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Voting in corporate boards with heterogeneous preferences
Balduzzi, Paolo; Graziano, Clara; Luporini, Annalisa - 2011
We analyze the voting behavior of a board of directors that has to approve (or reject) an investment proposal with …
Persistent link: https://www.econbiz.de/10010274882
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A Revealed Preference Approach to Understanding Corporate Governance Problems: Evidence from Canada
Chirinko, Robert S.; Schaller, Huntley - 2002
their actual investment spending. Our empirical work is based on panel data for 193 Canadian firms. For the firms most … likely to be affected by Free Cash Flow agency problems, investment behavior appears to be guided by discount rates that are …
Persistent link: https://www.econbiz.de/10010315670
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CEO compensation
Frydman, Carola; Jenter, Dirk - 2010
This paper surveys the recent literature on CEO compensation. The rapid rise in CEO pay over the past 30 years has sparked an intense debate about the nature of the pay-setting process. Many view the high level of CEO compensation as the result of powerful managers setting their own pay. Others...
Persistent link: https://www.econbiz.de/10010285538
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Managerial hedging and portfolio monitoring
Bisin, Alberto; Gottardi, Piero; Rampini, Adriano A. - 2004
Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their firms. We study the agency problem between...
Persistent link: https://www.econbiz.de/10010261074
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Taxes do affect corporate financing decisions: The case of Belgian ACE
Princen, Savina - 2012
In this paper, I use difference-in-differences regressions to measure how the debt tax shield affects the capital structure of a company. By comparing the financial leverage of treatment and control companies before and after the introduction of an equity tax shield, I infer the impact of the...
Persistent link: https://www.econbiz.de/10010280819
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Do bubbles lead to overinvestment? A revealed preference approach
Chirinko, Robert S.; Schaller, Huntley - 2011
firms in making their investment decisions. We use a revealed preference approach that relies on the pattern of investment … spending - combined with investment theory - to estimate the discount rates used by managers. The standard story predicts that … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …
Persistent link: https://www.econbiz.de/10010274896
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Do Dividend Taxes Affect Corporate Investment
Alstadsæter, Annette; Jacob, Martin - 2014
data and triple-difference estimators, we find that this dividend tax cut affects allocation of corporate investment. Cash …-constrained firms increase investment after the dividend tax cut relative to cash-rich firms. Reallocation is stronger among closely … and by higher dividends in cash-rich firms after the tax cut. The heterogeneous investment responses imply that the …
Persistent link: https://www.econbiz.de/10010398651
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Ownership and control in a competitive industry
Karle, Heiko; Klein, Tobias J.; Stahl, Konrad O. - 2011
We study a differentiated product market in which an investor initially owns a controlling stake in one of two competing firms and may acquire a non-controlling or a controlling stake in a competitor, either directly using her own assets, or indirectly via the controlled firm. While industry...
Persistent link: https://www.econbiz.de/10010274862
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Labor in the Boardroom
Jäger, Simon; Schoefer, Benjamin; Heining, Jörg - 2019
reduces owners' capital investment –we find that granting formal control rights to workers raises capital formation. The … relations whereby shared governance raises capital by permitting workers to bargain over investment or by institutionalizing …
Persistent link: https://www.econbiz.de/10012179779
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Dividend taxation, share repurchases and the equity trap
Lindhe, Tobias; Södersten, Jan - 2009
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the equity trap, that is, the extent to which cash paid to the shareholders must be taxed as dividends. Our analysis shows that Sinn's (1991) criticism of the well-known King and Fullerton (1984)...
Persistent link: https://www.econbiz.de/10010267266