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Managerial Entrenchment and Capital Structure : New Evidence

John, Kose; Litov, Lubomir P. - 2023

analysis and the exogenous shock to corporate governance generated by the adoption of state anti-takeover laws. We find that … firms incorporated in states that adopt restrictive anti-takeover laws increase the debt component of their external …

Persistent link: https://www.econbiz.de/10014253921

Do Classified Boards Deter Takeovers? Evidence from Merger Waves

John, Kose; Kadyrzhanova, Dalida; Lee, Sangho - 2021

We exploit the arrival of industry-wide synergistic merger waves to identify whether classifiedboards deter takeover … takeover likelihood is more pronounced during mergerwaves. Consistent with this prediction, we find that board classification … substantially reducesthe likelihood of receiving a takeover bid during merger waves, but has no meaningful effect onbid frequency in …

Persistent link: https://www.econbiz.de/10013247909

Liquidity and Large Shareholder Monitoring

John, Kose - 2019

Permanent or long-term large shareholders have different governance incentives and mechanisms from institutional investors. Liquidity could facilitate either cutting and running by large shareholders or, alternatively, increased monitoring. Using an exogenous shock to liquidity in China, we...

Persistent link: https://www.econbiz.de/10012897174

Common Ownership and Bankruptcy

Anderson, Ronald C.; Durrani, Farooq; John, Kose - 2021

Distressed firms and the banks that lend to these firms often have conflicting interests when going through the Chapter 11 process, freefall bankruptcy vs prepack bankruptcy. We examine whether common ownership, i.e., an institution with holdings in both the borrowing and the lending firms,...

Persistent link: https://www.econbiz.de/10013212649

Bank Integration and the Market for Corporate Control : Evidence from Cross-State Acquisitions

John, Kose - 2019

How does bank integration affect the market for corporate control for nonfinancial firms? We provide causal evidence that interstate bank deregulation affects acquisitions mainly through reducing the information asymmetry between acquirers and targets, instead of increased credit supply. After...

Persistent link: https://www.econbiz.de/10012900778

Actively Keeping Secrets from Creditors : Evidence from The Uniform Trade Secrets Act

Guernsey, Scott - 2020

We find that an increase in a firm's incentives to use trade secrets to protect its intellectual property results in a more actively managed capital structure. Exploiting U.S. states' adoption of the Uniform Trade Secrets Act as a positive “shock” in the protection afforded to trade secrets,...

Persistent link: https://www.econbiz.de/10012853531

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 matters more for high financial slack firms...

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

Shareholder Litigation and Corporate Culture

Jiang, Cheng; John, Kose; Ju, Ming - 2022

We investigate the effect of shareholder litigation risk on corporate culture. We measure corporate culture by a novel machine learning metric following Li et al. (2021). Exploiting exogenous declines in shareholder litigation rights and derivative lawsuit risk following the staggered adoption...

Persistent link: https://www.econbiz.de/10013405653

Contract Renegotiation and the Optimality of Resetting Executive Stock Options

Acharya, Viral V. - 1998

Recent empirical work has documented the tendency of corporations to reset strike prices on previously-awarded executive stock option grants when declining stock prices have pushed these options out-of-the-money. This practice has been criticized as counter-productive since it weakens incentives...

Persistent link: https://www.econbiz.de/10012744087

Governance and Payout Precommitment

John, Kose - 2015

We examine how firms structure payout and debt commitments to address governance weaknesses. Firms with severe agency conflicts precommit through a combination of dividends and debt or through dividends rather than debt alone. Such firms also shift their shareholder payouts towards regular...

Persistent link: https://www.econbiz.de/10012707685

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