Similar Search Results

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

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

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

Governing Misvalued Firms

Kadyrzhanova, Dalida - 2014

Equity overvaluation is thought to create the potential for managerial misbehavior, while monitoring and corporate governance curb misbehavior. We combine these two insights from the literatures on misvaluation and governance to ask 'when does governance matter?' Examining firms with standard...

Persistent link: https://www.econbiz.de/10012458864

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

Project Development with Delegated Bargaining : The Role of Elevated Hurdle Rates

Barry, John W.; Carlin, Bruce Ian; Crane, Alan D.; … - National Bureau of Economic Research - 2024

During project development, costs are endogenously determined through delegated bargaining with counterparties. In surveys, nearly 80% of CFOs report using an elevated hurdle rate, the implications of which we explore in a delegated bargaining model. We show that elevated hurdle rates can convey...

Persistent link: https://www.econbiz.de/10014512137

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them …, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS …). Perhaps this is a mistake. No matter. We take firm managers at their word and show that EPS maximization provides a single …

Persistent link: https://www.econbiz.de/10014250143

CEO Pay and the rise of Relative Performance Contracts : A Question of Governance?

Bell, Brian - 2016

Would moving to relative performance contracts improve the alignment between CEO pay and performance? To address this we exploit the large rise in relative performance awards and the share of equity pay in the UK over the last two decades. Using new employer-employee matched datasets we find...

Persistent link: https://www.econbiz.de/10012456270

Contractual Freedom and the Evolution of Corporate Control in Britain, 1862 to 1929

Guinnane, Timothy W. - 2014

British general incorporation law granted companies an extraordinary degree of contractual freedom to craft their own governance rules. It provided companies with a default set of articles of association, but incorporators were free to reject any part or all of the model and write their own...

Persistent link: https://www.econbiz.de/10012458187

The State of Corporate Governance Research

Bebchuk, Lucian A. - 2009

This paper, which introduces the special issue on corporate governance co-sponsored by the Review of Financial Studies and the National Bureau of Economic Research (NBER), reviews and comments on the state of corporate governance research. The special issue features seven papers on corporate...

Persistent link: https://www.econbiz.de/10012463112

1
2
3
4
5
6
7
8
9
10
Next
Last