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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 … corporate boards to reduce the risk-taking incentives of CEO compensation. However, this pattern is not uniform. Financially … incentives with changing shareholder risk preferences …

Persistent link: https://www.econbiz.de/10014635626

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?

Kim, Woochan - 2008

Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and …

Persistent link: https://www.econbiz.de/10012464925

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

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

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

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

Bankruptcy Exemption of Repo Markets : Too Much Today for Too Little Tomorrow?

Acharya, Viral V.; Anshuman, V. Ravi; Viswanathan, S. - National Bureau of Economic Research - 2024

aggregate risk …

Persistent link: https://www.econbiz.de/10014468227

Bank Runs, Fragility, and Regulation

Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2024

We examine banking regulation in a macroeconomic model of bank runs. We construct a general equilibrium model where banks may default because of fundamental or self-fulfilling runs. With only fundamental defaults, we show that the competitive equilibrium is constrained efficient. However, when...

Persistent link: https://www.econbiz.de/10014528381

Creditor-on-Creditor Violence and Secured Debt Dynamics

Antill, Samuel - 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

Know Your Customer : Informed Trading by Banks

Haselmann, Rainer; Leuz, Christian; Schreiber, Sebastian - National Bureau of Economic Research - 2022

This study analyzes information production and trading behavior of banks with lending relationships. We combine trade-by-trade supervisory data and credit-registry data to examine banks' proprietary trading in borrower stocks around a large number of corporate events. We find that relationship...

Persistent link: https://www.econbiz.de/10013388877

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