This article extends previous work by testing the financial distress costs hypothesis in the context of the UK, a contract-based distress resolution system, and by considering the role of private equity firms. Using a hand-collected dataset covering 115 public-to-private buy-outs (PTPs)...

This article analyses the trading activity of Taiwanese open-end equity mutual fund herding behaviour over the period of 1996--2008. We found evidence of both directional and directionless herding. We also found that sell-side fund herding leads to price stabilization, whereas buy-side herding...

This article provides an empirical answer to the question of how the unique incentives of founding families influence investment decisions. Contrary to theoretical considerations, the results indicate that family firms are not more susceptible to external financing constraints. When compared to...