Using data from a large sample of the listed firms in China from 1999 to 2002, we find that firm profitability and state ownership are negatively related to top management turnover only when firm profitability is below target (measured by industry median). We also find that top management...

This paper responds to Professor Donald C. Langevoort's essay entitled "The Behavioral Economics of Mergers and Acquisitions" (12 Transactions: Tenn. J. Bus. L. 65 (2011)). Together with Professor Langevoort's essay and another responsive work written from the standpoint of behavioral psychology...

The animated discourse on corporate social responsibility towards stakeholders in the last two years, particularly as embodied through the terms ESG, corporate purpose and stakeholderism (which will be used in this article interchangeably) had reached a turning point even before the COVID-19...

Using 14,800 forecasts of one-year S&P 500 returns made by Chief Financial Officers over a 12-year period, we track the individual executives who provide multiple forecasts to study how their beliefs evolve dynamically. While CFOs' return forecasts are systematically unbiased, their confidence...

We study a tournament/contest where the strategic variable is degree of risk rather than amount of effort. The degree to which the most able contestants win (selection efficiency) is examined. We show that the selection efficiency of a contest may be improved by limiting the competition in two...

Much attention has been given to how cognitive illusions - both heuristics and cognitive biases - affect decision making by juries. Less, albeit increasing, attention has been given to how cognitive illusions affect decision making by judges. Almost no attention, however, has been given to how...

Mit Blick auf die zunehmende globale Dynamik der Märkte stellt sich die Frage, welche alternativen Ansätze in die Finanzwissenschaften einfließen können, um die finanziellen Anpassungsstrategien der Akteure weitergehend zu gestalten. Andrea Hanisch erarbeitet eine handlungsökonomische...