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The authors’ findings indicate that homebuilder financing affiliates do make loans to observably riskier borrowers, but the loans made by homebuilders have lower delinquency rates than those made by unaffiliated lenders, even when loan and borrower characteristics are held constant.
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We document the role of geographic dispersion on corporate decision-making. Our findings include: (i) geographically dispersed firms are less employee friendly; (ii) dismissals of divisional employees are less common in divisions located closer to corporate headquarters; and (iii) firms appear...
Persistent link: https://www.econbiz.de/10012727152
We document the role of geographic dispersion on corporate decision-making. First, we find that geographically dispersed firms are less employee-friendly. Second, using division-level data, employee dismissals are less common in divisions located close to corporate headquarters. Third, firms are...
Persistent link: https://www.econbiz.de/10012727319
I show that performance incentives vary by decision-making authority of division managers. For division managers with broader authority, i.e., those designated as corporate officers, both the sensitivity of pay to quot;globalquot; performance measures and the relative importance of...
Persistent link: https://www.econbiz.de/10012734642
I model inefficient resource allocations that result from influence activities by division managers in M-form organizations. Division managers distort private information about relative investment opportunities and skew capital budgets in their favor. Corporate headquarters faces a tradeoff...
Persistent link: https://www.econbiz.de/10012735744
I analyze CEO incentives to negotiate shared control in the post-merger governance of the surviving firm. In order to do this, I study abnormal returns in a sample of mergers of equals transactions in which the two firms are approximately equal in post-merger board representation. These...
Persistent link: https://www.econbiz.de/10012783889
Do multi-divisional firms structure compensation contracts for division managers to mitigate information and incentive problems in their internal capital markets? Using Compustat Segment financial data and compensation data from a proprietary survey, I find evidence that compensation and...
Persistent link: https://www.econbiz.de/10012785047
A widespread view is that executive perks exemplify agency problems -- they are a route through which managers misappropriate a firm's surplus. Accordingly, firms with high free cash flow, operating in industries with limited investment prospects, should offer more perks, and firms subject to...
Persistent link: https://www.econbiz.de/10012762630
Beginning in the late 1980s, American corporations began increasingly linking the compensation of central research personnel to the economic objectives of the corporation. This paper examines the impact of the shifting compensation of the heads of corporate research and development. Among firms...
Persistent link: https://www.econbiz.de/10012754422