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Toxic Emissions and Executive Migration
Levine, Ross - 2018
We study the impact of toxic emissions on the migration of corporate executives. We link data on the opening of industrial plants emitting toxic air pollutants with information on the career paths of executives at all S&P 1500 firms over the 1996-2014 period. We find that (1) the opening of...
Persistent link: https://www.econbiz.de/10012453325
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Smokescreen : How Managers Behave When They Have Something To Hide
González, Tanja Artiga - 2013
unusually low CEO turnover and rely on internal management promotions. Their managers exercise stock options faster than … managers of other firms. Cartel firms are large donors to political candidates. While our results are based only upon firms … engaged in price fixing, we expect that they should apply generally to all companies in which managers seek to conceal poor …
Persistent link: https://www.econbiz.de/10012459775
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Changes in Corporate Governance and Top Executive Turnover : The Evidence from Japan
Miyajima, Hideaki - 2017
We examine the turnover of top executives in Japanese firms throughout the period from 1990 to 2013. During this time, the presence of a main bank has been weakened, the ownership of institutional investors has dramatically increased, and independent outside directors have been introduced in...
Persistent link: https://www.econbiz.de/10012453899
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The Cost of US Pharmaceutical Price Reductions : A Financial Simulation Model of R&D Decisions
Abbott, Thomas A. - 2005
Previous empirical studies that have examined the links between pharmaceutical price controls, profits, cash flows, and investment in research and development (R&D) have been largely based on retrospective statistical analyses of firm- and/or industry-level data. These studies, which have...
Persistent link: https://www.econbiz.de/10012467571
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The Analytics of Investment, q, and Cash Flow
Abel, Andrew B. - 2015
operating profit of capital, I extend the model to include measurement error and analyze the cash-flow coefficient in …
Persistent link: https://www.econbiz.de/10012457120
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Stock Pyramids, Cross-Ownership, and the Dual Class Equity : The Creation and Agency Costs of Seperating Control from Cash Flow Rights
Bebchuk, Lucian - 1999
This paper examines common arrangements for separating control from cash flow rights: stock pyramids, cross-ownership structures, and dual class equity structures. We describe the ways in which such arrangements enable a controlling shareholder or group to maintain a complete lock on the control...
Persistent link: https://www.econbiz.de/10012471856
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 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/10012465986
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Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance
Robinson, David T. - 2012
productivity of manager skills, and in which managers with higher compensation earn back their pay by delivering higher gross …
Persistent link: https://www.econbiz.de/10012460717
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CEO Compensation and Cash-Flow Shocks : Evidence from Changes in Environmental Regulations
Choi, Seungho; Levine, Ross; Park, Jonghyeon; Xu, Simon - National Bureau of Economic Research - 2024
This paper investigates how shocks to expected cash flows influence CEO incentive compensation. Exploiting changes in compliance with environmental regulations as shocks to expected future cash flows, we find that adverse shocks typically prompt corporate boards to recalibrate CEO compensation...
Persistent link: https://www.econbiz.de/10014486193
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Investor Protection : Origins, Consequences, and Reform
Porta, Rafael La - 1999
and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe …
Persistent link: https://www.econbiz.de/10012471353