Handbook of Empirical Corporate Finance

Handbook of Empirical Corporate Finance

Author: Bjørn Espen Eckbo

Publisher: Elsevier

Published: 2011-10-13

Total Pages: 605

ISBN-13: 0080932118

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This second volume of a two-part series examines three major topics. First, it devotes five chapters to the classical issue of capital structure choice. Second, it focuses on the value-implications of major corporate investment and restructuring decisions, and then concludes by surveying the role of pay-for-performance type executive compensation contracts on managerial incentives and risk-taking behavior. In collaboration with the first volume, this handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. - Nine original chapters summarize research advances and future topics in the classical issues of capital structure choice, corporate investment behavior, and firm value - Multinational comparisons underline the volume's empirical perspectives - Complements the presentation of econometric issues, banking, and capital acquisition research covered by Volume 1


Value Creation in European Equity Carve-Outs

Value Creation in European Equity Carve-Outs

Author: Nikolas Pojezny

Publisher: Springer Science & Business Media

Published: 2007-10-24

Total Pages: 334

ISBN-13: 3835093630

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Employing the most comprehensive sample of European carve-outs to date, Nikolas Pojezny analyzes the performance of carve-outs along various dimensions: Both the reaction of parent firms to the announcement of a carve-out as well as share price and operating performance in a multi-year window around the event are examined in detail.


Why Service Matters

Why Service Matters

Author: Raul Pupo

Publisher: Lulu.com

Published: 2019-06-20

Total Pages: 348

ISBN-13: 0359741754

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Why Service Matters is a collection of over fifty essays that Raul Pupo asserts will change the way you think about service. What consumers in business, education, and government receive by way of service has gotten progressively worse over time. What is most distressing, however, is that there does not appear to be any cause for optimism that the shoddy service being dished out to consumers will improve any time soon. That is, not unless and until leaders come to grips with the fact that service to the customer is grounded in four critical success factors or foundational propositions: a leadership that unequivocally believes they are in business, first and foremost, to serve the customer; a strategic planning regimen centered on the customer; an ethic of service to guide the organization to always err on behalf of the customer; and a competent, motivated, supported, and empowered front-line organization.


Legitimacy Needs as Drivers of Business Exit

Legitimacy Needs as Drivers of Business Exit

Author: Carolin Decker

Publisher: Springer Science & Business Media

Published: 2008-08-28

Total Pages: 195

ISBN-13: 3834997595

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Carolin Decker develops and empirically applies a framework in which business exits serve the purpose of re-establishing a firm’s previously harmed legitimacy. Her findings support the idea that legitimacy needs drive the likelihood of fit-enhancing business exits in divesting firms.


Seeing Like a Commons

Seeing Like a Commons

Author: Joshua Lockyer

Publisher: Rowman & Littlefield

Published: 2021-05-11

Total Pages: 279

ISBN-13: 1498592899

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In Seeing Like a Commons, Joshua Lockyer demonstrates how a growing group of people have, over the last eighty years, deliberately built Celo Community, a communal settlement on 1,200 acres of commonly owned land in the Appalachian Mountains of North Carolina. Joshua Lockyer highlights the potential for intentional communities like Celo to raise awareness of global interconnectivity and structural inequalities, enabling people and communities to become better stewards and citizens of both local landscapes and global commons.


It's About Damn Time

It's About Damn Time

Author: Arlan Hamilton

Publisher: Currency

Published: 2020-05-05

Total Pages: 272

ISBN-13: 059313642X

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“A hero’s tale of what’s possible when we unlock our potential, continue the search for knowledge, and draw on our lived experiences to guide us through the darkest moments.”—Stacey Abrams From a Black, gay woman who broke into the boys’ club of Silicon Valley comes an empowering guide to finding your voice, working your way into any room you want to be in, and achieving your own dreams. NAMED ONE OF THE BEST BOOKS OF THE YEAR BY FORTUNE In 2015, Arlan Hamilton was on food stamps and sleeping on the floor of the San Francisco airport, with nothing but an old laptop and a dream of breaking into the venture capital business. She couldn’t understand why people starting companies all looked the same (White and male), and she wanted the chance to invest in the ideas and people who didn’t conform to this image of how a founder is supposed to look. Hamilton had no contacts or network in Silicon Valley, no background in finance—not even a college degree. What she did have was fierce determination and the will to succeed. As much as we wish it weren’t so, we still live in a world where being underrepresented often means being underestimated. But as someone who makes her living investing in high-potential founders who also happen to be female, LGBTQ, or people of color, Hamilton understands that being undervalued simply means that a big upside exists. Because even if you have to work twice as hard to get to the starting line, she says, once you are on a level playing field, you will sprint ahead. Despite what society would have you believe, Hamilton argues, a privileged background, an influential network, and a fancy college degree are not prerequisites for success. Here she shares the hard-won wisdom she’s picked up on her remarkable journey from food-stamp recipient to venture capitalist, with lessons like “The Best Music Comes from the Worst Breakups,” “Let Someone Shorter Stand in Front of You,” “The Dangers of Hustle Porn,” and “Don’t Let Anyone Drink Your Diet Coke.” Along the way, she inspires us all to defy other people’s expectations and to become the role models we’ve been looking for. Praise for It’s About Damn Time “Reading Arlan Hamilton’s It’s About Damn Time is like having a conversation with that frank, bawdy friend who somehow always manages to make you laugh, get a little emo, and, ultimately, think about ­­the world in a different way. . . . The book is warm, witty, and unflinching in its critique of the fake meritocracy that permeates Silicon Valley.”—Shondaland


Every Connection Matters

Every Connection Matters

Author: Michael Creekmore

Publisher: ASCD

Published: 2024

Total Pages: 153

ISBN-13: 1416632670

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"Every Connection Matters guides teachers through the ins and outs of building, maintaining, and restoring the six type of relationships they need to navigate in a school"--


Comparative Corporate Governance

Comparative Corporate Governance

Author: Klaus J. Hopt

Publisher: Oxford University Press

Published: 1998

Total Pages: 1304

ISBN-13: 9780198268888

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"This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--P. [v].


Corporate Restructuring

Corporate Restructuring

Author: Bjørn Espen Eckbo

Publisher: Now Pub

Published: 2013-07

Total Pages: 144

ISBN-13: 9781601986900

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We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.