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The dark side of outside directors: Do they quit when they are most needed?

Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - National Bureau of Economic Research (NBER) - 2010

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/10008631680

Maturity Rationing and Collective Short-Termism

Milbradt, Konstantin; Oehmke, Martin - National Bureau of Economic Research (NBER) - 2014

Financing terms and investment decisions are jointly determined. This interdependence links firms' asset and liability sides and can lead to short-termism in investment. In our model, financing frictions increase with the investment horizon, such that financing for long-term projects is...

Persistent link: https://www.econbiz.de/10010969405

Reaching for Yield in the Bond Market

Becker, Bo; Ivashina, Victoria - National Bureau of Economic Research (NBER) - 2013

Reaching-for-yield--investors' propensity to buy riskier assets in order to achieve higher yields--is believed to be an important factor contributing to the credit cycle. This paper presents a detailed study of this phenomenon in the corporate bond market. We show that insurance companies, the...

Persistent link: https://www.econbiz.de/10010950683

Matching Capital and Labor

Berk, Jonathan B.; Binsbergen, Jules H. van; Liu, Binying - National Bureau of Economic Research (NBER) - 2014

We establish an important role for the firm by studying capital reallocation decisions of mutual fund firms. At least 30% of the value mutual fund managers add can be attributed to the firm's role in efficiently allocating capital amongst its mutual fund managers. We find no evidence of a...

Persistent link: https://www.econbiz.de/10010950822

Limited Partner Performance and the Maturing of the Private Equity Industry

Sensoy, Berk A.; Wang, Yingdi; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013

We evaluate the performance of limited partners' (LPs) private equity investments over time. Using a sample of 14,380 investments by 1,852 LPs in 1,250 buyout and venture funds started between 1991 and 2006, we find that the superior performance of endowment investors in the 1991-1998 period,...

Persistent link: https://www.econbiz.de/10010951045

Spillover Effects in Mutual Fund Companies

Sialm, Clemens; Tham, T. Mandy - National Bureau of Economic Research (NBER) - 2011

Our paper investigates spillover effects across different business segments of publicly traded mutual fund management … companies. We find that the prior stock price performance of the management company has a significant impact on the money flows … and the management turnover of the affiliated mutual funds. Mutual funds managed by poorly performing firms experience …

Persistent link: https://www.econbiz.de/10009220641

Financial Globalization, Governance, and the Evolution of the Home Bias

Kho, Bong-Chan; Stulz, René M.; Warnock, Francis E. - National Bureau of Economic Research (NBER) - 2006

Despite the disappearance of formal barriers to international investment across countries, we find that the average home bias of U.S. investors towards the 46 countries with the largest equity markets did not fall from 1994 to 2004 when countries are equally weighted but fell when countries are...

Persistent link: https://www.econbiz.de/10005064829

Taxes, Institutions and Foreign Diversification Opportunities

Dharmapala, Dhammika; Desai, Mihir A. - National Bureau of Economic Research (NBER) - 2007

Investors can access foreign diversification opportunities through either foreign portfolio investment (FPI) or foreign direct investment (FDI). By combining data on US outbound FPI and FDI, this paper analyzes whether the composition of US outbound capital flows reflect efforts to bypass home...

Persistent link: https://www.econbiz.de/10005580848

Limited Managerial Attention and Corporate Aging

Loderer, Claudio; Stulz, René; Waelchli, Urs - National Bureau of Economic Research (NBER) - 2013

As firms have more assets in place, more of management's limited attention is focused on managing assets in place … corporate control should accelerate the decline because it forces management to focus more on managing assets in place whose …

Persistent link: https://www.econbiz.de/10010950710

Governing Misvalued Firms

Kadyrzhanova, Dalida; Rhodes-Kropf, Matthew - National Bureau of Economic Research (NBER) - 2014

Equity overvaluation is thought to create the potential for managerial misbehavior, while monitoring and corporate governance curb misbehavior. We combine these two insights from the literatures on misvaluation and governance to ask 'when does governance matter?' Examining firms with standard...

Persistent link: https://www.econbiz.de/10010950985

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