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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

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

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

Mergers and acquisitions and corporate innovation

Li, Kai - 2017

This paper provides both theoretical perspectives and empirical evidence on the relationship between mergers and acquisitions (M&As) and corporate innovation. It also identifies relevant policies implemented by countries around the world to encourage corporate innovation activities, and...

Persistent link: https://www.econbiz.de/10011757954

Does protectionist anti-takeover legislation lead to managerial entrenchment?

Frattaroli, Marc - 2018

I study a protectionist anti-takeover law introduced in 2014 that covers a subset of all firms in the economy. The law decreased affected firms' likelihood of becoming the target of a merger or acquisition and had a negative impact on shareholder value. There is no evidence that management of...

Persistent link: https://www.econbiz.de/10011875653

What’s happened over the past 10 years to the selection of retired CEOs as board members?

Lee, Changmin - Center for Applied Economics and Policy Research … - 2007

I analyze directorships held by CEOs who retired during 1989-1993 and during 1998-2002. My results suggest that retired CEOs became more popular on boards. Also, although pre-retirement accounting performance helps explain the number of outside directorships a retired CEO held in the 1989-1993...

Persistent link: https://www.econbiz.de/10005727873

Effects of Firm Complexity on the Adaption of Board Structure : Evidence from U.S. Electric Utilities Following Deregulation

Hoi, Chun-Keung; Wollan, Patricia L. - 2010

This paper reexamines the adaptation of board structure in U.S. electric utilities following deregulation. Post-deregulation … changes in the complexity of a firm’s operations. Electric utilities that do not become more complex after deregulation reduce … that become more complex; these utilities employ more outsiders but fewer inside directors after deregulation. We conclude …

Persistent link: https://www.econbiz.de/10014193644

Deregulation and Board Composition : Evidence on the Value of the Revolving Door

Helland, Eric; Sykuta, Michael E. - 2004

over a period of deregulation. We focus on the 1986 deregulation of the natural gas extraction companies. This event … theory and the managerial human asset theory. Using data covering the period from 1978 to 1998, we test whether deregulation … altered composition of the board as the firm's environment changed. In particular, did deregulation cause firms to reduce the …

Persistent link: https://www.econbiz.de/10014123037

The Effects of Financial Deregulation on Bank Governance : Evidence from Bank Merger Deregulation

Roengpitya, Rungporn - 2011

This paper examines the effects of the bank merger deregulation passed by U.S. Congress in 1994 on the board … states for 3 years, I found that banks in states with intrastate branching deregulation had a lower proportion of outside … board directors (OBDs) and banks in states with interstate banking and the bank holding company deregulation had a higher …

Persistent link: https://www.econbiz.de/10013128982

Cash holdings, corporate governance, and acquirer returns

Ahn, Seoungpil; Chung, Jaiho - In: Financial Innovation 1 (2015) 13, pp. 1-31

Background: The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs) is a contentious issue. By taking the differential effect hypothesis perspective, our study aims to provide additional evidence about the relation between ATPs and acquisition performance. Methods: We...

Persistent link: https://www.econbiz.de/10011808201