This paper estimates the determinants of the contributions made by top executives to their firm's Political Action Committee (PAC). We find that executive's personal PAC contributions (proxy for the interest of the firm) are positively related to their shareholdings, income and option holdings...

This paper examines the relationships between various owner, firm, and industry characteristics of private-sector Hungarian firms and their difficulty in obtaining bank loans in 1991. We identify several factors that are related to the difficulty firms face in obtaining bank loans including the...

We examine the relation between managers' personal beliefs about their firm's prospects, decisions by managers to make acquisitions, and decisions by managers to resist takeover offers for their firms. Using insider-trading data, we analyze whether managers are willing to stake their own money...

We study the wealth effects of the mergers of privatized firms. Our sample entails 39 privatized firms that subsequently become targets of a takeover and 52 privatized firms that become bidders in mergers. Our results indicate that target firms experience a 12 percent increase in equity value at...

We study the wealth effects of the mergers of privatized firms. Our sample entails 39 privatized firms that subsequently become targets of a takeover and 52 privatized firms that become bidders in mergers. Our results indicate that target firms experience a 12 percent increase in equity value at...