We study the effects of multi-layered governance on firm risk by focusing on the interaction of two types of career concerns. Two Delaware court decisions, the validation of poison pill defenses (the Unitrin decision) implemented by staggered boards (the Wallace decision), reduced...

We construct a measure of the pairwise relatedness of firms' human capital to examine whether human capital relatedness is a key factor in mergers and acquisitions. We find that mergers are more likely and merger returns and post-merger performance are higher when firms have related human...

This is the Online Appendix to accompany the paper "Human Capital Relatedness and Mergers and Acquisitions". This appendix contains additional results that are referred to but not contained in the paper.Original paper available at: 'https://ssrn.com/abstract=2996878'...

Consistent with the notion that dividends are very sticky, Daniel, Denis, and Naveen (2008) report evidence that firms manage earnings upward when pre-managed earnings are expected to fall short of dividend payments. However, we find that this evidence is not robust when controlling for firms'...

This paper examines the effects of political uncertainty surrounding national elections on cross-border mergers and acquisitions activity. Using a sample of completed cross-border mergers and acquisitions among 43 countries announced during 1990-2011, I find that the volume of cross-border...

We construct a measure of employees' outside opportunities within the local labor market and examine how firms choose policies to retain employees with such opportunities. We find that firms grant more rank and file stock options, provide a more employee-friendly work environment, and maintain...