Essays in empirical corporate finance

Our main independent variables is Aligned Incentives, which is a dummy variable that takes the value of 1 when a firm has CEO performance pay focused on growth (profit) performance

Hypothesis 2b : When the firm has high investment opportunities and low free cash flows, equity value of the firm positively changes if shareholders (board) remove

Variables of interest are defined as: size = average total assets in the past four quarters; total debt (scaled) = average total liabilities over total assets in the past four

Using a sample of 2,665 cross-border buyout investments from 1998 to 2007 in 40 countries and regions, I find that institution quality of the portfolio company nation,

Market-to-book is the ratio of firm market value (book value of total assets, plus market value of common equity, minus book value of common equity) to total assets.. ROA is the

Results from the previous section indicate that when the target board quickly gets involved in the negotiation process, the target experiences higher abnormal returns upon

For Firms with Low Debt-Low Excess Cash, Research and Development is a positive determinant while size, cost of carry and debt are negative determinants of level of Excess

Deal Ratio is calculated as deal value reported by the SDC item ‘value of transaction’ (paid consideration plus debt outstanding of target firm) divided by the acquiring firm’s