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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
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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
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Common Ownership and Bankruptcy
Anderson, Ronald C.; Durrani, Farooq; John, Kose - 2021
11 process, freefall bankruptcy vs prepack bankruptcy. We examine whether common ownership, i.e., an institution with … presence of common ownership, distressed firms are over 3.3-times more likely to file for Chapter 11 freefall bankruptcy … (rather than prepack) compared to the case without a common owner. Using ownership of passive funds as an instrument for …
Persistent link: https://www.econbiz.de/10013212649
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Employee Rights and Acquisitions
John, Kose - 2015
This paper examines the outcomes and characteristics of corporate acquisitions from the perspective of stakeholder-shareholder agency conflicts. Using state variation in labor protections, we find that acquirers with strong labor rights experience lower announcement returns. Combined acquirer...
Persistent link: https://www.econbiz.de/10013032526
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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
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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
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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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The Effect of State Antitakeover Laws on the Firm's Bondholders
Francis, Bill B. - 2010
issued by firms incorporated in takeover friendly states have significantly higher at-issue yield spreads than bonds issued … by firms in states with restrictive antitakeover laws. Second, firms in takeover friendly states have significantly … stock price reactions among firms in takeover friendly states, but positive stock price reactions among firms in restrictive …
Persistent link: https://www.econbiz.de/10012717648
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Corporate Governance and Financing Policy : New Evidence
John, Kose - 2010
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/10012717777
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Employment Protection and Corporate Cash Holdings : Evidence from China's Labor Contract Law
Cui, Chenyu - 2018
Employment protection increases labor adjustment costs and hence the expected costs of financial distress for labor-intensive firms. It follows that these firms are likely to increase their cash holdings to reduce the risk of financial distress when employment protection is strengthened....
Persistent link: https://www.econbiz.de/10012931372