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Unethical Culture, Suspect CEOs and Corporate Misbehavior
Biggerstaff, Lee; Cicero, David C.; Puckett, Andy - National Bureau of Economic Research (NBER) - 2013
We show that firms with CEOs who personally benefitted from options backdating were more likely to engage in other forms of corporate misbehavior, suggestive of an unethical corporate culture. These firms were more likely to overstate firm profitability and to engage in less profitable...
Persistent link: https://www.econbiz.de/10010950964
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Powerful Independent Directors
Morck, Randall; Fogel, Kathy; Ma, Liping - National Bureau of Economic Research (NBER) - 2014
credibility in challenging errant top managers, or both. …
Persistent link: https://www.econbiz.de/10010951070
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 2006
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/10005084738
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Financing-Motivated Acquisitions
Erel, Isil; Jang, Yeejin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2012
Managers often claim that an important source of value in acquisitions is the acquiring firm's ability to finance …
Persistent link: https://www.econbiz.de/10009652757
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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 … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …
Persistent link: https://www.econbiz.de/10009652858
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The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes
Jiang, Wei; Brav, Alon; Kim, Hyunseob - National Bureau of Economic Research (NBER) - 2011
This paper studies the long-term effect of hedge fund activism on the productivity of target firms using plant-level information from the U.S. Census Bureau. A typical target firm improves its production efficiency in the three years after an activist intervention, and the improvements are most...
Persistent link: https://www.econbiz.de/10009325519
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Behavioral Corporate Finance: An Updated Survey
Baker, Malcolm; Wurgler, Jeffrey - National Bureau of Economic Research (NBER) - 2011
securities mispricing. The managerial biases approach studies the direct effects of managers' biases and nonstandard preferences …
Persistent link: https://www.econbiz.de/10009251520
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R&D and the Incentives from Merger and Acquisition Activity
Phillips, Gordon M.; Zhdanov, Alexei - National Bureau of Economic Research (NBER) - 2012
We provide a model and empirical tests showing how an active acquisition market affects firm incentives to innovate and conduct R&D. Our model shows that small firms optimally may decide to innovate more when they can sell out to larger firms. Large firms may find it disadvantageous to engage in...
Persistent link: https://www.econbiz.de/10010785637
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Do Buyouts (Still) Create Value?
Guo, Shourun; Hotchkiss, Edie S.; Song, Weihong - National Bureau of Economic Research (NBER) - 2008
This paper examines whether, and how, leveraged buyouts from the most recent wave of public to private transactions created value. For a sample of 192 buyouts completed between 1990 and 2006, we show that these deals are somewhat more conservatively priced and lower levered than their...
Persistent link: https://www.econbiz.de/10005710185
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Optimal Defaults for Corporate Law Evolution
Bebchuk, Lucian; Hamdani, Assaf - National Bureau of Economic Research (NBER) - 2002
should err in favor of the arrangement that is less favorable to managers. Such an approach, we show, would make it most …
Persistent link: https://www.econbiz.de/10005718508