المنشورات و المؤلفات
In this paper, we examine whether managers use information included in stock prices when making labor investment decisions. Specifically, we examine whether stock price informativeness affects labor investment efficiency. We find that a higher...
This paper investigates the impact of labor protection on corporate debt maturity structure. We hypothesize that stronger labor protection is conducive to a greater use of short-term debt maturity by firms. Using various country-level indicators as...
The corporate governance literature has shown that self-interested controlling owners tend to divert
corporate resources for private benefits at the expense of other shareholders. Such behavior leads the
controlling owners to prefer long maturity...
In this paper, we examine whether labor protection determines the decision to retain a golden share in privatized firms. Using a sample of firms privatized in developing and industrialized countries, we find a negative relation between the...
In this paper we examine the relationship between government ownership and dividend policy. Using a multinational sample of newly privatized firms from 43 countries, we find strong and robust evidence indicating that dividend payout is negatively...
We use a unique dataset of 350 privatized firms from 45 countries to investigate the relationship between shareholder identity and earnings quality. We find robust evidence that state ownership is associated with lower earnings quality while foreign...
In this paper, we examine the relation between government ownership and stock price informativeness around the world. Using a sample of privatized firms from 41 countries between 1980 and 2012, we find strong and robust evidence that state ownership...
In this paper, we investigate the political determinants of the cost of equity using a unique data set of 236 firms privatized between 1987 and 2006 in 38 countries. We find robust evidence that the cost of equity is increasing in government...