Using 1320 European mergers and acquisitions (M&As) completed between 2003 and 2012, this paper investigates patterns of earnings management and the implications for non-cash acquisition premia considering both the form of payment and the target firm's listing status. The empirical evidence...

This paper investigates the nature of the Interim Financial Reporting (IFR) and the degree of compliance with the disclosure requirements of IAS 34 by the financial-based public listed companies. Attention in this research has been given to examine nature of the IFR practice, and whether the...

Mergers and acquisitions are the result of negotiations between bidder and target managers and shareholders where both sides have incentives to manipulate the value of shares and assets. While a naive target investor may perceive higher share value for a bidder who engages in income increasing...

Korean Abstract: 본 연구는 외환위기를 전후로 우리나라 기업의 현금보유 패턴에 어떠한 변화가 발생하고 있는지 분석하였다. 분석결과에 따르면, 첫째 최근 현금보유가 증가한 것은 소수의 기업들이 현금보유 규모를 과 거에...

We provide novel evidence that frictions in the financing of working capital can limit firms'production capacity, leading to the amplification and propagation of liquidity problems overtime. We propose a new approach to identify this firm credit multiplier that compares how asame firm responds...

Using cross-state and intertemporal variation in whether a state's minimum wage is bound by the federal minimum wage, we provide evidence that minimum wage increases lead firms in minimum wage sensitive industries (i.e., retail, restaurant, and entertainment) to scale down relative to a control...

Using 169 and 215 Public Private Partnerships (PPP) projects from China (1986-2012) and India (1991-2013), respectively, we find that politically connected PPP firms, on average have higher access to bank loans compared to competing and matched non-PPP firms. Our further analysis reveals that...

Entrepreneurs may be legally bound to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of inheritance law...

This study argues that developed capital markets, through their monitoring and disciplining role, can significantly influence innovation and economic growth. Specifically, it examines how strong corporate governance proxied by the threat of hostile takeovers affects innovation. It uses a panel...

Despite extensive efforts, the relation between tax incentives and corporate capital structure is an open question. The 2017 US tax reform creates an opportunity to directly estimate this relation. The reform limits the tax advantage of debt for all firms except for small businesses with average...