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Do Private Equity Funds Manipulate Reported Returns?
Brown, Gregory W. - 2016
Private equity funds hold assets that are hard to value. Managers may have an incentive to distort reported valuations if these are used by investors to decide on commitments to subsequent funds managed by the same firm. Using a large dataset of buyout and venture funds, we test for the presence...
Persistent link: https://www.econbiz.de/10012985577
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Accounting for Persistence and Volatility of Good-Level Real Exchange Rates : The Role of Sticky Information
Crucini, Mario J.; Shintani, Mototsugu; Tsuruga, Takayuki - 2022
explains both persistence and volatility of the good-level real exchange rates. Furthermore, our framework allows for multiple …
Persistent link: https://www.econbiz.de/10013324029
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Playing Favorites : How Firms Prevent the Revelation of Bad News
Cohen, Lauren - 2013
We explore a subtle but important mechanism through which firms can control information flow to the markets. We find that firms that “cast” their conference calls by disproportionately calling on bullish analysts tend to underperform in the future. Firms that call on more favorable analysts...
Persistent link: https://www.econbiz.de/10013076180
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Straight Talkers and Vague Talkers : The Effects of Managerial Style in Earnings Conference Calls
Dzieliński, Michał - 2017
Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs are straight talkers. Others, by contrast, are vague talkers. Vague talkers routinely use qualifying words indicating uncertainty, such as “approximately”, “probably”, or...
Persistent link: https://www.econbiz.de/10012955937
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Evasive Shareholder Meetings
Li, Lily - 2014
We study the location and timing of annual shareholder meetings. When companies move their annual meetings a great distance from headquarters, they tend to announce disappointing earnings results and experience pronounced stock market underperformance in the months after the meeting. Companies...
Persistent link: https://www.econbiz.de/10013056586
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The Vote is Cast : The Effect of Corporate Governance on Shareholder Value
Cuñat, Vicente - 2010
This paper estimates the effect of corporate governance provisions on shareholder value and long-term outcomes in S&P1500 firms. We apply a regression discontinuity design to shareholder votes on governance proposals in annual meetings. A close-call vote around the majority threshold is akin to...
Persistent link: https://www.econbiz.de/10013135406
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Shareholder Trading Practices and Corporate Investment Horizons
Froot, Kenneth - 2012
possible linkages and analyze a range of data relevant to them. The first is excess volatility, which occurs when stock prices … react not only to news about economic fundamentals, but also to trades based on non-fundamental factors. Excess volatility … more difficult to focus exclusively on maximizing long-run value. With respect to excess volatility, our basic conclusions …
Persistent link: https://www.econbiz.de/10013115409
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Winning by Losing : Evidence on the Long-Run Effects of Mergers
Malmendier, Ulrike - 2012
Do acquirors profit from acquisitions, or do CEOs overbid and destroy shareholder value? We propose a novel approach to measuring the long-run returns to mergers. In a new data set of close bidding contests we use losers' post-merger performance to construct the counterfactual performance of...
Persistent link: https://www.econbiz.de/10013107194
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Managerial Value Diversion and Shareholder Wealth
Bebchuk, Lucian A. - 2008
The agents to whom shareholders delegate the management of corporate affairs may transfer value from shareholders to themselves through a variety of mechanisms, such as self-dealing, insider trading, and taking of corporate opportunities. A common view in the law and economics literature is that...
Persistent link: https://www.econbiz.de/10012774878
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Executive Compensation : A Survey of Theory and Evidence
Edmans, Alex - 2017
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...
Persistent link: https://www.econbiz.de/10012951861