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Monitoring and corporate disclosure: Evidence from a natural experiment

Irani, Rustom M.; Oesch, David - In: Journal of Financial Economics 109 (2013) 2, pp. 398-418

Using an experimental design that exploits exogenous reductions in coverage resulting from brokerage house mergers, we find that a reduction in coverage causes a deterioration in financial reporting quality. The effect of coverage on disclosure is more pronounced for firms with weak shareholder...

Persistent link: https://www.econbiz.de/10010678708

Independent director incentives: Where do talented directors spend their limited time and energy?

Masulis, Ronald W.; Mobbs, Shawn - In: Journal of Financial Economics 111 (2014) 2, pp. 406-429

We study reputation incentives in the director labor market and find that directors with multiple directorships distribute their effort unequally based on the directorship's relative prestige. When directors experience an exogenous increase in a directorship's relative ranking, their board...

Persistent link: https://www.econbiz.de/10010737660

Corporate social responsibility and stakeholder value maximization: Evidence from mergers

Deng, Xin; Kang, Jun-koo; Low, Buen Sin - In: Journal of Financial Economics 110 (2013) 1, pp. 87-109

acquiring firms' shareholders. We find that compared with low CSR acquirers, high CSR acquirers realize higher merger … increases in post-merger long-term operating performance. They also realize positive long-term stock returns, suggesting that … acquirers' social performance is an important determinant of merger performance and the probability of its completion, and they …

Persistent link: https://www.econbiz.de/10010702376

Public market staging: The timing of capital infusions in newly public firms

Hertzel, Michael G.; Huson, Mark R.; Parrino, Robert - In: Journal of Financial Economics 106 (2012) 1, pp. 72-90

We examine financing activities of newly public firms for evidence on capital staging in the public equity market. Staging (sequential financing) can increase issuance costs but can limit costs associated with overinvestment. We find evidence consistent with the hypothesis that staging is...

Persistent link: https://www.econbiz.de/10010593847

Do analysts matter for governance? Evidence from natural experiments

Chen, Tao; Harford, Jarrad; Lin, Chen - In: Journal of Financial Economics 115 (2015) 2, pp. 383-410

Building on two sources of exogenous shocks to analyst coverage (broker closures and mergers), we explore the causal effects of analyst coverage on mitigating managerial expropriation of outside shareholders. We find that as a firm experiences an exogenous decrease in analyst coverage,...

Persistent link: https://www.econbiz.de/10011189253

The death of the deal: Are withdrawn acquisition deals informative of CEO quality?

Jacobsen, Stacey - In: Journal of Financial Economics 114 (2014) 1, pp. 54-83

To examine the market response to positive revelations of chief executive officer (CEO) quality, this study focuses on CEOs who withdraw acquisition bids when the price becomes increasingly expensive. Firms that withdrawal for price-related reasons earn higher withdrawal returns than firms that...

Persistent link: https://www.econbiz.de/10010906185

Managerial attitudes and corporate actions

Graham, John R.; Harvey, Campbell R.; Puri, Manju - In: Journal of Financial Economics 109 (2013) 1, pp. 103-121

We administer psychometric tests to senior executives to obtain evidence on their underlying psychological traits and attitudes. We find US CEOs differ significantly from non-US CEOs in terms of their underlying attitudes. In addition, we find that CEOs are significantly more optimistic and...

Persistent link: https://www.econbiz.de/10010665550

Deviation from the target capital structure and acquisition choices

Uysal, Vahap B. - In: Journal of Financial Economics 102 (2011) 3, pp. 602-620

This study finds that managers take deviations from their target capital structures into account when planning and structuring acquisitions. Specifically, firms that are overleveraged relative to their target debt ratios are less likely to make acquisitions and are less likely to use cash in...

Persistent link: https://www.econbiz.de/10010571686

Behavioral consistency in corporate finance: CEO personal and corporate leverage

Cronqvist, Henrik; Makhija, Anil K.; Yonker, Scott E. - In: Journal of Financial Economics 103 (2012) 1, pp. 20-40

We find that firms behave consistently with how their CEOs behave personally in the context of leverage choices. Analyzing data on CEOs' leverage in their most recent primary home purchases, we find a positive, economically relevant, robust relation between corporate and personal leverage in the...

Persistent link: https://www.econbiz.de/10010702365

The impact of investor protection law on corporate policy and performance: Evidence from the blue sky laws

Agrawal, Ashwini K. - In: Journal of Financial Economics 107 (2013) 2, pp. 417-435

Recent studies have debated the impact of investor protection law on corporate behavior and value. I exploit the staggered passage of state securities fraud statutes (“blue sky laws”) in the United States to estimate the causal effects of investor protection law on firm financing decisions...

Persistent link: https://www.econbiz.de/10011039263

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