We investigate the relation between Tobin's Q and the structure of equity ownership for a
sample of 1,173 firms for 1976 and 1,093 firms for 1986. We find a significant curvilinear …

We analyze the likelihood of government bailouts of 450 politically connected firms from 35
countries during 1997–2002. Politically connected firms are significantly more likely to be …

We survey two generations of research on corporate governance systems around the world,
concentrating on countries other than the US The first generation of international corporate …

We empirically investigate the relation between corporate value, leverage, and equity ownership.
For ‘high-growth’ firms corporate value is negatively correlated with leverage, whereas …

This paper is an ‘event-time’ study of the common stock prices of a sample of 658 corporations
around the dates on which they publicly announced their future capital expenditure plans. …

This paper investigates the hypothesis that bank loans convey information to the capital market
regarding the value of the borrowing firm. Unlike previous researchers, we distinguished …

This paper examines the hypothesis that an important role of corporate takeovers is to discipline
the top managers of poorly performing target firms. We document that the turnover rate …

We investigate the relation between corporate value and the proportion of the board made up
of independent directors in 799 firms with a dominant shareholder across 22 countries. We …

The importance of bankruptcy costs as a determinant of corporate financing policy has been
extensively debated in the finance literature. The origins of the debate can be traced to …

In 1992, the Cadbury Committee issued the Code of Best Practice which recommends that
boards of UK corporations include at least three outside directors and that the positions of …