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Strategic News Releases in Equity Vesting Months

Edmans, Alex - 2014

We show that CEOs strategically time corporate news releases to coincide with months in which their equity vests. These vesting months are determined by equity grants made several years prior, and thus unlikely driven by the current information environment. CEOs reallocate news into vesting...

Persistent link: https://www.econbiz.de/10012458192

Executive Compensation and Short-termist Behavior in Speculative Markets

Bolton, Patrick - 2003

incentive to induce managers to pursue actions which increase the speculative component in the stock price. Our model provides a …

Persistent link: https://www.econbiz.de/10012468976

American Disclosure Options

Back, Kerry E.; Carlin, Bruce Ian; Kazempour, Seyed Mohammad - National Bureau of Economic Research - 2023

We study strategic disclosure timing by correlated firms in the presence of risk-averse investors. Firms delay disclosures in the hope that positively correlated firms will announce especially good news and lift their own price. Risk premia rise before disclosures, drop when disclosures occur,...

Persistent link: https://www.econbiz.de/10014447256

So Many Jumps, So Few News

Aït-Sahalia, Yacine; Li, Chen Xu; Li, Chenxu - National Bureau of Economic Research - 2024

This paper relates jumps in high frequency stock prices to firm-level, industry and macroeconomic news, in the form of machine-readable releases from Thomson Reuters News Analytics. We find that most relevant news, both idiosyncratic and systematic, lead quickly to price jumps, as market...

Persistent link: https://www.econbiz.de/10014635709

Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave

Moeller, Sara B. - 2004

Acquiring-firm shareholders lost 12 cents at the announcement of acquisitions for every dollar spent on acquisitions for a total loss of $240 billion from 1998 through 2001, whereas they lost $7 billion in all of the 1980s, or 1.6 cents per dollar spent. Though the announcement losses to...

Persistent link: https://www.econbiz.de/10012468494

Bidder Discounts and Target Premia in Takeovers

Jovanovic, Boyan - 2002

When a takeover is announced, the sum of the stock-market values of the firms involved often falls, and the value of … necessarily. We set up a model in which the equilibrium number of takeovers is constrained efficient. Yet, upon news of a takeover …

Persistent link: https://www.econbiz.de/10012469704

Takeover Bids below the Expected Value of Minority Shares

Bebchuk, Lucian Arye - 1988

Focusing on takeover bids whose outcome can be predicted in advance with certainty, Grossman and Hart established the …

Persistent link: https://www.econbiz.de/10012476542

Is There Information in Corporate Acquisition Plans?

Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024

. Communication of acquisition plans does not increase takeover premiums but is less common in more competitive industries …

Persistent link: https://www.econbiz.de/10014512055

Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms

Hubbard, R. Glenn - 1995

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …

Persistent link: https://www.econbiz.de/10012473808

Taxes, High-Income Executives, and the Perils of Revenue Estimation in the New Economy

Goolsbee, Austan - 2000

This paper attempts to help explain the unforecasted, excess' personal income tax revenues of the last several years. Using panel data on executive compensation in the 1990s, it argues that because the gains on most stock options are treated as ordinary income for tax purposes, rising stock...

Persistent link: https://www.econbiz.de/10012471145

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