Using a sample of 44,288 firm-years over the period 1984-1997, we document an increase in both the incidence and the extent of global diversification over time. This trend does not, however, reflect a substitution of global for industrial diversification. We also find that global diversification...

We analyze changes in investment policy following 106 spinoffs completed by diversified firms between 1981 and 1996. Prior to the spinoff, the sample firms are valued at a discount relative to a portfolio of comparable single-segment firms, and allocate funds inefficiently, investing too little...

We document that forced resignations of top managers are preceded by large and significant declines in operating performance and followed by large improvements in performance. However, forced resignations are rare and are due more often to external factors (e.g. blockholder pressure, takeover...

We examine the performance of firms experiencing a top management change over the period 1985-1988. Forced resignations are preceded by large and significant declines in operating performance and followed by large improvements in performance. However, forced resignations are rare and are due...

The investment decisions of firms over a five-year period immediately prior to being taken private are examined. The results indicate that announcements of new investments made by going-private candidates are characterized by significant negative median abnormal returns. These findings appear to...

We report that initial public offering (IPO) underpricing is positively related to analyst coverage by the lead underwriter and to the presence of an all-star analyst on the research staff of the lead underwriter. These findings are robust to controls for other determinants of underpricing and...