Why Do Investors React Negatively to Seasoned Equity Offerings? (2006)
The average investor reaction is neutral to primary offerings by firms with managerial incentives closely tied to the shareholder value. Investors react negatively (1) when there are insufficient...
What Has Mattered to Economics Since 1970 (2006)
We compile the list of articles published in major refereed economics journals during the last 35 years that have received more than 500 citations. We document major shifts in the mode of...
Labor Laws and Corporate Governance: International Evidence from Restructuring Decisions (2006)
Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but also...
Are Elite Universities Losing Their Competitive Edge? (2006)
We study the location-specific component in research productivity of economics and finance faculty who have ever been affiliated with the top 25 universities in the last three decades. We find that...
To steal or not to steal: Firm attributes, legal environment, and valuation (2003)
Newly released data on corporate governance and disclosure practices reveal wide within-country variation, with the variation increasing as legal environment gets less investor friendly. This paper...
Bradley, Michael, Desai, Anand, Kim, E. Han
This paper documents that a successful tender offer increases the combined value of the target and acquiring firms by an average of 7.4%. We also provide a theoretical analysis of the process of...
Voluntary corporate liquidations (1987)
Kim, E. Han, Schatzberg, John D.
This paper examines possible motives for and consequences of voluntary corporate liquidations. Specifically, the procedural and tax differences between voluntary liquidations and other...
Market rationality and dividend announcements (1985)
Eades, Kenneth M., Hess, Patrick J., Kim, E. Han
We investigate stock market rationality by examining the timeliness and unbiasedness of the market's response to dividend announcements. Our initial findings for market timeliness show a sluggish...
Aquisitions initiated by tender offers and stockholder wealth / (1985)
Desai, Anand Shashikant., Kim, E. Han.
Chair: E. Han Kim.
On interpreting security returns during the ex-dividend period (1984)
Eades, Kenneth M., Hess, Patrick J., Kim, E. Han
In this paper we examine the ex-dividend day returns of several taxable and non-taxable distributions. The ex-dividend day returns for the taxable common stocks are consistent with the hypothesis...
The rationale behind interfirm tender offers : Information or synergy? (1983)
Bradley, Michael, Desai, Anand, Kim, E. Han
This paper investigates the rationale behind interfirm tender offers by examining the returns realized by the stockholders of firms that were the targets of unsuccessful tender offers and firms that...
Corporate Stability and Economic Growth
Newly released data on corporate governance and disclosure practices reveal wide within-country variation, with the variation increasing as legal environment gets less investor friendly. This paper...
To Steal or Not to Steal: Firm Attributes, Legal Environment and Valuation
Data on corporate governance and disclosure practices reveal wide within-country variation that decreases with the strength of investors’ legal protection. A simple model identifies three firm...
Mergers and Market Power: Evidence from the Airline Industry.
This paper examines price changes associated with airline mergers during 1985-88, a period of natural experimentation in which mergers were not contested by the government. The results show that...
The effects of debt subsidies on corporate investment behavior
This paper argues that credit subsidies are ineffective in stimulating business investment in productive assets. Instead, they lead to an increase in corporate holdings of financial assets and real...
To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation
Data on corporate governance and disclosure practices reveal wide within-country variation that decreases with the strength of investors' legal protection. A simple model identifies three firm...
Time-Series Variation in Dividend Pricing.
Eades, Kenneth M, Hess, Patrick J, Kim, E Han
Ex-dividend day returns vary over time. The ex-day returns of high-yield stocks are persistently positive for some time periods and negative for others; in contrast, ex-day returns of low-yield...
What Has Mattered to Economics Since 1970
E. Han Kim, Adair Morse, Luigi Zingales
Citations are one way that past research echoes through time. In this paper, we compile a list of articles published in major refereed economics journals in the last 35 years that have received more...
Are Elite Universities Losing Their Competitive Edge?
E. Han Kim, Adair Morse, Luigi Zingales
We study the location-specific component in research productivity of economics and finance faculty who have ever been affiliated with the top 25 universities in the last three decades. We find that...
What Has Mattered to Economics Since 1970
E. Han Kim, Adair Morse, Luigi Zingales
We compile the list of articles published in major refereed economics journals during the last 35 years that have received more than 500 citations. We document major shifts in the mode of...
Stock Market Openings: Experience of Emerging Economies.
This article is an exploratory examination of the benefits and risks associated with opening of stock markets. Specifically, we estimate changes in the level and volatility of stock returns,...
Labor and Corporate Governance: International Evidence from Restructuring Decisions
Our results highlight the importance of interaction among management, labor, and investors in shaping corporate governance. We find that strong union laws protect not only workers but also...
GLOBALIZATION OF CAPITAL MARKETS AND THE ASIAN FINANCIAL CRISIS
This article has three basic aims: (1) to analyze the impact of the opening of their capital markets on the economies of host countries; (2) to investigate the causes of the Asian financial crisis;...
Are Open Markets Good for Foreign Investors and Emerging Nations?
Although policymakers of emerging nations routinely brand foreign capital as "hot money" and hold it responsible for the ills of their economies, this article suggests that the experience of opening...
EVA AND SHAREHOLDER VALUE IN JAPAN
In a series of individual presentations and a follow-up set of exchanges, a group of academics and corporate practitioners discuss current problems with the Japanese corporate governance system and...
Changes in Korean Corporate Governance: A Response to Crisis
In the last months of 1997, the value of the Korean currency lost over half its value against the dollar, and the ruling party was swept from power in presidential elections. One of the fundamental...
Corporate Governance and Labor Relations
This article begins with the premise that since the corporation involves a symbiotic relationship between labor and capital, a single-minded focus on shareholder value is likely to be shortsighted,...
Are elite universities losing their competitive edge?
Kim, E. Han, Morse, Adair, Zingales, Luigi
We study the location-specific component of research productivity for economics and finance faculty over the last three decades. We find that there was a positive effect of being affiliated with a...