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By Mark Hirschey, Kose John, Anil Makhija

Whereas Advances maintains to submit papers from any sector of Finance, the point of interest of this factor is on company governance, largely outlined because the procedure of controls that is helping firms and different firms successfully deal with, administer, and direct monetary assets. incorporated within the quantity are papers concentrating on: the effect of deregulation and company constitution on effective potency; the effectiveness of the fraud triangle and SAS; board tracking and entry to debt financing; institutional traders; and managerial balance and payout coverage.

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Extra info for Corporate Governance and Firm Performance (Advances in Financial Economics, Vol. 13)

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03-18 (updated to December 2005). Roberts, M. J. (1986). Economies of density and size in the production and delivery of electricity. Land Economics, 62(4), 378–387. , & Meeusen, K. (2005). 2005 Performance review of electric power markets: Update and perspective. Review conducted for the Virginia State Corporation Commission. Schoar, A. (2002). Effects of corporate diversification on productivity. Journal of Finance, 57, 2379–2856. Shephard, R. W. (1953). Theory of cost and production functions.

123 is income before extraordinary items and discontinued operations, and item no. 124 is extraordinary items and discontinued operations. 5. We consider that firms holding over 80% of their assets in the form of cash are, intuitively, cash-hoarding, even if a significant number of firms in that industry are doing the same thing. However, this criteria may also cause our results to be driven by one industry, and to control for this possibility, we include industry dummies in our multivariate analysis.

More recent theoretical research, however, deals with the possibility that investors may have limited attention (Hirshleifer & Teoh, 2003), and may therefore not fully appreciate the implications of a high cash balance. Because of conflicting possible interpretations of a high cash balance, we hypothesize that the market overestimates the benefits of a high cash level (or underestimates its drawbacks). Accordingly, we investigate whether firms reporting extremely high cash levels (‘‘cash-hoarding’’ firms) have negative future abnormal returns.

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