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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

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

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

Estimating the Effects of Large Shareholders Using a Geographic Instrument

Becker, Bo - 2011

Large shareholders may play an important role for firm performance and policies, but identifying this empirically …

Persistent link: https://www.econbiz.de/10012461265

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

Common Ownership, Competition, and Top Management Incentives

Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022

and a difference-in-differences design we document that managerial incentives are less performance-sensitive in firms with …

Persistent link: https://www.econbiz.de/10013477278

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

The Voting Premium

Levit, Doron Y.; Malenko, Nadya; Maug, Ernst G. - National Bureau of Economic Research - 2023

This paper develops a unified theory of blockholder governance and the voting premium, in a setting without takeovers and controlling shareholders. A voting premium emerges when a minority blockholder tries to influence the composition of the shareholder base by accumulating votes and buying...

Persistent link: https://www.econbiz.de/10014437023