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Our theory asserts that at low levels of ownership institutions may support management to preserve other business relations. At higher levels of ownership, institutions more actively monitor management because the gains from equity ownership exceed the cost of management review and of possible...
Increases in stockholder wealth around leveraged recapitalization recap announcements are related more to reductions in the firm's financial slack than improvements in operating efficiency. Moreover, while recaps significantly reduce the firm's workforce and asset base, they do not improve...
This article models debt market equilibrium given an expanded notion of rational behavior. The model extends Diamond's model of reputation acquisition, by assuming that some prospective borrowerinvestors are opportunistic utility maximizers, while others are unwilling to mislead borrowers as to...
Corporate finance is under attack. Commentators mention that corporate managers have enriched themselves and shareholders, and in the process have failed to consider the interests of all stakeholders Hennessy, 1989, Alkhafaji, 1989, Newton, 1989, Dunfee, 1989, Steidlmeier, 1989, Jones and Hunt,...
The accounting profession has been charged by Supreme Court Chief Justice Warren Burger with a public responsibility to fulfill a public watchdog function. This function demands that the accountant maintains total independence from the client at all times and requires complete fidelity to the...
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