Similar Search Results

Limbach, Peter; Sonnenburg, Florian - 2014 - This Draft: September 2014

This study finds a positive relation between CEO fitness and firm value. For each of the years 2001 to 2011, we define CEOs of S&P 1500 companies as being fit if they finish a marathon. The literature suggests that fitness moderates stress and positively affects cognitive functions and...

Persistent link: https://www.econbiz.de/10010399327

Does CEO fitness matter?

Limbach, Peter; Sonnenburg, Florian - 2015 - This draft: November 2015

This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if...

Persistent link: https://www.econbiz.de/10011392655

CEO fitness and firm value

Limbach, Peter; Sonnenburg, Florian - 2015 - First Draft: September 2014, This Draft: May 2015

We provide evidence for a positive impact of CEO fitness on firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are...

Persistent link: https://www.econbiz.de/10010517150

CEO fitness and firm value

Limbach, Peter; Sonnenburg, Florian - 2014 - First Draft: September 2014, This Draft: December 2014

We find that CEO fitness positively affects firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are strongest for CEOs with...

Persistent link: https://www.econbiz.de/10010438319

All good things come to an end : CEO tenure and firm value

Limbach, Peter; Schmid, Markus M.; Scholz, Meik - 2015 - This draft: July 3, 2015

Our study is the first to provide systematic evidence of a hump-shaped CEO tenure-firm value relation. This pattern is supported by announcement returns to sudden CEO deaths, which mitigate endogeneity concerns. Cross-sectionally, firm value starts to decline after fewer years of CEO tenure in...

Persistent link: https://www.econbiz.de/10011344281

The Long-Term Consequences of Short-Term Incentives

Edmans, Alex; Fang, Vivian W.; Huang, Allen - 2022

This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term incentives. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a...

Persistent link: https://www.econbiz.de/10014235528

Corporate Managerial Ability, Earnings Smoothing, and Acquisitions

Doukas, John A.; Zhang, Rongyao - 2021

This paper examines whether high-ability managers’ earnings smoothing is motivated by the need to mitigate the adverse … effects of heightened information asymmetry triggered by mergers and acquisitions (M&As) on managers’ reputation capital (job … loss) and firm value. We document that acquirers led by high-ability managers engage in more pre-acquisition earnings …

Persistent link: https://www.econbiz.de/10013221711

Corporate Managerial Ability, Earnings Smoothing, and Acquisitions

Doukas, John A. - 2021

This paper examines whether high-ability managers’ earnings smoothing is motivated by the need to mitigate the adverse … effects of heightened information asymmetry, triggered by mergers and acquisitions (M&As), on managers’ reputation capital … (job loss) and firm value. We document that acquirers led by high-ability managers engage in more pre-acquisition earnings …

Persistent link: https://www.econbiz.de/10013226621

The Long-Term Consequences of Short-Term Incentives

Edmans, Alex - 2020

This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term concerns. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger...

Persistent link: https://www.econbiz.de/10012853747

Information Conduit or Agency Cost : Top Management and Director Interlock between Acquirers and Targets

Wu, Qingqing - 2017

This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and...

Persistent link: https://www.econbiz.de/10012975768