Hartzell, Jay C.; Starks, Laura T. - In: Critical Finance Review 3 (2014) 1, pp. 85-97
Smith and Swan (2013), referred to as SS, question the robustness of the results of Hartzell and Starks (2003), referred to as HS. We discuss the fact that they have to make two significant and unwarranted changes to our model specifications in order to remove the significance of the HS results....