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Selected Works

Corporate Finance

Lubomir P. Litov

Articles 1 - 6 of 6

Full-Text Articles in Business

Staggered Boards And Long-Term Firm Value, Revisited, K.J. Martijn Cremers, Lubomir P. Litov, Simone M. Sepe Dec 2015

Staggered Boards And Long-Term Firm Value, Revisited, K.J. Martijn Cremers, Lubomir P. Litov, Simone M. Sepe

Lubomir P. Litov

This paper revisits the staggered board debate focusing on the long-term association of firm value with
changes in board structure. We find no evidence that staggered board changes are negatively related to firm
value. However, we find a positive relation for firms engaged in innovation and where stakeholder
relationships matter more. This suggests that staggered boards promote value creation for some firms by
committing the firm to undertaking long-term projects and bonding it to the relationship-specific
investments of its stakeholders. Our results are robust to matching procedures and an exogenous change in
Massachusetts’ corporate law that mandated staggered boards.

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Shared Auditors In Mergers And Acquisitions, Dan Dhaliwal, Philip Lamoreaux, Lubomir P. Litov, Jordan Neyland Dec 2015

Shared Auditors In Mergers And Acquisitions, Dan Dhaliwal, Philip Lamoreaux, Lubomir P. Litov, Jordan Neyland

Lubomir P. Litov

We examine the impact of shared auditors, defined as audit firms that provide audit services to a target and its acquirer firm prior to an acquisition, on transaction outcomes. We find shared auditors are observed in nearly a quarter of all public acquisitions and targets are more likely to receive a bid from a firm that has the same auditor. Moreover, these shared auditor deals are associated with significantly lower deal premiums, lower target event returns, higher bidder event returns, and higher deal completion rates. These results are driven by bids in which targets and acquirers share the same practice …

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Corporate Strategy, Analyst Coverage, And The Uniqueness Discount, Lubomir Litov, Todd Zenger, Patrick Moreton Dec 2011

Corporate Strategy, Analyst Coverage, And The Uniqueness Discount, Lubomir Litov, Todd Zenger, Patrick Moreton

Lubomir P. Litov

No abstract provided.

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Creditor Rights And Corporate Risk-Taking, Lubomir Litov, Yakov Amihud, Viral Acharya Dec 2010

Creditor Rights And Corporate Risk-Taking, Lubomir Litov, Yakov Amihud, Viral Acharya

Lubomir P. Litov

No abstract provided.

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Earnings Persistence, Lubomir Litov, Richard Frankel Dec 2008

Earnings Persistence, Lubomir Litov, Richard Frankel

Lubomir P. Litov

No abstract provided.

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Large Investors, Price Manipulation, And Market Breakdown -- Anatomy Of Market Corners, Lubomir Litov, Franklin Allen, Jianping Mei Dec 2005

Large Investors, Price Manipulation, And Market Breakdown -- Anatomy Of Market Corners, Lubomir Litov, Franklin Allen, Jianping Mei

Lubomir P. Litov

No abstract provided.

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