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CEO Compensation and Cash-Flow Shocks : Evidence from Changes in Environmental Regulations

Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024

This paper investigates how shocks to expected cash flows influence CEO incentive compensation. Exploiting changes in compliance with environmental regulations as shocks to expected future cash flows, we find that adverse shocks typically prompt corporate boards to recalibrate CEO compensation...

Persistent link: https://www.econbiz.de/10014486193

CEO Compensation and Adverse Shocks : Evidence from Changes in Environmental Regulations

Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024

Although corporate finance theory suggests how adverse shocks influence shareholder preferences toward corporate risk-taking and executive compensation, few researchers explore this relationship empirically. We construct a firm-year measure of unexpected shocks to environmental regulatory...

Persistent link: https://www.econbiz.de/10014635626

What Gets Measured Gets Managed : Investment and the Cost of Capital

He, Zhiguo; Liao, Guanmin; Wang, Baolian - National Bureau of Economic Research - 2022

-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using … return on equity (ROE) to economic value added (EVA) when evaluating SOE performance. This EVA policy adopts a one …-specific costs of capital. We show that SOEs did respond to the performance evaluation reform by altering their investment decisions …

Persistent link: https://www.econbiz.de/10012938744

Does Corporate Governance Matter in Competitive Industries?

Giroud, Xavier - 2009

while firms in non-competitive industries experience a significant drop in operating performance after the laws' passage …

Persistent link: https://www.econbiz.de/10012463770

Offshore Hedge Funds : Survival and Performance 1989-1995

Brown, Stephen J. - 1997

We examine the performance of the offshore hedge fund industry over the period 1989 through 1995 using a database that … little evidence of differential manager skill. We develop endogenous style categories for relative fund performance measures …

Persistent link: https://www.econbiz.de/10012472919

Performance Evaluation of Zero Net-Investment Strategies

Jordà, Òscar - 2011

This paper introduces new nonparametric statistical methods to evaluate zero-cost investment strategies. We focus on directional trading strategies, risk-adjusted returns, and the investor's decisions under uncertainty as the core of our analysis. By relying on classification tools with a long...

Persistent link: https://www.econbiz.de/10012461508

Voting on Public Goods : Citizens vs. Shareholders

Döttling, Robin; Levit, Doron Y.; Malenko, Nadya; … - National Bureau of Economic Research - 2024

We study the interplay between a "one person-one vote" political system and a "one share-one vote" corporate governance regime. The political system sets Pigouvian subsidies, while corporate governance determines firm-specific public good investments. Our analysis highlights a two-way feedback...

Persistent link: https://www.econbiz.de/10014576634

Shareholder Power and the Decline of Labor

Falato, Antonio; Kim, Hyunseob; Wachter, Till von - National Bureau of Economic Research - 2022

Shareholder power in the US grew over recent decades due to a steep rise in concentrated institutional ownership. Using establishment-level data from the US Census Bureau's Longitudinal Business Database for 1982-2015, this paper examines the impact of increases in concentrated institutional...

Persistent link: https://www.econbiz.de/10013334421

Corporate Governance Implications of the Growth in Indexing

Brav, Alon; Malenko, Nadya; Malenko, Andrey - National Bureau of Economic Research - 2022

Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the literature on the governance implications of passive fund...

Persistent link: https://www.econbiz.de/10013477210

Information Flows, Organizational Structure, and Corporate Governance

Malenko, Nadya - National Bureau of Economic Research - 2023

This survey provides an overview of theoretical and empirical research on information flows in corporations. It highlights key frictions preventing effective information flows and discusses how organizational structure and corporate governance can alleviate these frictions, focusing on three...

Persistent link: https://www.econbiz.de/10014287310