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Financial Constraints on Corporate Goodness
Hong, Harrison; Scheinkman, Jose; Kubik, Jeffrey D. - National Bureau of Economic Research (NBER) - 2012
An influential thesis, dubbed "Doing well by doing good," argues that corporate social responsibility is profitable. But heterogeneity in firm financial constraints can induce a spurious correlation between profits and goodness even if the motives for goodness are non-profit in nature. We use...
Persistent link: https://www.econbiz.de/10010950999
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Firm Value, Risk, and Growth Opportunities
Shin, Hyun-Han; Stulz, Rene M. - National Bureau of Economic Research (NBER) - 2000
We show that Tobin's q, as proxied by the ratio of the firm's market value to its book value, increases with the firm's systematic equity risk and falls with the firm's unsystematic equity risk. Further, an increase in the firm's total equity risk is associated with a fall in q. The negative...
Persistent link: https://www.econbiz.de/10005714774
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Governing Misvalued Firms
Kadyrzhanova, Dalida; Rhodes-Kropf, Matthew - National Bureau of Economic Research (NBER) - 2014
Equity overvaluation is thought to create the potential for managerial misbehavior, while monitoring and corporate governance curb misbehavior. We combine these two insights from the literatures on misvaluation and governance to ask 'when does governance matter?' Examining firms with standard...
Persistent link: https://www.econbiz.de/10010950985
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CEO Preferences and Acquisitions
Jenter, Dirk; Lewellen, Katharina - National Bureau of Economic Research (NBER) - 2011
This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...
Persistent link: https://www.econbiz.de/10009652858
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Behavioral Corporate Finance: An Updated Survey
Baker, Malcolm; Wurgler, Jeffrey - National Bureau of Economic Research (NBER) - 2011
We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...
Persistent link: https://www.econbiz.de/10009251520
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Capital Allocation and Delegation of Decision-Making Authority within Firms
Harvey, Campbell; Graham, John R.; Puri, Manju - National Bureau of Economic Research (NBER) - 2011
We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...
Persistent link: https://www.econbiz.de/10009277253
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Executives' "Off-The-Job" Behavior, Corporate Culture, and Financial Reporting Risk
Davidson, Robert; Dey, Aiyesha; Smith, Abbie J. - National Bureau of Economic Research (NBER) - 2012
legal record are more likely to perpetrate fraud. In contrast, we do not find a relation between executives' frugality and … the propensity to perpetrate fraud. However, as predicted, we find that unfrugal CEOs oversee a relatively loose control … environment characterized by relatively high probabilities of other insiders perpetrating fraud and unintentional material …
Persistent link: https://www.econbiz.de/10011227925
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Learning and the Disappearing Association Between Governance and Returns
Bebchuk, Lucian; Cohen, Alma; Wang, Charles C.Y. - National Bureau of Economic Research (NBER) - 2010
In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing finding has attracted much attention ever since it was...
Persistent link: https://www.econbiz.de/10008631671
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The dark side of outside directors: Do they quit when they are most needed?
Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - National Bureau of Economic Research (NBER) - 2010
action securities fraud lawsuit. …
Persistent link: https://www.econbiz.de/10008631680
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The Role of Advisory Services in Proxy Voting
Alexander, Cindy R.; Chen, Mark A.; Seppi, Duane J.; … - National Bureau of Economic Research (NBER) - 2009
This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...
Persistent link: https://www.econbiz.de/10005040659