We examine post-takeover restructuring activity and the sources of gains in large U.S. targets of foreign acquirers. We find that layoffs and selloffs are less important in justifying the target premium in foreign takeovers than in domestic takeovers. In contrast, U.S. targets in foreign...

Using a sample of 1,429 IPOs from 1997 to 2005, this paper examines the certification role of large customers in the new issues market. We find that IPO firms that have product market relationships with large customers experience higher valuation at the time of their IPOs compared to those...

We analyze equity financing decisions by firms with major customer relationships to assess whether major trading relationships create interdependence in policies and market values. We find supplier issuance decisions have significant negative effects for large customers, which become more...

We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values during crisis and subsequent recovery periods. Consistent with the prediction of our model, we find that during the 1997 Asian financial crisis, Asian firms with weaker...