This paper examines how complimentary ticket initiation affects stock liquidity and stock prices. Since complimentary tickets are relatively advantageous for small shareholders, it can be predicted that firms' announcements for initiating complimentary tickets increase in the number of small...

This paper examines corporate strategies regarding cross-shareholding and the unwinding of cross-shareholding, and presents a rationale for corporate managers to unwind cross-shareholding from the perspective of managerial entrenchment. While cross-shareholding enhances managerial entrenchment,...

This paper aims to introduce new evidence of consistently negative impacts on enterprise value when corporations increase real estate holdings. Adopting a different approach from previous studies, our data analysis shows that corporate real estate portfolios and enterprise value share an inverse...

This paper provides a simple explanation of open-market stock repurchases and the stock price behavior surrounding them. There is ex ante asymmetry of information with regard to the private benefits that corporate managers can attain from real investments. In our model, open-market repurchase...

In this article I examine corporate strategies regarding cross-shareholding and the unwinding of cross-shareholding, and I present a rationale for corporate managers to unwind cross-shareholding from the perspective of managerial entrenchment. Although cross-shareholding enhances managerial...