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Investor Behavior and the Purchase of Company Stock in 401(K) Plans - the Importance of Plan Design
Liang, Nellie - 2002
Using panel data for nearly 1,000 companies during 1991 to 2000, this paper documents that the average share of participant's discretionary 401(k) contributions in company stock was almost 20 percent, and then relates this share to plan design features and firm financial characteristics. We find...
Persistent link: https://www.econbiz.de/10012787121
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Investor Experiences and Financial Market Dynamics
Malmendier, Ulrike - 2018
How do macro-financial shocks affect investor behavior and market dynamics? Recent evidence suggests long-lasting effects of personally experienced outcomes on investor beliefs and investment but also significant differences across older and younger generations. We formalize experience-based...
Persistent link: https://www.econbiz.de/10012916889
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Yesterday's Heroes : Compensation and Creative Risk-Taking
Cheng, Ing-Haw - 2013
We study the relationship between compensation and risk-taking among finance firms using a neglected insight from principal-agent contracting with hidden action and risk-averse agents. If the sensitivity of pay to stock price or slope does not vary with stock price volatility, then total...
Persistent link: https://www.econbiz.de/10013094549
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Financial Frictions, Investment and Tobin's Q
Lorenzoni, Guido - 2007
We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. A firm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...
Persistent link: https://www.econbiz.de/10012776954
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Blockholders and Corporate Governance
Edmans, Alex - 2013
This paper reviews the theoretical and empirical literature on the different channels through which blockholders (large shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a firm's operations, otherwise known as "voice."...
Persistent link: https://www.econbiz.de/10013073951
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Do Foreigners Invest Less in Poorly Governed Firms?
Leuz, Christian - 2010
As domestic sources of outside finance are limited in many countries around the world, it is important to understand the factors that influence whether foreign outside investors provide capital to a country's firms. This study examines whether and why investor concern about corporate governance...
Persistent link: https://www.econbiz.de/10012761576
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The Long-Term Effects of Hedge Fund Activism
Bebchuk, Lucian A. - 2015
We test the empirical validity of a claim that has been playing a central role in debates on corporate governance—the claim that interventions by activist hedge funds have a negative effect on the long-term shareholder value and corporate performance. We subject this claim to a comprehensive...
Persistent link: https://www.econbiz.de/10013021492
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Executive Compensation and Corporate Governance in the U.S : Perceptions, Facts and Challenges
Kaplan, Steven N. - 2012
In this paper, I consider the evidence for three common perceptions of U.S. public company CEO pay and corporate governance: (1) CEOs are overpaid and their pay keeps increasing; (2) CEOs are not paid for their performance; and (3) boards do not penalize CEOs for poor performance. While average...
Persistent link: https://www.econbiz.de/10013100668
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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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Assessing Managerial Ability : Implications for Corporate Governance
Hermalin, Benjamin E. - 2017
both managers and firms, and affects the contractual relationships between those parties in important ways. Assessment (or …
Persistent link: https://www.econbiz.de/10012963757