Using a sample of control cross-border acquisitions from 61 countries from 1990 to 2007, we find that acquirers from countries with better governance gain more from such acquisitions and their gains are higher when targets are from countries with worse governance. Other acquirer country...

Nearly one-third of asset sale announcements are preceded by a public statement of intent to sell. These voluntary disclosures generate significant average returns of 1.1% and bias returns around actual asset sales towards zero. Due to opportunistic managerial behavior, preannouncements occur...

One of the fundamental purposes of corporate accounting is to facilitate the monitoring of managers. Since managers are instrumental in the production of accounting numbers, and since it is costly to monitor their behavior in this regard, firms sometimes report fraudulent accounting numbers....

Since the revelation of accounting scandals at Enron, Worldcom, and several other high profile companies ("Enron et al") five years ago, there has been unprecedented public focus on U.S. corporate governance. A common view, articulated by many journalists, politicians and public pundits, is that...

type="main" xml:lang="en" <title type="main">ABSTRACT</title> <p>We investigate the source of stockholder gains in going private transactions. We find support for the hypothesis advanced by Jensen that a major source of these gains is the mitigation of agency problems associated with free cash flow. Using a sample of 263...</p>