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We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. We find that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. We...
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supermajority provisions, are better acquirers. Managers of high-ATP firms create value in acquisitions by making governance … threats can induce myopic investment decisions, which ATPs can mitigate. They also lead managers to engage more often in value …
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This paper analyzes the determinants of the German corporate governance rating recently developed by Drobetz, Schillhofer, and Zimmermann (2004). We find a non- linear relationship between ownership concentration and the quality of firmlevel corporate governance as measured by the rating. Firms...
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and growth opportunities, whereas the managers' pay-forperformance sensitivity remains largely unexplained. Firms with …
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