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Debt, and in particular, short-term debt have the potential to discipline managers. We examine the role of the board in making financing decisions that provide this discipline. Specifically, given a firm's characteristics, we predict that stronger boards will force the firm to hold more debt and...
Persistent link: https://www.econbiz.de/10012721643
This paper presents both the time-series and cross-country evidence on the growth of global equity markets and attempts to shed some light on the sources of equity market growth. Using data on 33 countries, I find that development of financial intermediaries and openness to trade are positively...
Persistent link: https://www.econbiz.de/10005063590
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When board gender quotas clash with gender stereotypes prevailing within an organization, do they trigger backlash and lead to worse female labor market outcomes? We examine staggered adoptions of quotas in Europe and document a significant drop in the share of female employment. Applying...
Persistent link: https://www.econbiz.de/10014354953
This paper provides both theoretical perspectives and empirical evidence on the relationship between mergers and acquisitions (M&As) and corporate innovation. It also identifies relevant policies implemented by countries around the world to encourage corporate innovation activities, and...
Persistent link: https://www.econbiz.de/10011757954
We examine why corporate governance varies widely across countries and across firms, and why such variation matters. Using a proprietary database from Governance Metrics International on corporate governance practices across a large number of countries and firms for 2006-2011 and employing a...
Persistent link: https://www.econbiz.de/10012973477
theory and practice are discussed …
Persistent link: https://www.econbiz.de/10012851910
We study large discrete decreases in CEO pay and compare them to CEO forced turnover. The determinants are similar, as are the performance improvements after the action. After the pay cut, the CEO pay-for-performance sensitivity is abnormally high, such that the CEO can restore his pay level by...
Persistent link: https://www.econbiz.de/10010574254
We examine the regulatory and capital-market effects of implementing a U.S. approach to the enforcement of mandatory disclosure in China. Using a hand-collected sample of comment letters (CLs) issued by the Shanghai Stock Exchange over the period 2013-2018, we show that price reactions to CL...
Persistent link: https://www.econbiz.de/10013241119