Narrow search
Showing 1 - 10 of 25
Cover Image
CEO Investment Cycles
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013
This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...
Persistent link: https://www.econbiz.de/10010699944
Cover Image
Learning about CEO Ability and Stock Return Volatility
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - Charles A. Dice Center for Research in Financial … - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10010665134
Cover Image
Does Uncertainty about Management Affect Firms’ Costs of Borrowing?
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2014
Uncertainty about management appears to affect firms’ cost of borrowing and financial policies. In a sample of S&P 1500 firms between 1987 and 2010, CDS spreads, loan spreads and bond yield spreads all decline over the first three years of CEO tenure, holding other macroeconomic, firm, and...
Persistent link: https://www.econbiz.de/10011071744
Cover Image
CEO Investment Cycles
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013
This paper documents the existence of a CEO Investment Cycle, in which firms disinvest early in a CEO's tenure and increase investment subsequently, leading to "cyclical" firm growth in assets as well as in employment over CEO tenure. The CEO investment cycle occurs for both firings and...
Persistent link: https://www.econbiz.de/10010950835
Cover Image
Learning about CEO Ability and Stock Return Volatility
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's profitability for two reasons: Updates occur because of the direct effect of the news, and also because the news can cause an updated assessment of the CEO's...
Persistent link: https://www.econbiz.de/10010951298
Cover Image
Learning about CEO ability and stock return volatility
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - In: The review of financial studies 28 (2015) 6, pp. 1623-1666
Persistent link: https://www.econbiz.de/10011376073
Cover Image
CEO investment cycles
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - In: The review of financial studies 29 (2016) 11, pp. 2955-2999
Persistent link: https://www.econbiz.de/10011619873
Cover Image
Does uncertainty about management affect firms' costs of borrowing?
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2014
Uncertainty about management appears to affect firms' cost of borrowing and financial policies. In a sample of S&P 1500 firms between 1987 and 2010, CDS spreads, loan spreads and bond yield spreads all decline over the first three years of CEO tenure, holding other macroeconomic, firm, and...
Persistent link: https://www.econbiz.de/10010532197
Cover Image
Does uncertainty about management affect firms' costs of borrowing?
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2014
Persistent link: https://www.econbiz.de/10010441856
Cover Image
Management risk and the cost of borrowing
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2015
Management risk occurs because uncertainty about future managerial decisions increases a firm's overall risk. This paper documents the importance of management risk in determining firms' cost of borrowing. CDS spreads, loan spreads and bond yield spreads all increase at the time of CEO turnover,...
Persistent link: https://www.econbiz.de/10011772262