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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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Behavioral Corporate Finance: An Updated Survey
Baker, Malcolm; Wurgler, Jeffrey - National Bureau of Economic Research (NBER) - 2011
We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...
Persistent link: https://www.econbiz.de/10009251520
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Capital Allocation and Delegation of Decision-Making Authority within Firms
Harvey, Campbell; Graham, John R.; Puri, Manju - National Bureau of Economic Research (NBER) - 2011
delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and … acquisitions, relative to delegation of capital structure, payout, investment, and capital allocation decisions. We also find that …
Persistent link: https://www.econbiz.de/10009277253
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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
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Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
Aggarwal, Reena; Erel, Isil; Stulz, René; Williamson, Rohan - National Bureau of Economic Research (NBER) - 2007
Using an index which increases as a firm adopts more governance attributes, we find that 12.7% of foreign firms have a higher index than matching U.S. firms. The best predictor for whether a foreign firm adopts more governance attributes than a comparable U.S. firm is whether the firm comes from...
Persistent link: https://www.econbiz.de/10005720617
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Financial Structure, Liquidity, and Firm Locations
Titman, Sheridan; Almazan, Andres; Motta, Adolfo de; … - National Bureau of Economic Research (NBER) - 2007
model where being located within an industry cluster increases opportunities to make acquisitions, and to facilitate those … acquisitions, firms within clusters maintain more financial slack. Consistent with our model we find that firms that are located … within industry clusters tend to make more acquisitions, and have lower debt ratios and larger cash balances than their …
Persistent link: https://www.econbiz.de/10005774472
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Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth
Aggarwal, Reena; Erel, Isil; Stulz, Rene M.; … - National Bureau of Economic Research (NBER) - 2007
We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of foreign firms have better governance than comparable U.S. firms....
Persistent link: https://www.econbiz.de/10005777730
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CEO Preferences and Acquisitions
Jenter, Dirk; Lewellen, Katharina - National Bureau of Economic Research (NBER) - 2011
of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone …
Persistent link: https://www.econbiz.de/10009652858
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Executives' "Off-The-Job" Behavior, Corporate Culture, and Financial Reporting Risk
Davidson, Robert; Dey, Aiyesha; Smith, Abbie J. - National Bureau of Economic Research (NBER) - 2012
We examine how executives' behavior outside the workplace, as measured by their ownership of luxury goods (low "frugality") and prior legal infractions, is related to financial reporting risk. We predict and find that CEOs and CFOs with a legal record are more likely to perpetrate fraud. In...
Persistent link: https://www.econbiz.de/10011227925
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Learning and the Disappearing Association Between Governance and Returns
Bebchuk, Lucian; Cohen, Alma; Wang, Charles C.Y. - National Bureau of Economic Research (NBER) - 2010
In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing finding has attracted much attention ever since it was...
Persistent link: https://www.econbiz.de/10008631671