of the venture and the headquarter. The...

We investigate the changing structure of Japanese and U.S. companies and ask whether there are signs of national convergence in corporate organization. We present three types of evidence to address this question: longitudinal data, cross-sectional survey data, and structural equation modeling...

Using firm level panel data for the years 1996-2001, covering all sectors of the economy, the impact of multinational ownership on the exit decisions of firms located in Belgium is estimated. In the analysis, I clearly distinguish for nationality of ownership, allowing for possible differences...

Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs) seem to have different systematic risk levels even though both invest almost exclusively in real estate-related assets. The findings indicate that business risk is negatively related to systematic risk, as measured...

This study measures and analyzes the liquidity differences between Real Estate Investment Trusts (REITs) and other common stocks. The intraday variations documented in this study have implications for the appropriate timing of trades to minimize transaction costs and the substitutability of...

This paper explores the effect of stock repurchase announcements on equity returns for publicly traded real estate investment trusts (REITs). In addition to providing analysis of the corporate decision to repurchase shares, the study of share repurchases in the context of REITs provides a novel...

Following the framework found in Oliva et al. 1987, GEMCAT II implements a felxible method to test catastrophe models containing multivariate (i.e., latent) variables while allowing for a prioi variable specifications. The system uses an efficient hybrid minimization algorithm combining the...