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Influence of public opinion on investor voting and proxy advisors
Aggarwal, Reena; Erel, Isil; Starks, Laura T. - 2014
Institutional investors vote corporate proxies on behalf of underlying investors and beneficiaries. We show a strong relation between this voting and public opinion on corporate governance (as reflected in media coverage and surveys), with similarly strong results for voting by mutual funds. We...
Persistent link: https://www.econbiz.de/10010411441
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The structure of banker's pay
Bennett, Benjamin; Gopalan, Radhakrishnan; Vorkink, Keith; … - 2016
adjusted for leverage. Consequently, the design of executive compensation in banking may encourage both high leverage and risk …
Persistent link: https://www.econbiz.de/10011962226
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The return of poison pills : a first look at "crisis pills"
Eldar, Ofer; Wittry, Michael D. - 2020
We show that a large number of firms adopt poison pills during periods of market turmoil. In particular, during the coronavirus (COVID-19) pandemic, many firms adopted poison pills in response to declines in valuations, and stock prices increased upon their announcements. This increase is driven...
Persistent link: https://www.econbiz.de/10012216686
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How valuable is financial flexibility when revenue stops? : evidence from the COVID-19 crisis
Fahlenbrach, Rüdiger; Rageth, Kevin; Stulz, René M. - 2020 - Revised May 17, 2020
leverage effect …
Persistent link: https://www.econbiz.de/10012216704
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The corporate finance of multinational firms
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - 2020
that multinational firms, indeed, have a better access to foreign capital markets and a lower cost of debt than otherwise …
Persistent link: https://www.econbiz.de/10012168946
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Corporate deleveraging and financial flexibility
DeAngelo, Harry; Gonçalves, Andrei S.; Stulz, René M. - 2017
Most firms deleverage from their historical peak market-leverage (ML) ratios to near-zero ML, while also markedly ….543 at the peak and 0.026 at the later trough, with a six-year median time from peak to trough and with debt repayment and … positive leverage targets …
Persistent link: https://www.econbiz.de/10011969090
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What is the impact of successful cyberattacks on target firms?
Kamiya, Shinichi; Kang, Jun-koo; Kim, Jungmin; … - 2018
We develop a model where a firm has an optimal exposure to cyber risk. With rational, fully informed agents and with no hysteresis, a successful cyberattack should have no impact on a financially unconstrained target's reputation and post-attack policies. In contrast, when a successful attack...
Persistent link: https://www.econbiz.de/10011969119
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Why high leverage is optimal for banks
DeAngelo, Harry; Stulz, René M. - 2013 - Rev. May 29, 2013
Liquidity production is a central function of banks. High leverage is optimal for banks in a model that has just enough …) safe/liquid debt, but no taxes or other traditional motives to lever up. Because only safe debt commands a liquidity … premium, banks with risky assets use risk management to maximize their capacity to include such debt in the capital structure …
Persistent link: https://www.econbiz.de/10009782420
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Financing-motivated acquisitions
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - 2012
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition....
Persistent link: https://www.econbiz.de/10009507042
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Do acquisitions relieve target firms' financial constraints?
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - 2013
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance investments for the target firm. This claim implies that targets are financially constrained prior to being acquired and that these constraints are eased following the acquisition....
Persistent link: https://www.econbiz.de/10009724578