We examine empirically the relations between REIT insider ownership and several measures of performance and management decisions. Three variables exhibit U-shaped or inverted U-shaped profiles, with a critical turn at about 30% ownership. Incentive alignment appears to dominate above 30%...

This paper examines the relationship between ownership structure, other corporate governance variables, and firm risk-taking and returns for the period 1990 to 2003. Our results suggest that the persistent, underlying relationship between insider ownership and risk-taking is U-shaped for both...

This paper is concerned with the relationship between ownership structure and risk taking in the U.S. thrift industry along with the impact of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) on this relationship. Our results, based on balance sheet and market...

Using information from insiders' actual tax forms, filed with the Swedish tax authorities, we find evidence that firm dividend policy conforms to the insiders' tax-induced preferences. These results support the theory that some shareholders actively adjust dividend policy for their personal...

In this study we use direct estimates of the diversification of the largest shareholder in a firm to study the impact of shareholder diversification on the firm. Overall, we find that under diversified controlling shareholders value control very highly. However, there is limited evidence that...

We identify persistent director style effects on corporate policies. Director style explains a significant amount of cross-sectional variation in firm policy variables for financing, investment, operations, and corporate governance, among others. The results are significantly different from...

Some studies have provided evidence that hedging increases firm value. Other studies have shown that managerial incentives may influence firm hedging. In this paper we provide evidence that hedging increases firm value, however, when hedging is based upon incentives caused by managers' options,...

We estimate the effects on firm salary, return on assets, and efficiency of wrongful discharge protections adopted by U.S. state courts during 1980-1990. By examining the data of approximately 17,500 commercial banks, we find evidence that all three wrongful discharge doctrines - the public...

At the IPO date, thrifts have a uniquely diffuse ownership structure and regulatory environment. This allows us to perform a natural experiment to test whether managers seek to entrench themselves. We find strong evidence that managers seek the level of ownership commonly associated with...

The CLO shapes and enforces corporate governance, but is faced with a dual-role paradox that requires her to act as both monitor of corporate governance and executive of the firm. We study the role of the CLO under environments that are most likely to impact governance and pressure the firm to...