Prior research shows that firms tend to recruit directors from the geographically-proximate area. Due to a limited supply of qualified individuals in a given area, firms located in close proximity have to share a limited pool of talented individuals. As a result, the larger the number of firms...

In this paper, we evaluate firm-, industry- and country-specific factors determining a firm's capital structure. The empirical validity of several capital structure theories has been ambiguous so far. We shed light on the main drivers of leverage and depict differences in industry and country...

This paper examines the relationship between ownership, corporate governance and liquidity in a Caribbean setting. Results show that firms with concentrated ownership are associated with lower liquidity. Further, the direction of the association depends on the identity of the largest...

The long-run performance of 424 UK rights issues during 1991-95 shows that issuers outperform the market and non-issuing peers in the pre-issue period and underperform in the post-issue period. To explain these results, we examine the timing and earnings management hypotheses and show that our...

​In the presence of high uncertainty and limited experience, can observing the actions of other acquiring predecessors help firms make better acquisition decisions? Using a sample of cross-border M&As conducted by US acquirers in developing countries, we document a positive and significant...

Using all completed spin-offs in twelve European countries between 1989 and 2005 we show that spin-off decisions are often triggered by firm's governance earth-quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long-run stock returns and operating performance are observed...

Prior literature shows that financial disclosures and corporate governance both impact firm performance. This paper documents an important topic that has been overlooked in the prior literature, their joint effect, because the two mechanisms could be independent, substitutive, or complementary...

This study applies financial crises as an exogenous shock to family and non-family firms to identify differences in stock market performance. We investigate 278 firms listed on the German Stock Exchange in the world financial crisis starting in 2007 as well as the Euro crisis starting in 2010....

Conglomerates, multinational corporations and business groups are non-exclusive forms of complex firms. Often organized as corporate networks, complex firms control a myriad of firms connected through ownership links. We investigate whether parent-subsidiary links within corporate networks...