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We provide new evidence on the motives for corporate hedging by examining the relation between the quality of the firms' monitoring mechanisms and the quantity of interest rate derivatives employed. Because the capital structure decision and hedging decision are considered to be endogenous, the...
Persistent link: https://www.econbiz.de/10012786608
We provide new evidence on the motives for corporate hedging by examining the relation between the quality of the firms' monitoring mechanisms and the quantity of interest rate derivatives employed. Because the capital structure decision and hedging decision are considered to be endogenous, the...
Persistent link: https://www.econbiz.de/10005679408
Persistent link: https://www.econbiz.de/10006817752
The value of academic research has recently been questioned during debates over the allocation of resources within academic institutions. This paper specifically addresses the value of academic research in finance by examining the integration of academic and non-academic research. The underlying...
Persistent link: https://www.econbiz.de/10012791253
This study examines differences in finance research productivity and influence across 661 academic institutions over the five year period from 1989 through 1993. We find that 40 institutions account for over 50% of all articles published by 16 leading journals over the five year period; 66...
Persistent link: https://www.econbiz.de/10012791721
Persistent link: https://www.econbiz.de/10007337055
We report new evidence on the hypothesis that dividends reduce agency costs. Consistent with dividends as a mechanism to reduce agency costs, we find that, on average, firms with a majority of strict outside directors on their boards experience significantly lower mean abnormal returns around...
Persistent link: https://www.econbiz.de/10012785386
This paper examines incentives for adopting antitakeover charter amendments (ATAs) that are associated with compensation contracts. The evidence is consistent with the hypothesis that antitakeover measures such as ATAs help managers protect above-market levels of compensation. Chief executive...
Persistent link: https://www.econbiz.de/10012792103
We study the stock market's reaction to the unexpected death of a top executive or board chair for insight into grey director incentives. Whereas there is little debate as to the motives of inside and strict outside directors, the allegiance of grey directors is less certain. We find that grey...
Persistent link: https://www.econbiz.de/10010939807
Persistent link: https://www.econbiz.de/10007272563