We examine the determinants and deal valuation consequences of private sellers' choice of hiring M&A advisers or top-tier advisers. Advisers can find and negotiate better deals for sellers, but hiring them entails fees and potential agency costs. Using a hand-collected dataset on the hiring of...

This paper examines the determinants of merging firms' choice of a common or separate M&A advisor, and the consequences of this choice on several deal outcomes. We analyze a large sample of acquisitions and account for the endogenous choice of common or separate advisors. We find that common...

This paper examines the initial public offering (IPO) valuations of issuers that return to the IPO market successfully after withdrawing their first IPO attempt. We find that these second-time IPOs sell at a significant discount relative to similar contemporaneous IPOs that succeed in their...

We examine the effect of R&D REM, a form of real earnings management (REM) by cutting research and development (R&D) expenditures abnormally to meet earnings targets, on firms' subsequent innovation productivity measured by the scale and the novelty of patents. In the within-firm analysis, we...

We investigate whether and how the primary market values the innovations of newly public firms at their IPOs by examining the link between the size (the number of patents) and the quality (citation count) of their patent portfolios and IPO valuations. We find that the number of patents, the...

This paper examines the determinants and the effects of CEO stock ownership guideline adoption, differentiating Not-meet/Meet adopters – those setting the guideline above/below the CEO's stock ownership at the time of adoption. While Meet adoption is mainly determined by factors related to...

The application of solid polymer electrolytes (SPEs) is a versatile strategy to increase the energy density of solid-state batteries as well as their safety. Poly(ethylene oxide) (PEO) is an appealing matrix for SPEs due to its superior lithium salt dissolution ability. However, while such...