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Incentives vs. Control : An Analysis of U.S. Dual-Class Companies

Gompers, Paul A. - 2004

Dual-class common stock allows for the separation of voting rights and cash flow rights across the different classes of equity. We construct a large sample of dual-class firms in the United States and analyze the relationships of insider's cash flow rights and voting rights with firm value,...

Persistent link: https://www.econbiz.de/10012468453

Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth

Aggarwal, Reena - 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/10012465838

Why are Foreign Firms Listed in the U.S. Worth More?

Doidge, Craig - 2001

At the end of 1997, the foreign companies listed in the U.S. have a Tobin's q ratio that exceeds by 16.5% the q ratio of firms from the same country that are not listed in the U.S. The valuation difference is statistically significant and largest for exchange-listed firms, where it reaches 37%....

Persistent link: https://www.econbiz.de/10012470180

Information versus Investment

Terry, Stephen; Whited, Toni Marion; Zakolyukina, … - National Bureau of Economic Research - 2022

We quantify the real implications of trade-offs between firm information disclosure and long-term investment efficiency. We estimate a dynamic equilibrium model in which firm managers confront realistic incentives to misreport earnings and distort their real investment choices. The model implies...

Persistent link: https://www.econbiz.de/10012814411

Uncovering the Hidden Effort Problem

Ben-Rephael, Azi; Carlin, Bruce Ian; Da, Zhi; … - National Bureau of Economic Research - 2021

We use machine learning to analyze minute-by-minute Bloomberg online status data and study how the effort provision of top executives in public corporations affects firm value. While executives likely spend most of their time doing other activities, Bloomberg usage data allows us to characterize...

Persistent link: https://www.econbiz.de/10012482657

Common Ownership, Competition, and Top Management Incentives

Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intra-industry and intra-firm cross-market...

Persistent link: https://www.econbiz.de/10013477278

Generative AI and Firm Values

Eisfeldt, Andrea L.; Schubert, Gregor; Zhang, Miao Ben - National Bureau of Economic Research - 2023

What are the effects of recent advances in Generative AI on the value of firms? Our study offers a quantitative answer to this question for U.S. publicly traded companies based on the exposures of their workforce to Generative AI. Our novel firm-level measure of workforce exposure to Generative...

Persistent link: https://www.econbiz.de/10014287323

Bitcoin Mining Meets Wall Street : A Study of Publicly Traded Crypto Mining Companies

Hałaburda, Hanna; Yermack, David L. - National Bureau of Economic Research - 2023

This paper studies the operations and financial valuations of 13 cryptocurrency mining companies that are listed on the NASDAQ stock exchange and have facilities in North America. We find that miners using Texas wind power are offline more than other miners, in a more erratic pattern, while...

Persistent link: https://www.econbiz.de/10014226120

Does Greater Public Scrutiny Hurt a Firm's Performance?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023

Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...

Persistent link: https://www.econbiz.de/10013537752

Political Power and Market Power

Cowgill, Bo; Prat, Andrea; Valletti, Tommaso M. - National Bureau of Economic Research - 2024

hypothesis empirically, we combine data on mergers with data on lobbying expenditures and campaign contributions in the US from … approaches indicate that mergers are followed by large and persistent increases in lobbying activity, both by individual firms … companies' choice to establish their first in-house lobbying teams and/or first corporate PAC. We interpret these results within …

Persistent link: https://www.econbiz.de/10015171658