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Acquisitions, Management, and Efficiency in Rwanda's Coffee Industry
Macchiavello, Rocco; Morjaria, Ameet - National Bureau of Economic Research - 2022
of mills and an original survey of acquirers that allows us to construct acquirer-specific and target-specific control …
Persistent link: https://www.econbiz.de/10013334447
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Selfish Corporations
Colonnelli, Emanuele; Gormsen, Niels; McQuade, Timothy - National Bureau of Economic Research - 2022
Motivated by the public debate regarding corporate responsibility, we construct a memory-based model of decision … model in a new large-scale survey of U.S. citizens on their support for economic policies such as corporate bailouts. We … key predictions of our model. First, messages that prime respondents to think about policy through the lens of corporate …
Persistent link: https://www.econbiz.de/10013435138
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The Big Three and Board Gender Diversity : The Effectiveness of Shareholder Voice
Gormley, Todd A.; Gupta, Vishal K.; Matsa, David A.; … - National Bureau of Economic Research - 2022
In 2017, "The Big Three" institutional investors launched campaigns to increase gender diversity on corporate boards. We estimate that their campaigns led American corporations to add at least 2.5 times as many female directors in 2019 as they had in 2016. Firms increased diversity by...
Persistent link: https://www.econbiz.de/10013462705
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The Politicization of Social Responsibility
Gormley, Todd A. - 2024
Institutional investors are less likely to support shareholder proposals involving environmental and social issues for firms headquartered in Republican-led states. The lower support concentrates in recent years, when politicians became more vocal about firms' social responsibility activities,...
Persistent link: https://www.econbiz.de/10015056196
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Voting on Public Goods : Citizens vs. Shareholders
Döttling, Robin; Levit, Doron Y.; Malenko, Nadya; … - National Bureau of Economic Research - 2024
We study the interplay between a "one person-one vote" political system and a "one share-one vote" corporate governance regime. The political system sets Pigouvian subsidies, while corporate governance determines firm-specific public good investments. Our analysis highlights a two-way feedback...
Persistent link: https://www.econbiz.de/10014576634
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Shareholder Power and the Decline of Labor
Falato, Antonio; Kim, Hyunseob; Wachter, Till von - National Bureau of Economic Research - 2022
Shareholder power in the US grew over recent decades due to a steep rise in concentrated institutional ownership. Using establishment-level data from the US Census Bureau's Longitudinal Business Database for 1982-2015, this paper examines the impact of increases in concentrated institutional...
Persistent link: https://www.econbiz.de/10013334421
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Corporate Governance Implications of the Growth in Indexing
Brav, Alon; Malenko, Nadya; Malenko, Andrey - National Bureau of Economic Research - 2022
Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the literature on the governance implications of passive fund...
Persistent link: https://www.econbiz.de/10013477210
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Information Flows, Organizational Structure, and Corporate Governance
Malenko, Nadya - National Bureau of Economic Research - 2023
This survey provides an overview of theoretical and empirical research on information flows in corporations. It highlights key frictions preventing effective information flows and discusses how organizational structure and corporate governance can alleviate these frictions, focusing on three...
Persistent link: https://www.econbiz.de/10014287310
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CEO Compensation and Adverse Shocks : Evidence from Changes in Environmental Regulations
Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024
Although corporate finance theory suggests how adverse shocks influence shareholder preferences toward corporate risk-taking and executive compensation, few researchers explore this relationship empirically. We construct a firm-year measure of unexpected shocks to environmental regulatory...
Persistent link: https://www.econbiz.de/10014635626
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The Endowment Effect and Collateralized Loans
Carney, Kevin; Kremer, Michael; Lin, Xinyue; Rao, Gautam - National Bureau of Economic Research - 2022
Collateral requirements play an important role in credit markets. This paper shows that the endowment effect--the phenomenon where owing a good increases one's valuation of it--inhibits demand for loans which use a borrower's existing assets as collateral. Using a field experiment in Kenya, we...
Persistent link: https://www.econbiz.de/10013210101