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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel - 2020
When one firm's strategy affects other firms' value, optimal executive incentives depend on whether shareholders have …, steep managerial incentives can be optimal for a single firm and at the same time violate the interests of common owners of …
Persistent link: https://www.econbiz.de/10012854854
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Disagreement and Optimal Security Design
Ortner, Juan - 2018
We study optimal security design when the issuer and market participants agree to disagree about the characteristics of … the asset to be securitized. We show that pooling assets can be optimal because it mitigates the effects of disagreement …. Interestingly, pooling and tranching can be complements. The optimality of debt with or without call provisions can be derived as a …
Persistent link: https://www.econbiz.de/10012921214
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Bait and Switch : How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings
Bo, Hong - 2015
debt and on related party transactions …
Persistent link: https://www.econbiz.de/10013028525
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Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany
Hau, Harald; Thum, Marcel - CESifo - 2009
We examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...
Persistent link: https://www.econbiz.de/10005051557
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Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings
Bo, Hong; Huang, Zhongnan; Sterken, Elmer - CESifo - 2015
debt and on related party transactions. …
Persistent link: https://www.econbiz.de/10011163062
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SMEs and Access to Bank Credit : Evidence on the Regional Propagation of the Financial Crisis in the UK
Degryse, Hans - 2015
We study the sensitivity of banks' credit supply to small and medium size enterprises (SMEs) in the UK to banks' financial condition before and during the financial crisis. Employing unique data on the geographical location of all bank branches in the UK, we connect firms' access to bank credit...
Persistent link: https://www.econbiz.de/10013019405
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Voting in Corporate Boards with Heterogeneous Preferences
Balduzzi, Paolo - 2011
a sort of coordinating device by uninformed outsiders. Provided that the size of the board is optimal, there is no gain … without communication. Finally, as information is costly, our model provides some suggestions on the optimal size of boards …
Persistent link: https://www.econbiz.de/10013130415
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CEO Preferences and Acquisitions
Jenter, Dirk - 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/10013117262
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Do Bubbles Lead to Overinvestment? : A Revealed Preference Approach
Chirinko, Robert S. - 2011
Many economists believe that the stock market plays an important role in efficiently allocating capital to its most productive uses. This standard story of the stock market was called into question by events in the late 1990s, when some observers believed that stock market overvaluation – or a...
Persistent link: https://www.econbiz.de/10013123799
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The Value of the Revolving Door : Political Appointees and the Stock Market
Luechinger, Simon - 2012
We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six...
Persistent link: https://www.econbiz.de/10013100939