We study the investment-cashflow sensitivities of U.S. firms from 1971–2009. Our tests extend the literature in several key ways and provide strong evidence that cashflow explains investment beyond its correlation with q. In simple OLS regressions, a dollar of current- and prior-year cashflow...

This paper studies institutional investors' incentives to be engaged shareholders. We measure incentives as the increase in an institution's cash flow (management fees) when a stockholding increases 1% in value, considering both the direct effect on assets under management and the indirect...

We study the ownership structure of U.S. corporations using a comprehensive database of share ownership by insiders, affiliated firms, and institutional investors. Ownership has become increasingly concentrated in recent years, especially in mid- and large-cap firms. In 2017, insiders and...

This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...

This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...

This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...