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Bebchuk, Lucian A. - 2008

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/10012773127

The 'Lemons Effect' in Corporate Freeze-Outs

Bebchuk, Lucian A. - 2008

In a corporate freeze-out, the controller is required to compensate minority shareholders for the no-freezeout value of … that, under a regime in which frozen out minority shareholders receive a compensation equal to the pre-freezeout market …

Persistent link: https://www.econbiz.de/10012774877

Dancing with activists

Bebchuk, Lucian A.; Brav, Alon; Jiang, Wei; Keusch, Thomas - 2017 - This revision: April 2017

Persistent link: https://www.econbiz.de/10011674106

The Myth that Insulating Boards Serves Long-Term Value

Bebchuk, Lucian A. - 2019

According to an influential view in corporate law writings and debates, pressure from shareholders leads companies to …-term interests of companies as well as their shareholders. This board insulation claim has been regularly invoked in a wide range of … insulation at current or higher levels does not serve the long-term interests of companies and their shareholders. The paper …

Persistent link: https://www.econbiz.de/10012905373

Index Funds and the Future of Corporate Governance : Theory, Evidence, and Policy

Bebchuk, Lucian A. - 2020

Persistent link: https://www.econbiz.de/10012850931

Recent Board Declassifications : A Response to Cremers and Sepe

Bebchuk, Lucian A.; Cohen, Alma - 2017

This note offers an initial response to a study released earlier this month by Martijn Cremers and Simone Sepe, “Board Declassification Activism: The Financial Value of the Shareholder Rights Project.” Putting aside methodological questions about their analysis and accepting their results...

Persistent link: https://www.econbiz.de/10014121313

Bundling and Entrenchment

Bebchuk, Lucian A. - 2013

provisions appear in midstream only if shareholders favor them. However, the approval requirement may fail to prevent the … adoption of charter provisions disfavored by shareholders if management bundles them with measures enjoying shareholder support … defenses that shareholders would likely reject if they were to vote on them separately. We study a hand-collected dataset of …

Persistent link: https://www.econbiz.de/10013095732

Learning and the Disappearing Association Between Governance and Returns

Bebchuk, Lucian A. - 2014

During the period 1991-1999, stock returns were correlated with the G-Index based on twenty-four governance provisions (Gompers, Ishii, and Metrick (2003)) and the E-Index based on the six provisions that matter most (Bebchuk, Cohen, and Ferrell (2009)). This correlation, however, did not...

Persistent link: https://www.econbiz.de/10013070010

Learning and the Disappearing Association between Governance and Returns

Bebchuk, Lucian A. - 2010

In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing finding has attracted much attention ever since it was...

Persistent link: https://www.econbiz.de/10013144562

Investor Protection and Interest Group Politics

Bebchuk, Lucian A.; Neeman, Zvika - 2021

We model how lobbying by interest groups affects the level of investor protection. In our model, insiders in existing public companies, institutional investors (financial intermediaries), and entrepreneurs who plan to take companies public in the future, compete for influence over the...

Persistent link: https://www.econbiz.de/10013311952