We study how the countries in which foreign segments are located affect the value of globally-diversified firms. We use the Heritage Foundation/Wall Street Journal Index of Economic Freedom and the World Bank's Financial Development and Structure database to characterize the locations of the...

We find that the deal structure decision to engage in a foreign asset purchase instead of acquiring a foreign target's equity is more likely when bidders are smaller, the bidder's proportion of foreign sales-to-total sales is higher and the target is in an unrelated industry. In addition,...

We study the short- and long-term effects of acquiring targets that are government owned, which we refer to as Government-Owned Corporations (GOCs). Our sample of acquirers consists of US-listed public corporations, while the targets are GOCs based outside the US. In comparison to acquisitions...

Buyers of bankrupt assets could be penalized because of uncertainty about the value of such assets given their poor performance, and the absence of a guarantee offered by bankrupt estates. On the other hand, they could be rewarded if imperfections in the market for bankrupt assets result in deep...

Purpose – Section 404 of the Sarbanes-Oxley Act of 2002 (SOX 404) requires auditors to attest to, and report on, management's assessment and effectiveness of the company's internal control systems. This paper aims to examine investor reaction to companies' announcements of new information...

We find that the announced withdrawal of mergers involving private targets produces negative and significant valuation effects on the bidder's stock on average. This result is distinctly different from the valuation effects for merger withdrawals involving public targets. These unique results...