We analyze a hand-collected dataset of 1682 executive compensation packages at 34 firms included in the main German stock market index (DAX) for the years 2009-2017 in order to investigate the impact of the 2009 say on pay legislation. The findings provide important insights beyond the German...

In this paper we reexamine the findings of Gompers, Ishii, and Metrick (2003) and Bebchuk, Cohen, and Ferrell (2009) and find the link between corporate governance (as measured by the G index and E index) and firm stock returns is much weaker than previously suggested. We extend the sample...

Equity risk premiums are a central component of every risk and return model in finance and are a key input in estimating costs of equity and capital in both corporate finance and valuation. Given their importance, it is surprising how haphazard the estimation of equity risk premiums remains in...

We estimate a model of damage to corporate earnings from COVID-19. A pandemic decreases earnings due to costly mitigation and lower growth rates. The arrival of a vaccine, modeled as a Poisson process, reverts earnings to normal. We fit our model to timely measures of expected damage given by...

This paper discusses stakeholder wealth maximization as the ultimate objective of Corporate Governance. This study investigates the role of CG in minimizing the total risk on the firm and maximizing the wealth. At the end, paper intends to examine possibility of CG as a sorting variable for...

Using aggregate data from national accounts, we study whether strengthening and harmonizing securities regulation across the European Union increases household equity ownership. We find a significant increase in the proportion of liquid assets invested in equity, both when a household's own...

Despite their popularity as proxies of expected returns, the implied cost of capital's (ICC) measurement error properties are relatively unknown. Through an in-depth analysis of a popular implementation of ICCs by Gebhardt, Lee, and Swaminathan (2001) (GLS), I show that ICC measurement errors...

Which legal, political, and economic institutions are shaping privatization processes in the world? This paper addresses the issue, presenting new evidence for a sample of 49 countries. From an empirical analysis for the period 1977-96, the decision to privatize appears to be influenced by...

This document contains supporting materials for the article "How Rigged Are Stock Markets? Evidence from Microsecond Timestamps" by Robert P. Bartlett, III and Justin McCrary.The paper to which this Appendix applies is available at the following URL: "https://ssrn.com/abstract=2812123"...

Using new data from the two U.S. securities information processors (SIPs) between August 6, 2015 and June 30, 2016, we examine claims that high-frequency trading (HFT) firms use direct feeds to exploit traders who rely on SIP prices. Across $3.7 trillion of trades, the SIPs report quote updates...