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Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013

This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and … increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO … investment cycle occurs for both firings and non-performance related CEO turnovers, and for CEOs with different relationships …

Persistent link: https://www.econbiz.de/10010950835

Financing Through Asset Sales

Edmans, Alex; Mann, William - National Bureau of Economic Research (NBER) - 2013

result is robust to using the cash for an uncertain investment. Second, firms can disguise the sale of a low-quality asset as …

Persistent link: https://www.econbiz.de/10010950971

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

Learning about CEO Ability and Stock Return Volatility

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013

When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...

Persistent link: https://www.econbiz.de/10010951298

Donor Governance and Financial Management in Prominent U.S. Art Museums

Yermack, David - National Bureau of Economic Research (NBER) - 2015

I study “donor governance,” which occurs when contributors to non-profit firms place restrictions on their gifts to limit the discretion of managers. In a study of U.S. art museums, I find that this practice has grown significantly in recent years, and it represents the largest source of...

Persistent link: https://www.econbiz.de/10011252661

Corporate Financing Decisions When Investors Take the Path of Least Resistance

Baker, Malcolm; Stein, Jeremy; Coval, Joshua - National Bureau of Economic Research (NBER) - 2004

-for-stock merger to greenfield investment financed with an SEO. With a merger, acquirer stock is placed in the hands of investors, who …

Persistent link: https://www.econbiz.de/10005078627

Executive Pensions

Bebchuk, Lucian; Robert J. Jackson, Jr. - National Bureau of Economic Research (NBER) - 2005

Because public firms are not required to disclose the monetary value of pension plans in their executive pay disclosures, financial economists have generally analyzed executive pay using figures that do not include the value of such pension plans. This paper presents evidence that omitting the...

Persistent link: https://www.econbiz.de/10005079157

Complex Ownership Structures and Corporate Valuations

Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 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/10005084738

Stealth Compensation Via Retirement Benefits

Bebchuk, Lucian; Fried, Jesse M. - National Bureau of Economic Research (NBER) - 2004

This paper analyzes an important form of "stealth compensation" provided to managers of public companies. We show how boards have been able to camouflage large amount of executive compensation through the use of retirement benefits and payments. Our study highlights the significant role that...

Persistent link: https://www.econbiz.de/10005019422

Financing-Motivated Acquisitions

Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2012

, the sensitivity of cash to cash flow, and the sensitivity of investment to cash flow all decline significantly, while … investment significantly increases following the acquisition. These effects are stronger in deals more likely associated with …

Persistent link: https://www.econbiz.de/10009652757

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