This paper examines the cyclical nature of IPO activity in the UK. The results indicate a lead-lag relationship between IPO initial returns and volume. IPO volume is sensitive to recent changes in market conditions. There is evidence of industry concentration in hot markets, and fi rms raise...

This paper provides a two-stage decision framework in which two or more parties exercise a jointly held real option. We show that a single party's timing decision is always socially efficient if it precedes bargaining on the terms of sharing. However, if the sharing rule is agreed before the...

We investigate how suppliers adjust their innovation activities when a customer is revealed involved in corporate fraud. We find that suppliers reduce R&D expenses after financial misconduct of the customer become known and generate fewer patents in comparison to a control group of firms that...

Many developing countries are liberalizing their economies to allow higher equity participation by the foreign firms. We argue that the possibility of joint venture can reduce the number of technology transfers. Hence, joint venture can reduce the welfare of a host-country by creating higher...

We create a database of supplier firms' principal customers from Compustat's Business Information File and examine the impact of principal customers on the provision of trade credit. The supplier firms' accounts receivable scaled by sales decreases in the proportion of sales accounted for by...

We provide empirical evidence on the adverse effects of supplier firms' environmental risk exposures on their relationships with principal customers. We document that supplier firms with high environmental risk are less likely to have principal customers. Moreover, from the principal customers'...

This paper examines how the structure of corporate holding impacts managerial incentive alignment mechanisms, and strategic objectives. Using data from 500 large Indian firms, we compare firms with dispersed equity ownership and business-group affiliates within the same institutional framework....