Similar Search Results

The dark side of outside directors: Do they quit when they are most needed?

Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - National Bureau of Economic Research (NBER) - 2010

Outside directors have incentives to resign to protect their reputation or to avoid an increase in their workload when they anticipate that the firm on whose board they sit will perform poorly or disclose adverse news. We call these incentives the dark side of outside directors. We find strong...

Persistent link: https://www.econbiz.de/10008631680

Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth

Aggarwal, Reena - 2012

We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of foreign firms have better governance than comparable U.S. firms....

Persistent link: https://www.econbiz.de/10012713137

The determinants and implications of corporate cash holdings

Opler, Tim C.; Pinkowitz, Lee; Stulz, René M.; … - 1997

Persistent link: https://www.econbiz.de/10000644903

Why Do Foreign Firms Leave U.S. Equity Markets?

Doidge, Craig - 2009

Sarbanes-Oxley Act (SOX) was passed in 2002 through 2008. We test two theories, the bonding theory and the loss of … competitiveness theory, to understand why foreign firms leave U.S. equity markets and how deregistration affects their shareholders … would not be exempt from SOX. Overall, the evidence supports the bonding theory rather than the loss of competitiveness …

Persistent link: https://www.econbiz.de/10013159169

Dividend Policy, Agency Costs, and Earned Equity

DeAngelo, Harry - 2004

Why do firms pay dividends? If they didn't their asset and capital structures would eventually become untenable as the earnings of successful firms outstrip their investment opportunities. Had they not paid dividends, the 25 largest long-standing 2002 dividend payers would have cash holdings of...

Persistent link: https://www.econbiz.de/10012738151

Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization

Stulz, René M. - 2010

As barriers to international investment fall and technology improves, the cost advantages for a firm's securities to trade publicly in the country in which that firm is located and for that country to have a market for publicly traded securities distinct from the capital markets of other...

Persistent link: https://www.econbiz.de/10012715804

Has the stock market become less representative of the economy?

Schlingemann, Frederik P.; Stulz, René M. - 2020

The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this development is the decline of manufacturing and the growth of the service economy as firms providing services are less likely to be listed on...

Persistent link: https://www.econbiz.de/10012301440

Public versus private equity

Stulz, René M. - 2019

The last twenty years or so have seen a sharp decline in public equity. I present a framework that explains the forces that cause the listing propensity of firms to change over time. This framework highlights the benefits and costs of a public listing compared to the benefits and costs of...

Persistent link: https://www.econbiz.de/10012168883

What are the Costs of Weakening Shareholder Primacy? Evidence from a U.S. Quasi-Natural Experiment

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2025

We study the consequences of weakening shareholder primacy using Nevada Senate Bill 203 as a quasi-natural experiment. A difference-in-differences analysis shows that, instead of improving their governance in response to the Bill to reassure capital providers, affected firms experience a...

Persistent link: https://www.econbiz.de/10015409860

Why Do Firms Become Widely Held? An Analysis of the ynamics of Corporate Ownership

Helwege, Jean; Pirinsky, Christo; Stulz, René M. - National Bureau of Economic Research (NBER) - 2005

surprisingly, variables suggested by agency theory have limited success in explaining the evolution of insider ownership. …

Persistent link: https://www.econbiz.de/10005084549