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Changes in Corporate Governance and Top Executive Turnover : The Evidence from Japan

Miyajima, Hideaki - 2017

We examine the turnover of top executives in Japanese firms throughout the period from 1990 to 2013. During this time, the presence of a main bank has been weakened, the ownership of institutional investors has dramatically increased, and independent outside directors have been introduced in...

Persistent link: https://www.econbiz.de/10012453899

CEO Turnover and Foreign Market Participation

Blonigen, Bruce - 2003

Anecdotal evidence suggests that new CEOs with foreign backgrounds direct their firms to become more international in their operations. We examine this hypothesis formally using data on U.S. S&P-500 manufacturing firms from 1992 through 1997 and biographical information on CEOs' birth and...

Persistent link: https://www.econbiz.de/10012469175

How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs

Kaplan, Steven N. - 2006

We study CEO turnover - both internal (board driven) and external (through takeover and bankruptcy) - from 1992 to 2005 for a sample of large U.S. companies. Annual CEO turnover is higher than that estimated in previous studies over earlier periods. Turnover is 14.9% from 1992 to 2005, implying...

Persistent link: https://www.econbiz.de/10012466199

Toxic Emissions and Executive Migration

Levine, Ross - 2018

We study the impact of toxic emissions on the migration of corporate executives. We link data on the opening of industrial plants emitting toxic air pollutants with information on the career paths of executives at all S&P 1500 firms over the 1996-2014 period. We find that (1) the opening of...

Persistent link: https://www.econbiz.de/10012453325

Smokescreen : How Managers Behave When They Have Something To Hide

González, Tanja Artiga - 2013

unusually low CEO turnover and rely on internal management promotions. Their managers exercise stock options faster than … managers of other firms. Cartel firms are large donors to political candidates. While our results are based only upon firms … engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor …

Persistent link: https://www.econbiz.de/10012459775

Complex Ownership Structures and Corporate Valuations

Laeven, Luc - 2006

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...

Persistent link: https://www.econbiz.de/10012465986

Stock Pyramids, Cross-Ownership, and the Dual Class Equity : The Creation and Agency Costs of Seperating Control from Cash Flow Rights

Bebchuk, Lucian - 1999

This paper examines common arrangements for separating control from cash flow rights: stock pyramids, cross-ownership structures, and dual class equity structures. We describe the ways in which such arrangements enable a controlling shareholder or group to maintain a complete lock on the control...

Persistent link: https://www.econbiz.de/10012471856

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Acharya, Viral V. - 2005

We model the interplay between cash and debt policies in the presence of financial constraints. While saving cash allows financially constrained firms to hedge against future income shortfalls, reducing debt - "saving borrowing capacity" - is a more effective way of securing future investment in...

Persistent link: https://www.econbiz.de/10012467291

Predictability of Returns and Cash Flows

Koijen, Ralph S.J. - 2010

We review the literature on return and cash flow growth predictability form the perspective of the present-value identity. We focus predominantly on recent work. Our emphasis is on U.S. aggregate stock return predictability, but we also discuss evidence from other asset classes and countries

Persistent link: https://www.econbiz.de/10012462008

Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance

Robinson, David T. - 2012

productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross …

Persistent link: https://www.econbiz.de/10012460717