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Do Independence and Financial Expertise of the Board Matter for Risk Taking and Performance?

Minton, Bernadette; Taillard, Jerome P. A.; Williamson, … - Charles A. Dice Center for Research in Financial … - 2010

crisis are all positively related to the percent of independent directors who are financial experts. These associations are … primarily driven by large banks in our sample. During the crisis, financial expertise is negatively related to both Tobin's Q … to the crisis; however, the presence of financial experts on the banks' boards did not help in alleviating the impact of …

Persistent link: https://www.econbiz.de/10010627762

Tick Size Regulation and Sub-Penny Trading

Buti, Sabrina; Rindi, Barbara; Wen, Yuanji; Werner, … - Charles A. Dice Center for Research in Financial … - 2013

We show that following a tick size reduction in a decimal public limit order book (PLB) market quality and welfare fall for illiquid but increase for liquid stocks. If a Sub-Penny Venue (SPV) starts competing with a penny-quoting PLB, market quality deteriorates for illiquid, low priced stocks,...

Persistent link: https://www.econbiz.de/10010699942

Market-Based Loss Mitigation Practices for Troubled Mortgages Following the Financial Crisis

Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - Charles A. Dice Center for Research in Financial … - 2010

The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency rates. Until mid-2009, lenders and servicers pursued their own individual loss mitigation practices without being significantly influenced by government intervention. Using a...

Persistent link: https://www.econbiz.de/10010627761

The Role of Securitization in Mortgage Renegotiation

Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - Charles A. Dice Center for Research in Financial … - 2011

financial crisis. Unlike prior studies, we employ unique data that directly observes lender renegotiation actions and covers …

Persistent link: https://www.econbiz.de/10008804191

Sub-Penny and Queue-Jumping

Buti, Sabrina; Consonni, Francesco; Rindi, Barbara; … - Charles A. Dice Center for Research in Financial … - 2013

Sub-Penny Trading (SPT) is a form of dark trading that allows traders to undercut displayed liquidity. We distinguish between SPT that is queue jumping (QJ) and mid- crossing (MID) and find that QJ is higher for NASDAQ than NYSE stocks. Consistently with Buti, Rindi, Wen and Werner (2013), QJ is...

Persistent link: https://www.econbiz.de/10010942790

Is Sell-Side Research More Valuable in Bad Times?

Loh, Roger; Stulz, Rene M. - Charles A. Dice Center for Research in Financial … - 2013

In bad times, uncertainty is high, so that investors find it more difficult to assess the prospects of the firms they invest in. Learning models suggest that in such times investors should, everything else equal, value informative signals such as analyst forecasts and recommendations more than...

Persistent link: https://www.econbiz.de/10010942793

When Are Analyst Recommendation Changes Influential?

Loh, Roger K.; Stulz, Rene M. - Charles A. Dice Center for Research in Financial … - 2009

Not all stock recommendation changes are equal. In a sample constructed to minimize the impact of confounding news, relatively few analyst recommendation changes are influential in the sense that they impact investors’ beliefs about a firm in a way that could be noticed in that firm’s stock...

Persistent link: https://www.econbiz.de/10008567907

Why Do Some CEOs Work for a One-Dollary Salary?

Loureiro, Gilberto; Makhija, Anil K.; Zhang, Dan - Charles A. Dice Center for Research in Financial … - 2011

We find evidence consistent with the view that $1 CEO salaries are a ruse hiding the rentseeking pursuits of CEOs adopting these pay schemes. CEOs with these arrangements, despite the drastic cuts in salary, have total compensation that is similar to that at other firms, making up lost salary...

Persistent link: https://www.econbiz.de/10009003915

Corporate Liquidity Management: A Conceptual Framework and Survey

Almeida, Heitor; Campello, Murillo; Cunha, Igor; … - Charles A. Dice Center for Research in Financial … - 2013

liquidity, the real effects of liquidity choices, and the impact of the 2008-9 Financial Crisis on firms' liquidity management. …

Persistent link: https://www.econbiz.de/10010699938

CEO Investment Cycles

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013

This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...

Persistent link: https://www.econbiz.de/10010699944