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Graham, John R. - 2018

We study time-series and cross-firm variation in corporate cash holdings over the past century. The recent increase in cash is not unique in magnitude. However, the recent divergence between average and aggregate cash is new and entirely driven by a shift in cash policies of newly public firms,...

Persistent link: https://www.econbiz.de/10012935906

Corporate Flexibility in a Time of Crisis

Barry, John W.; Campello, Murillo; Graham, John R.; Ma, … - 2021

We survey CFOs throughout the COVID-19 crisis to learn how multiple dimensions of corporate flexibility affect their … short- and long-term business plans. We find that i) workplace flexibility, namely the ability for employees to work … remotely, plays a central role in modulating firms’ employment plans during the health crisis; ii) investment flexibility …

Persistent link: https://www.econbiz.de/10013248333

Corporate Governance, Debt, and Investment Policy during the Great Depression

Graham, John R.; Hazarika, Sonali; Narasimhan, … - National Bureau of Economic Research (NBER) - 2011

We study a period of severe disequilibrium to investigate whether board characteristics are related to corporate investment, debt usage, and firm value. During the 1930-1938 Depression era, when the corporate sector was shocked by an unprecedented downturn, we document a relation between board...

Persistent link: https://www.econbiz.de/10009278247

Does Corporate Diversification Destroy Value?

Graham, John R. - 2001

We analyze several hundred firms that expand via acquisition and/or increase their reported number of business segments. The average combined market reaction to acquisition announcements is positive but, according to the Berger and Ofek (1995) method for valuing conglomerates, the excess values...

Persistent link: https://www.econbiz.de/10012742986

Corporate Governance, Debt, and Investment Policy during the Great Depression

Graham, John R. - 2019

We study a period of severe disequilibrium to investigate whether board characteristics are related to corporate investment, debt usage, and firm value. During the 1920s and the post-Depression years, we find no relation between firm performance and board attributes. During the 1930-1938...

Persistent link: https://www.econbiz.de/10012746447

The Economic Implications of Corporate Financial Reporting

Graham, John R. - 2005

We survey 401 financial executives, and conduct in-depth interviews with an additional 20, to determine the key factors that drive decisions related to performance measurement and voluntary disclosure. The majority of firms view earnings, especially EPS, as the key metric for an external...

Persistent link: https://www.econbiz.de/10012785018

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