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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

A Shared Interest : Do Bonds Strengthen Equity Monitoring?

Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024

Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...

Persistent link: https://www.econbiz.de/10014544807

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...

Persistent link: https://www.econbiz.de/10014250143

The Unicorn Puzzle

Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - National Bureau of Economic Research - 2022

From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...

Persistent link: https://www.econbiz.de/10013435166

Racial Diversity in Private Capital Fundraising

Cassel, Johan; Lerner, Joshua; Yimfor, Emmanuel - National Bureau of Economic Research - 2022

Black- and Hispanic-owned funds control a very modest share of assets in the private capital industry. We find that the sensitivity of follow-on fundraising to fund performance is greater for minority-owned groups, particularly for underperforming groups. We find little support for a number of...

Persistent link: https://www.econbiz.de/10013388856

Acquisitions, Management, and Efficiency in Rwanda's Coffee Industry

Macchiavello, Rocco; Morjaria, Ameet - National Bureau of Economic Research - 2022

of ownership changes on coffee mills in Rwanda - an industry in which managing relationships with farmers and seasonal … workers is important and that has seen many ownership changes in recent years. We combine administrative data, a survey panel … groups. A difference-in-differences design reveals that ownership changes do not improve performance unless the mill is …

Persistent link: https://www.econbiz.de/10013334447

A Survey of Private Debt Funds

Block, Jörn; Jang, Young Soo; Kaplan, Steven N.; … - National Bureau of Economic Research - 2023

Despite its large and increasing size in the U.S. and Europe, there is relatively little research on the private debt (PD) market, particularly compared to the bank and syndicated loan markets. Accordingly, in this paper, we survey U.S. and European investors with private debt assets under...

Persistent link: https://www.econbiz.de/10013537762

Distributed Ledgers and Secure Multi-Party Computation for Financial Reporting and Auditing

Cao, Sean Shun; Cong, Lin William; Yang, Baozhong - National Bureau of Economic Research - 2024

To understand the disruption and implications of distributed ledger technologies for financial reporting and auditing, we analyze firm misreporting, auditor monitoring and competition, and regulatory policy in a unified model. A federated blockchain for financial reporting and auditing can...

Persistent link: https://www.econbiz.de/10015056089

Creditor-on-Creditor Violence and Secured Debt Dynamics

Antill, Samuel; Wang, Neng; Jiang, Zhaoli - National Bureau of Economic Research - 2024

Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...

Persistent link: https://www.econbiz.de/10015056182

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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