What drives bankers to create larger and larger, often multinational banking groups? In this paper we investigate whether the targets in cross-border bank M&As are materially different from those banks targeted in domestic M&A deals. The main message of this paper is that, with few exceptions,...

There is a long running debate over whether competition in the mutual fund industry limits the ability of investment advisors to charge fees that are disproportionate to the services they provide. We posit that disproportionately high fees are prevalent in funds with multiple share classes and...

The parallel development of management theory and practice over three phases of economic development is surveyed; (1) the pre-oil crisis experience 1969-1975, (2) the post oil crisis sobering up through most of the 1990s and (3) the emergence of new global production organizations , blurring the...

This paper investigates the short-run price adjustment around the acquisition announce-ment <p> and the long-run upward bias of the cross-sectional average buy-and-hold returns. <p> We apply the geometric Brownian motion model to decompose the cross-sectional ave r-age <p> long-run returns into mean...</p></p></p>

This paper tests the hypothesis that the threat of a contested <p> takeover improves corporate performance. This is done by a cross-sectional <p> analysis of listed Danish firms with and without effective takeover defenses. <p> Takeover defenses adopted by Danish firms mainly consist of dual class <p>...</p></p></p></p>

The article studies how takeover defenses influence managerial <p> incentives with respect to long term investments, excess liquidity and the amount of <p> debt relative to equity. The article conducts a cross-sectional regression based on a <p> sample of Danish listed firms, dealing explicitly with the...</p></p></p>

Recent debate has focused on the importance of corporate governance, localization of headquarters, foreign direct investments, externalities and key actors in national innovation systems and productivity. This study explores whether foreign-owned multinational firms differ systematically from...

We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464 contracts between venture capitalists (VC) and portfolio firms from Germany. We focus on the evolution of control and decisions rights along three time...

We investigate the patterns of ultimate distribution of ownership in a sample of small closely held corporations. Motivated by recent corporate governance theories we define control dilution as the absenc of a single dominating shareholder. Most firms have one or two ultimate owners implying...