Published in
Published in:
Publication Title:
The Journal of Finance
Description:
Volume 62, Issue 4
August 2007
Pages 1851-1889
Corporate Governance and Acquirer Returns
Real name:
Research Member
School of Banking and Finance, Australian School of Business
Real name:
Cong Wang
Related Working Paper
Featured Working Papers
Trust, Incomplete Contracting, and Corporate Innovation
Innovation is a contract intensive economic activity in a world of incomplete contracts. We show that trust mitigates incomplete contracting and enhances innovation by acting as an informal contracting mechanism, particularly in industries with...Read more
Private Benefits and Corporate Investment and Financing Decisions: The Case of Corporate Philanthropy
We find that corporate giving as a private benefit of control distorts investment and financing decisions, results supporting Jensen’s (1986) free cash flow theory. These investment distortions reduce shareholder wealth, especially in cash-...Read more
The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune
Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and apply it to takeover announcements. Deals presented with more “intangibles talk” complete more...Read more
Does Bankruptcy Risk Increase Value? Puzzles and Diversification
Stock markets price listed firms, while defaulted firms delist. Due to the lower profits of defaulted firms, the average stock price exceeds firm unconditional expected value. Such price-value wedge originates from a survivorship bias. The wedge...Read more