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CEO Turnover Announcements and Information Frictions

John, Kose - 2020

This paper analyzes the market reaction to CEO turnover announcements in the presence of information frictions. We find that the market reaction to forced CEO turnover announcements is negatively related to the level of asymmetric information between a firm and its investors. No such relation...

Persistent link: https://www.econbiz.de/10012836739

The Dynamics of Debtor-in-Possession Financing : Bankruptcy Resolution and the Role of Prior Lenders

Dahiya, Sandeep - 2012

Debtor-in-Possession (DIP) financing is a unique form of financing that is allowed to firms filing under Chapter 11 of the US Bankruptcy Code. The legal provisions confer enhanced seniority on this financing. It is argued that such financing leads to excessive investment in risky, (even negative...

Persistent link: https://www.econbiz.de/10012713678

The Dynamics of Debtor-in-Possession Financing : Bankruptcy Resolution and the Role of Prior Lenders

Dahiya, Sandeep - 2012

Persistent link: https://www.econbiz.de/10012713687

Security Design, Incentives, and Islamic Microfinance : Cross Country Evidence

Fan, Yaoyao; John, Kose; Liu, Hong; Tamanni, Luqyan - 2018

We provide cross-country evidence from microfinance institutions (MFIs) that are Sharia-compliant and their comparisons with non-Sharia-compliant MFIs. We find that, compared with non-Sharia-compliant conventional MFIs, Sharia-compliant Islamic MFIs have less credit risk but are less profitable...

Persistent link: https://www.econbiz.de/10014110362

Credit Ratings, Collateral and Loan Characteristics : Implications for Yield

John, Kose; Lynch, Anthony W.; Puri, Manju - 2008

This paper studies how collateral affects bond yields. Using a large dataset of public bonds, we document that collateralized debt has higher yield than general debt, after controlling for credit rating. Our model of agency problems between managers and claimholders explains this puzzling result...

Persistent link: https://www.econbiz.de/10014074184

Regulation, subordinated debt, and incentive features of CEO compensation in the banking industry

John, Kose; Mehran, Hamid; Qian, Yiming - 2007

We study CEO compensation in the banking industry by considering banks’ unique claim structure in the presence of two types of agency problems: the standard managerial agency problem and the risk-shifting problem between shareholders and debtholders. We empirically test two hypotheses derived...

Persistent link: https://www.econbiz.de/10010283351

Regulation, Subordinated Debt, and Incentive Features of CEO Compensation in the Banking Industry

John, Kose; Qian, Yiming; Mehran, Hamid - 2007

We study CEO compensation in the banking industry by considering banks' unique claim structure in the presence of two types of agency problems: the standard managerial agency problem and the risk-shifting problem between shareholders and debt holders. We empirically test two hypotheses derived...

Persistent link: https://www.econbiz.de/10014222462

Corporate Payout Policy and Changes in Housing Prices

Saadi, Samir - 2015

We study how corporate payout policy responds to changing investor tastes for non-dividend over dividend paying stocks following an increase in housing prices. Exploiting the crossregional dispersion in housing prices within the U.S. market, we find a significant negative effect of growth in...

Persistent link: https://www.econbiz.de/10013037578

Does Corporate Governance Matter More for Firms with High Financial Slack?

John, Kose - 2018

The effect of corporate governance may depend on a firm's financial slack. On one hand, financial slack may be spent by … managers for their private benefits; a high level is likely associated with severe agency conflicts. Thus corporate governance …. Then corporate governance is more effective for low financial slack firms (i.e., the precautionary needs hypothesis). We …

Persistent link: https://www.econbiz.de/10012914317

Risk Management Research Report - Spring 2010

Perignon, Christophe - 2014

Risk Management Research Report (RMRR) surveys and screens the flow of academic articles on risk management and presents extended scholarly summaries of today's most important scholarly work in a convenient format on a timely basis. Each issue features approximately 15 of the most important...

Persistent link: https://www.econbiz.de/10013069956