This paper examines the relationship between performance and CEO turnovers using <p> a sample of 81 turnovers and 81 matching companies listed on the Copenhagen Stock <p> Exchange. We find that poor performance increases the probability of management <p> replacements and that forced layoffs are...</p></p></p>

This paper analyzes the relationship between ownership structure and security <p> performance. We use a unique data set that includes all of the announcements of <p> changes in institutional and strategic investors' ownership in firms listed on the <p> Copenhagen Stock Exchange in 1997. Using a piecewise...</p></p></p>

Regulations in the pre-Sarbanes-Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements...

We analyze transactions by corporate insiders in Germany. We find that insider trades are associated with significant abnormal returns. Insider trades that occur prior to an earnings announcement have a larger impact on prices. This result provides a rationale for the UK regulation that...

Regulations in the pre-Sarbanes-Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements...

Surveys of corporate risk management document that selective hedging, where managers incorporate their market views into firms’ hedging programs, is widespread in the U.S. and other countries. Stulz (1996) argues that selective hedging could enhance the value of firms that possess an...

Regulations in the pre-Sarbanes–Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, e.g., by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements were...