We investigate the relation between firms' ownership structures and q ratios in Japan. At low levels of ownership by main banks, firms' q ratios fall as bank equity ownership rises. At higher levels of bank ownership, this relationship is mitigated and, in some specifications, even reversed. We...

Using data on the backgrounds of board members of S&P companies, we show that venture capitalists (VCs) play an important role in mature public firms long after their initial public offering (IPO). Almost one-third of mature public companies have at least one VC director on their board. VC...

Authors' description of their article: Whereas the gains to target shareholders are usually large in tender offers, managers of takeover targets can have incentives to defeat such offers. We examine whether the presence of independent outside directors on boards of tender offer targets help to...

We study the government equity infusions and the incentives of banks to participate in the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP). We show that strong banks opted out of participating in CPP and that equity infusions were provided to banks that posed systemic...

We examine the effect of board composition on the restructuring activities of a sample of 94 firms that have experienced a material decline in performance. We document that firms with a majority of outside directors on the board are more likely to initiate asset restructurings and employee...