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Disentangling the Channels of the 2007-2009 Recession
Stock, James H. - 2012
This paper examines the macroeconomic dynamics of the 2007-09 recession in the United States and the subsequent slow recovery. Using a dynamic factor model with 200 variables, we reach three main conclusions. First, although many of the events of the 2007-2009 collapse were unprecedented, their...
Persistent link: https://www.econbiz.de/10012460565
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Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance
Himmelberg, Charles P. - 2000
Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) and use panel data to show that managerial ownership is explained by key...
Persistent link: https://www.econbiz.de/10012471259
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Risk Perceptions, Board Networks, and Directors' Monitoring
Ding, Wenzhi; Chen, Lin; Schmid, Thomas; Weisbach, … - National Bureau of Economic Research - 2021
What makes independent directors perform their monitoring duty? One possible reason is that they are worried about being sanctioned by regulators if they do not monitor sufficiently well. Using unique features of the Chinese financial market, we estimate the extent to which independent...
Persistent link: https://www.econbiz.de/10012585458
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The Politics of CEOs
Cohen, Alma - 2019
CEOs of public companies have influence over the political spending of their firms, which has been attracting significant attention since the Supreme Court decision in Citizens United. Furthermore, the policy views expressed by CEOs receive substantial consideration from policymakers and the...
Persistent link: https://www.econbiz.de/10012479765
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The Limitations of Stock Market Efficiency : Price Informativeness and CEO Turnover
Gorton, Gary B. - 2009
Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...
Persistent link: https://www.econbiz.de/10012463704
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Superstar CEOs
Malmendier, Ulrike - 2008
Compensation, status, and press coverage of managers in the U.S. follow a highly skewed distribution: a small number of …
Persistent link: https://www.econbiz.de/10012464506
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CEO Centrality
Bebchuk, Lucian A. - 2007
We investigate the relationship between CEO centrality -- the relative importance of the CEO within the top executive team in terms of ability, contribution, or power -- and the value and behavior of public firms. Our proxy for CEO centrality is the fraction of the top-five compensation captured...
Persistent link: https://www.econbiz.de/10012464945
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Behavioral Finance in Corporate Governance - Independent Directors, Non-Executive Chairs, and the Importance of the Devil's Advocate
Morck, Randall - 2004
The Common Law, parliamentary democracy, and academia all institutionalize dissent to check undue obedience to authority; and corporate governance reformers advocate the same in boardrooms. Many corporate governance disasters could often be averted if directors asked hard questions, demanded...
Persistent link: https://www.econbiz.de/10012468049
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Corporate Tax Avoidance and High Powered Incentives
Desai, Mihir A. - 2004
This paper analyzes the links between corporate tax avoidance, the growth of high-powered incentives for managers, and …
Persistent link: https://www.econbiz.de/10012468222
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Private Benefits and Cross-Listings in the United States
Benos, Evangelos - 2004
-country differences in the levels of private benefits obtained by corporate managers, as well as the country-specific factors associated … discuss the circumstances under which managers would choose to cross-list their stocks in the United States, when such a cross …-listing has important implications for managers' private benefits. Finally, we survey recent empirical work that tests empirical …
Persistent link: https://www.econbiz.de/10012468470