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Multinationals and the High Cash Holdings Puzzle

Pinkowitz, Lee; Stulz, Rene M.; Williamson, Rohan - Charles A. Dice Center for Research in Financial … - 2012

find that the abnormal cash holdings of U.S. firms after the crisis represent on average 1.86% of assets. While U.S. firms … domestic firms after the crisis. Further, U.S. multinationals increased their cash holdings since the late 1990s relative to …, regulation, or poor governance can explain the abnormal cash holdings of U.S. firms after the crisis. …

Persistent link: https://www.econbiz.de/10010838904

Syndicated Loan Spreads and the Composition of the Syndicate

Lim, Jongha; Minton, Bernadette A.; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2012

The past decade has seen significant changes in the structure of the corporate lending market, with non-bank institutional investors playing larger roles than they historically have played. These non-bank institutional lenders typically have higher required rates of return than banks, but invest...

Persistent link: https://www.econbiz.de/10010575113

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?

Merrill, Craig B.; Nadauld, Taylor; Stulz, Rene M.; … - Charles A. Dice Center for Research in Financial … - 2012

) during the financial crisis. Many observers have argued that the fall in prices was partly driven by decreased liquidity and … at much lower prices than other insurance companies during the crisis. …

Persistent link: https://www.econbiz.de/10010575115

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences

Aggarwal, Reena; Erel, Isil; Stulz, Rene M.; … - Charles A. Dice Center for Research in Financial … - 2007

We construct a firm-level governance index that increases with minority shareholder protection. Compared to U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index decreases relative to the index of matching U.S. firms. Our results...

Persistent link: https://www.econbiz.de/10005002361

The Impact of the Structure of Debt on Target Gains

Jandik, Tomas; Makhija, Anil K. - Charles A. Dice Center for Research in Financial … - 2005

Consistent with prior literature, we find that increases in target leverage have a positive impact on returns to target shareholders irrespective of the source of debt. Even so, financing with bank debt has a remarkably different impact. If a target firm’s debt is primarily sourced from banks,...

Persistent link: https://www.econbiz.de/10005002362

Debt, Debt Structure and Corporate Performance after Unsuccessful Takeovers: Evidence from Targets that Remain Independent

Jandik, Tomas; Makhija, Anil K. - Charles A. Dice Center for Research in Financial … - 2004

Significant increases in the level of target leverage have been previously documented, following unsuccessful takeover attempts. This increased leverage may signal managerial commitment to improved performance, suggesting that corporate performance and leverage should be positively related. If,...

Persistent link: https://www.econbiz.de/10005819280

Managerial Risk-Taking Behavior and Equity-Based Compensation

Low, Angie - Charles A. Dice Center for Research in Financial … - 2006

I study managers' risk-taking behavior and how it is affected by equity-based compensation. I find that in response to an exogenous increase in takeover protection in Delaware during the mid-1990s, managers lower firm risk by 5%. I also find that the decrease in firm risk is concentrated among...

Persistent link: https://www.econbiz.de/10005819292

Relationships, Corporate Governance, and Performance: Evidence from Private Placements of Common Stock

Wruck, Karen H.; Wu, YiLin - Charles A. Dice Center for Research in Financial … - 2008

Utilizing a large sample with unique data gathered directly from private placement contracts, we address two important questions that remain unresolved in the literature. First, what types of relationships connect private placement investors and issuers, and how do these relationships affect...

Persistent link: https://www.econbiz.de/10005819293

Shareholder Rights, Boards, and CEO Compensation

Fahlenbrach, Rudiger - Charles A. Dice Center for Research in Financial … - 2008

I analyze the role of executive compensation in corporate governance. As proxies for corporate governance, I use board size, board independence, CEO-chair duality, institutional ownership concentration, CEO tenure, and an index of shareholder rights. The results from a broad cross-section of...

Persistent link: https://www.econbiz.de/10005819304

Founder-CEOs, Investment Decisions, and Stock Market Performance

Fahlenbrach, Rudiger - Charles A. Dice Center for Research in Financial … - 2006

Eleven percent of the largest public U.S. firms are headed by the CEO who founded the firm. Founder-CEO firms differ systematically from successor-CEO firms. Founder-CEO firms invest more in R&D, have higher capital expenditures, and make more focused mergers and acquisitions. They have a higher...

Persistent link: https://www.econbiz.de/10005819307