Among U.S. industrial companies that are not acquired we compare top management turnover between an active takeover period (1984-1988) and a less active period (1989-1993). For firms in the lowest quartile of performance, as measured by operating income scaled by assets, 33% subsequently...

We analyze personal open market trades by managers around stock repurchases by tender offer. With the exception of Dutch auction offers, managers trade their firm's shares prior to repurchase announcements as though repurchases convey favorable inside information to outsiders. Prior to fixed...

Boards of directors occupy a prominent position in the governance of corporations, and have been a focal point of SEC efforts to ensure that investment companies are serving the interests of individual investors. We analyze whether board structure and director independence in closed-end...

This paper is a cross-sectional analysis of the relationship between common stock price reactions to announcements of convertible security calls and variables that represent possible determinants of changes in common stockholders' wealth. The variables are measures of the following effects of...

We investigate the real effects of decisions to undertake an initial public offering of stock in periods of favorable investor sentiment. Specifically, we examine potential effects of favorable investor sentiment on investment expenditures and how effects on investment affect firm operating...

This paper examines evidence related to voting rules and the market for voting rights. Several important findings emerge from recent studies. One set of evidence implies that it is desirable to have an active market in voting rights of a firm while another set of evidence indicates that...