This study examines whether dividend payout, an internal corporate governance mechanism, is a substitute or an outcome of product market competition, an external corporate governance mechanism. The sample includes firms in six of the world's most prominent economies. We find that firms in more...

From a mixed sample of developed and emerging economies, this study documents a positive relationship between product market competition and corporate cash holdings, using a new composite measure of competition that complements existing proxies in two ways: it is likely the first to captures all...

Purpose To determine what role overconfidence plays in the forced removal of CEOs internationally. Design/Methodology The study makes use of the Fortune Global 500 list. Findings We find that overconfident CEOs face significantly greater hazards of forced turnovers than their non-overconfident...

We create globally diversified real estate portfolios using cointegration methods over 1992-2009. Cointegration is robust to intertemporal correlation instability, identifies markets that share common factors and long-term trends, and identifies leading markets that do not respond to deviations...

Using a sample of 8,232 firms from 81 countries, we investigate the effect of government ownership on financial constraint and the effect of financial constraint on corporate performance. In addition, we address the moderating role of country-level corruption on those two relationships. Results...