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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

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

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

Capital Allocation and Delegation of Decision-Making Authority within Firms

Harvey, Campbell; Graham, John R.; Puri, Manju - National Bureau of Economic Research (NBER) - 2011

We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is 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,...

Persistent link: https://www.econbiz.de/10009277253

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

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

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

The Role of Advisory Services in Proxy Voting

Alexander, Cindy R.; Chen, Mark A.; Seppi, Duane J.; … - National Bureau of Economic Research (NBER) - 2009

This paper studies the information content and consequences of third-party voting advice issued during proxy contests. We document significant abnormal stock returns around proxy vote recommendations and develop an estimation procedure for disentangling stock price effects due to changes in...

Persistent link: https://www.econbiz.de/10005040659

The Case Against Board Veto in Corporate Takeovers

Bebchuk, Lucian - National Bureau of Economic Research (NBER) - 2002

hostile bidders to win a vote of shareholder support -- boards should not have veto power over takeover bids. The paper …

Persistent link: https://www.econbiz.de/10005710800

The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence and Policy

Bebchuk, Lucian; IV, John C. Coates; Subramanian, Guhan - National Bureau of Economic Research (NBER) - 2002

before the developments in takeover doctrine that made ESBs such a potent defense. …

Persistent link: https://www.econbiz.de/10005714354

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