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Busy Directors : Strategic Interaction and Monitoring Synergies
Ljungqvist, Alexander - 2017
We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their co-directors' choices and to experience positive or negative monitoring synergies across firms....
Persistent link: https://www.econbiz.de/10012946482
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What Do Boards Really Do? Evidence from Minutes of Board Meetings
Schwartz-Ziv, Miriam - 2011
We analyze a unique database from a sample of real-world boardrooms - minutes of board meetings and board-committee meetings of eleven business companies for which the Israeli government holds a substantial equity interest. We use these data to evaluate the underlying assumptions and predictions...
Persistent link: https://www.econbiz.de/10013119600
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Throwing Good Money after Bad? Board Connections and Conflicts in Bank Lending
Kroszner, Randall - 2001
This paper investigates the frequency of connections between banks and non-financial firms through board linkages and whether those connections affect lending and borrowing behavior. Although a board linkages may reduce the costs of information flows between the lender and borrower, a board...
Persistent link: https://www.econbiz.de/10012787534
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The Case Against Board Veto in Corporate Takeovers
Bebchuk, Lucian A. - 2009
This paper argues that once undistorted shareholder choice is ensured -- which can be done by making it necessary for hostile bidders to win a vote of shareholder support -- boards should not have veto power over takeover bids. The paper considers all of the arguments that have been offered for...
Persistent link: https://www.econbiz.de/10012767824
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Governance and Stakeholders
Mehrotra, Vikas - 2017
, shareholder value maximization constitutes something of a bright line; whereas stakeholder welfare maximization is an ill …
Persistent link: https://www.econbiz.de/10012954931
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Contracting with Synergies
Edmans, Alex - 2011
reduces a colleague's marginal cost of effort, and synergy to be the sum of the (unidimensional) influence parameters across a … depends only on total synergy and not individual influence parameters. An increase in synergy raises total effort and total … synergistic agents. An increase in the synergy between two agents can lead to the third agent being excluded from the team, even …
Persistent link: https://www.econbiz.de/10013118246
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Synergizing Ventures
Akcigit, Ufuk - 2019
Venture capital (VC) and growth are examined both empirically and theoretically. Empirically, VC-backed startups have higher early growth rates and initial patent quality than non-VC-backed ones. VC-backing increases a startup's likelihood of reaching the right tails of the firm size and...
Persistent link: https://www.econbiz.de/10012863701
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Staggered Boards and the Wealth of Shareholders : Evidence from Two Natural Experiments
Bebchuk, Lucian A. - 2011
While staggered boards have been documented to be negatively correlated with firm valuation, such association might be due to staggered boards either bringing about lower firm value or merely reflecting the tendency of low-value firms to have staggered boards. In this paper, we use two natural...
Persistent link: https://www.econbiz.de/10013123700
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The Costs of Entrenched Boards
Bebchuk, Lucian A. - 2004
This paper investigates empirically how the value of publicly traded firms is overall affected by arrangements protecting management from removal. A majority of U.S. public companies have staggered boards that substantially insulate the board from removal via a hostile takeover or a proxy...
Persistent link: https://www.econbiz.de/10012785603
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School Boards and Student Segregation
Macartney, Hugh - 2017
This paper provides the first causal evidence about how elected local school boards affect student segregation across schools. The key identification challenge is that the composition of a school board is potentially correlated with unobserved determinants of school segregation, such as the...
Persistent link: https://www.econbiz.de/10012951339