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The Dark Side of Outside Directors : Do They Quit When They are Most Needed?

Fahlenbrach, Rüdiger - 2015

Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when they anticipate that the firm on whose board they sit will perform poorly or disclose adverse news. We call these incentives the dark side of outside directors. We find strong...

Persistent link: https://www.econbiz.de/10013038902

Do CEOS Know Best? Evidence from China

Bloom, Nicholas - 2018

unique aspect of this survey is it collected management data from the CEO, a random sample of senior managers and workers. We … poorly managed firms. This distribution of management scores is similar for CEOs, senior managers and workers management, and …, we find that the CEO's management scores are the most predictive of firm performance, followed by the senior managers and …

Persistent link: https://www.econbiz.de/10012916161

Measuring Managerial Skill in the Mutual Fund Industry

Berk, Jonathan B. - 2012

document that investors recognize this skill and reward it by investing more capital with skilled managers. Higher skilled … managers are paid more and there is a strong positive correlation between current managerial compensation and future …

Persistent link: https://www.econbiz.de/10013104724

Why are Firms with More Managerial Ownership Worth Less?

Fabisik, Kornelia - 2018

Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm's Tobin's q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior literature, our findings are consistent with the literature,...

Persistent link: https://www.econbiz.de/10012906766

Dynamic Incentive Accounts

Edmans, Alex - 2009

Contracts in a dynamic model must address a number of issues absent from static frameworks. Shocks to firm value may weaken the incentive effects of securities (e.g. cause options to fall out of the money), and the impact of some CEO actions may not be felt until far in the future. We derive the...

Persistent link: https://www.econbiz.de/10013156534

A Clinical Exploration of Value Creation and Destruction in Acquisitions : Organizational Design, Incentives, and Internal Capital Markets

Kaplan, Steven N.; Mitchell, Mark; Wruck, Karen H. - 2021

created value overall. In exploring the reasons for the acquisition outcomes, we rely primarily on interviews with managers …. Post-acquisition difficulties resulted because: (a) managers of the" acquiring company did not deeply understand the target …

Persistent link: https://www.econbiz.de/10013226921

How Much Do Firms Pay as Bribes and What Benefits Do They Get? Evidence from Corruption Cases Worldwide

Cheung, Stephen Y. L. - 2012

We analyze a hand-collected sample of 166 prominent bribery cases, involving 107 publicly listed firms from 20 stock markets that have been reported to have bribed government officials in 52 countries worldwide during 1971-2007. We focus on the initial date of award of the contract for which the...

Persistent link: https://www.econbiz.de/10013107995

Cross-Border Acquisitions and Target Firms' Performance : Evidence from Japanese Firm-Level Data

Fukao, Kyōji - 2010

Using Japanese firm-level data for the period from 1994-2002, this paper examines whether a firm is chosen as an acquisition target based on its productivity level, profitability and other characteristics and whether the performance of Japanese firms that were acquired by foreign firms improves...

Persistent link: https://www.econbiz.de/10012760742

Long-Run Impacts of Unions on Firms : New Evidence from Financial Markets, 1961-1999

Lee, David S. - 2010

We estimate the effect of new unionization on firms' equity value over the 1961-1999 period using a newly assembled sample of National Labor Relations Board (NLRB) representation elections matched to stock market data. Event-study estimates show an average union effect on the equity value of the...

Persistent link: https://www.econbiz.de/10012757878

The Economic Value of Higher Teacher Quality

Hanushek, Eric Alan - 2010

Most analyses of teacher quality end without any assessment of the economic value of altered teacher quality. This paper combines information about teacher effectiveness with the economic impact of higher achievement. It begins with an overview of what is known about the relationship between...

Persistent link: https://www.econbiz.de/10013135061