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The market for CEOs
Cziraki, Peter; Jenter, Dirk - 2021
We study the market for CEOs of large publicly-traded US firms, analyze new CEOs' prior connections to the hiring firm, and explore how hiring choices are determined. Firms are hiring from a surprisingly small pool of candidates. More than 80% of new CEOs are insiders, defined as current or...
Persistent link: https://www.econbiz.de/10012546976
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The information content of dividends : safer profits, not higher profits
Michaely, Roni; Rossi, Stefano; Weber, Michael - 2017 - This version: October 2017
Contrary to the central prediction of signaling models, changes in profits do not empirically follow changes in dividends. We show both theoretically and empirically that dividends signal safer, rather than higher, future profits. Using the Campbell (1991) decomposition, we are able to estimate...
Persistent link: https://www.econbiz.de/10011754236
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Diversification and ownership concentration
Parigi, Bruno (contributor); Pelizzon, Loriana (contributor) - 2005
We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects...
Persistent link: https://www.econbiz.de/10003203441
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The value of the revolving door : political appointees and the stock market
Lüchinger, Simon; Moser, Christoph - 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/10009621770
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The impact of managerial change on performance : the role of team heterogeneity
Hentschel, Sandra; Mühlheußer, Gerd; Sliwka, Dirk - 2012
When a key responsibility of a manager is to allocate more or less attractive tasks to subordinates, these subordinates have an incentive to work hard and demonstrate their talents. As a new manager is less well acquainted with these talents this incentive mechanism is reinvigorated after a...
Persistent link: https://www.econbiz.de/10009630660
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Market competition or family ties : which prevails on Italian CEOs pay?
Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...
Persistent link: https://www.econbiz.de/10011280832
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Corporate deductibility provisions and managerial incentives
Köthenbürger, Marko; Stimmelmayr, Michael - 2013
findings suggest that, when managers engage in wasteful capital expenditures, welfare may decline if the cost of investment is …
Persistent link: https://www.econbiz.de/10010227267
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A theory of tax avoidance : managerial incentives for tax planning in a multi-task principal-agent model
Ewert, Ralf; Niemann, Rainer - 2014
, risks, and incentive schemes. First, the principal’s after-tax profit can increase with a higher corporate tax rate. Second …
Persistent link: https://www.econbiz.de/10010367166
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Tax overpayments, tax evasion, and book-tax differences
Goerke, Laszlo (contributor) - 2008
Persistent link: https://www.econbiz.de/10003635226
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The diffusion of knowledge via manager's mobility
Mion, Giordano; Opromolla, Luca David; Sforza, Alessandro - 2016
Better managers and managerial practices lead to better firm performance. Yet, little is known about what happens when … managers move across firms. Does a firm hiring a good manager improve its performance? If yes is there some valuable knowledge …-invariant ability of the manager as well as overall firm performance. We find that the export experience gained by managers in previous …
Persistent link: https://www.econbiz.de/10011580556