The U.S. defense industry provides a natural experiment for examining how changes in growth opportunities affect the level and structure of corporate debt. Compared with other firms, the growth opportunities of defense firms increased substantially during the Reagan defense buildup of the early...

We extend the existing literature on the factors explaining the value of acquired firms by examining the effect of corporate governance and other characteristics of Japanese and U.S. acquirers on the long-term post-acquisition stock and accounting performance of their U.S. targets over 1980 –...

This paper examines the efficacy of Japanese management and corporate governance by comparing the long-term post-merger operating performance of the U.S. targets acquired by Japanese bidders compared to the performance of well-matched U.S. targets of U.S. bidders. Unlike prior studies that focus...