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Smokescreen : How Managers Behave When They Have Something to Hide
Artiga González, Tanja - 2013
unusually low CEO turnover and rely on internal management promotions. Their managers exercise stock options faster than … managers of other firms. Cartel firms are large donors to political candidates. While our results are based only upon firms … engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor …
Persistent link: https://www.econbiz.de/10013085128
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Changes in Corporate Governance and Top Executive Turnover : The Evidence from Japan
Miyajima, Hideaki - 2017
We examine the turnover of top executives in Japanese firms throughout the period from 1990 to 2013. During this time, the presence of a main bank has been weakened, the ownership of institutional investors has dramatically increased, and independent outside directors have been introduced in...
Persistent link: https://www.econbiz.de/10012947654
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The Analytics of Investment, Q, and Cash Flow
Abel, Andrew B. - 2015
operating profit of capital, I extend the model to include measurement error and analyze the cash-flow coefficient in …
Persistent link: https://www.econbiz.de/10013015553
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The Cost of Us Pharmaceutical Price Reductions : A Financial Simulation Model of R&D Decisions
Abbott, Thomas A.; Vernon, John A. - 2021
Previous empirical studies that have examined the links between pharmaceutical price controls, profits, cash flows, and investment in research and development (R&D) have been largely based on retrospective statistical analyses of firm- and/or industry-level data. These studies, which have...
Persistent link: https://www.econbiz.de/10013227913
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 2010
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...
Persistent link: https://www.econbiz.de/10012760554
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Stock Pyramids, Cross-Ownership, and the Dual Class Equity : the Creation and Agency Costs of Seperating Control from Cash Flow Rights
Bebchuk, Lucian A. - 2010
This paper examines common arrangements for separating control from cash flow rights: stock pyramids, cross-ownership structures, and dual class equity structures. We describe the ways in which such arrangements enable a controlling shareholder or group to maintain a complete lock on the control...
Persistent link: https://www.econbiz.de/10012763575
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Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance
Robinson, David T. - 2014
productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross …
Persistent link: https://www.econbiz.de/10013066311
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Law and Finance C. 1900
Musacchio, Aldo - 2010
How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world today (La Porta et al, 1998,...
Persistent link: https://www.econbiz.de/10013139896
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Legal Investor Protection and Takeovers
Burkart, Mike - 2011
We study the role of legal investor protection for the efficiency of the market for corporate control. Stronger legal investor protection limits the ease with which an acquirer, once in control, can extract private benefits at the expense of non-controlling investors. This, in turn, increases...
Persistent link: https://www.econbiz.de/10013125583
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Investor Protection : Origins, Consequences, and Reform
La Porta, Rafael - 2008
and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe …
Persistent link: https://www.econbiz.de/10012774806