We investigate the effect of labor unionization on industry-level takeover activity after negative economy-wide shocks. Focusing on the 2008 financial crisis, we find that merger intensities drop significantly during the post-crisis period, though the degree of unionization in an industry...

Before their announcements are publicized on the regulatory agency’s Public Disclosure Platform (PDP) website, Turkish public firms privately upload their disclosures to the PDP servers with electronic signatures. Using the electronic signature timestamps of the announcements made between 2009...

Short-term debt can reduce potential agency conflicts between managers and shareholders by exposing managers to more frequent monitoring by the credit market. Using an international dataset, we examine whether internal monitoring can substitute for external monitoring through the use of...

We investigate the valuation effects of debt issues on the issuing firms’ common stock using a sample of Turkish issuers. For the sample of non-financial firms, we find no significant wealth effects for debt issues around the announcement dates. However, market reactions are more positive when...