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Not so lucky any more : CEO compensation in financially distressed firms

Kang, Qiang (contributor); Mitnik, Oscar A. (contributor) - 2008

There is a debate on whether executive pay reflects rent extraction due to "managerial power" or is the result of arms-length bargaining in a principal-agent framework. In this paper we offer a test of the managerial power hypothesis by empirically examining the CEO compensation of U.S. public...

Persistent link: https://www.econbiz.de/10003779098

Does everyone use probabilities? : intuitive and rational decisions about stockholding

Binswanger, Johannes; Salm, Martin - 2013

We investigate the relationship between subjective probabilities of future stock market returns and decisions about stockholding. Specifically, we examine whether acting upon subjective probabilities is confined to individuals with high cognitive skills. We explore this question using data from...

Persistent link: https://www.econbiz.de/10009721396

Labor and the market value of the firm

Merz, Monika (contributor); Yashiv, Eran (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001876629

Testing CAPM with a large number of assets

Pesaran, M. Hashem; Yamagata, Takashi - 2012

This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to … evidence against Sharpe-Lintner CAPM is found mainly during the recent financial crisis. Furthermore, a strong negative … during episodes of market inefficiencies. -- CAPM ; testing for alpha ; market efficiency ; long/short equity returns ; large …

Persistent link: https://www.econbiz.de/10009535779

The financial and operating performance of privatized firms in Sweden

Tatahi, Motasam (contributor); Heshmati, Almas (contributor) - 2009

This paper examines the change in operating and financial performance of Swedish firms that were either partly or fully privatized during the period of 1989-2007. Two different methods are used to empirically investigate the performance of privatized firms. First, accounting data prior to and...

Persistent link: https://www.econbiz.de/10003796384

CEO and board characteristics as determinants of private benefits of control : evidence from the Russian stock exchange

Berezinec, Irina V.; Ilina, Julja; Muravyev, Alexander - 2011

This paper investigates whether and how various characteristics of CEOs and corporate boards are related to the severity of corporate governance problems within firms. The latter is proxied by private benefits of control, which we measure for dual class stock firms using the voting premium...

Persistent link: https://www.econbiz.de/10009524994

Impact of financial crises on dynamics of capital structure : evidence from Korean listed companies

Tsoy, Lyubov; Heshmati, Almas - 2017

This study examines the impact of 1997 Asian and 2008 Global financial crises on the capital structure of Korean listed companies. Using a data set covering 1,159 Korean listed non-financial firms from 10 industrial sectors over period 1985-2015, the pattern of firms' capital structure before...

Persistent link: https://www.econbiz.de/10011612999

Boards of directors in Russian publicly traded companies in 1998-2014 : structure, dynamics and performance effects

Muravyev, Alexander - 2016

This paper provides new evidence on the structure, dynamics and performance effects of corporate boards in publicly traded companies in Russia. It takes advantage of a new and unique longitudinal dataset of virtually all Russian companies whose shares were traded in the RTS/MICEX/MOEX over...

Persistent link: https://www.econbiz.de/10011595577

Tournaments and office politics : evidence from a real effort experiment

Carpenter, Jeffrey P. (contributor); … - 2007

In many environments, tournaments can elicit more effort from workers, except perhaps when workers can sabotage each other. Because it is hard to separate effort, ability and output in many real workplace settings, the empirical evidence on the incentive effect of tournaments is thin. There is...

Persistent link: https://www.econbiz.de/10003635203

Modeling immigrants' language skills

Chiswick, Barry R. (contributor); … - 2007

One in nine people between the ages of 18 and 64 in the US, and every second foreign-born person in this age bracket, speaks Spanish at home. And whereas around 80 percent of adult immigrants in the US from non-English speaking countries other than Mexico are proficient in English, only about 50...

Persistent link: https://www.econbiz.de/10003635218

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