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Prior literature routinely assumes symmetric cultural distance (CD) in a given country pair, suggesting an identical role for the home and host countries. However, if the absolute CD is perceived differently depending on the acquirer's home base, it may yield differential effects in cross-border...
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This paper investigates the role of activist hedge funds in the restructuring of a sample of 469 firms that attempted to resolve distress either out of court, in conventional Chapter 11, or via prepackaged restructuring. Activist hedge funds strategically gain a position of influence in the...
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We examine the way a fraudulent firm's pre‐ and postmisconduct corporate social responsibility engagement is associated with its stock performance to investigate the reputational role of corporate social responsibility (CSR). In the short term, firms with good CSR performance suffer smaller...
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This paper studies the long-term effect of hedge fund activism on distressed firms by tracing the post-emergence performance of firms that successfully resolved distress. We find that the firms restructured with hedge funds' intervention, compared to their counterparts that emerged without such...
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