For decades, the value of corporate diversification has interested academics, investors, and managers. The finding that diversified firms, on average, trade at a substantial discount compared to focused firms ignited the debates on diversification discount. Given that diversification destroys...

Using a sample of 102 firms in the period 1981 to 1997, we investigate the relation between corporate governance and the spinoff decision. Larger firms with broader scope and investment patterns that appear inefficient are more likely to engage in a spinoff. Diversified firms conducting a...

Within diversified firms, the negative impact of leverage on investment is significantly greater for high q than for low q segments, and significantly greater for non-core than for core segments. This is consistent with the view that diversified firms allocate a disproportionate share of their...

This paper examines the impact of multiple directorships on stockholder wealth around the announcements of mergers and acquisitions. Grounded in agency theory, we argue that multiple directorships affect the quality of managerial oversight and thus influence agency conflicts in acquisition...

Using a sample of diversified firms over the period of 1980-2003, I investigate changes in the diversification discount over the two decades. The time-series pattern of the diversification discount is created by the entrance and exit of discount firms. I find that the distribution of excess...

I examine whether market learning and M&A activity affect the association between shareholder rights and acquisition performance. Using a sample of acquisitions completed in the period of 1990-2006, I find that the negative association between governance indices and bidder returns disappears in...

Classified boards actually benefit firms that have low monitoring costs and greater needs for advisory services. Previous literature has emphasized the entrenchment effect of classified boards. However, we find that this adverse impact of classified boards can be offset or even superseded by the...

Korean Abstract:본 연구는 개인투자자가 상장리츠를 활용하여 투자위험을 감소시킬 수 있는 방안을 실증분석하였다. 주식시장의 변동성이 확대되었던 2020년도를 분석기간으로 선정하여 GARCH-M모형으로 상장리츠와 개인투자자의...