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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

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

Is There Information in Corporate Acquisition Plans?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024

improve acquisition performance due to learning from market feedback and alleviate acquisition-related market uncertainty …

Persistent link: https://www.econbiz.de/10014512055

Supply Chain Risk : Changes in Supplier Composition and Vertical Integration

Ersahin, Nuri; Giannetti, Mariassunta; Huang, Ruidi - National Bureau of Economic Research - 2023

Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and its sources. Our proxy for supply chain risk exhibits large cross-sectional and time-series variation that aligns with reasonable priors and is unprecedently high during the Covid-19 pandemic. In...

Persistent link: https://www.econbiz.de/10014250152

Cross-Border Mergers and Acquisitions

Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - National Bureau of Economic Research - 2022

One of the most consequential events in any firm's lifetime is a major acquisition. Because of their importance, mergers and acquisitions (M&As) have been an enormous area of research. However, the vast majority of this research and survey papers summarizing this research have focused on...

Persistent link: https://www.econbiz.de/10013435159

Intellectual Property Protection Lost and Competition : An Examination Using Machine Learning

Acikalin, Utku U.; Caskurlu, Tolga; Hoberg, Gerard; … - National Bureau of Economic Research - 2022

We examine the impact of lost intellectual property protection on innovation, competition, acquisitions, lawsuits and employment agreements. We consider firms whose ability to protect intellectual property (IP) using patents is weakened following the Alice Corp. vs. CLS Bank International...

Persistent link: https://www.econbiz.de/10013462719

Job Transitions and Employee Earnings After Acquisitions : Linking Corporate and Worker Outcomes

Arnold, David; Milligan, Kevin; Moon, Terry; Tavakoli, … - National Bureau of Economic Research - 2023

This paper connects changes in employer characteristics through job transitions to employee earnings following mergers and acquisitions (M&As). Using firm balance sheet data linked to individual earnings data in Canada and a matched difference-in-differences design, we find that after M&As...

Persistent link: https://www.econbiz.de/10014436997