This paper examines the effect of restrictions over asset disposition, measured by the ratio of secured debt to fixed assets, on firm value. We find evidence consistent with two non-mutually exclusive hypotheses. (1) Restrictions on the disposition of assets reduce firm value by limiting a...

Purpose – This paper aims to examine whether investment efficiency improves after publicly‐traded firms are taken private. Design/methodology/approach – The analysis uses univariate comparisons and regression analysis of panel data. Findings – Before going private, firms' investment...

Purpose – This paper aims to examine whether investment efficiency improves after publicly-traded firms are taken private. Design/methodology/approach – The analysis uses univariate comparisons and regression analysis of panel data. Findings – Before going private, firms' investment ratios...