We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...

We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...

A unified framework is presented to characterise the capital structure of firms that face borrowing restrictions - which extends the classic theory of capital by incorporating elements from actuarial and agency theory. It is demonstrated that the bankruptcy and agency costs afforded by these...

We evaluate the effects of management ownership and other corporate governance variables on Hong Kong firms' stock performance following the onset of the Asian Financial Crisis (1997-98), a period during which corporate governance structures to protect the interests of outside shareholders are...

We study the effect of CEO external-directorships on performance using non-US firms. We find that CEOs serving on four or more external-directorships have a detrimental effect on firm value and performance and more powerful CEOs are busier. Firms with busy CEOs trade at a 10% discount relative...

Our study explores how managerial stock holdings and option holdings affect CEOs' income smoothing incentives. Given the different roles of stock holdings and option holdings in solving agency problems, managers may smooth past earnings using discretionary accruals for the purpose of revealing...

We study the relations between governance mechanisms (internal and external), conference call voluntary disclosures (incidence and length), and CEO compensation using hand-collected data on conference calls, corporate governance, and compensation. We hypothesize and show that institutions push...

We study the effect of outside block-ownership on the future firm-specific crash-risk of Indian firms. Major and dedicated block-owners play a significant role in aggravating the firm's susceptibility towards crash-risk. Within a novel regulatory setup in India, where borrowing firms are...

We explore the association between CEO compensation and carbon risk using firm level emission data for US firms between 2010 and 2018. Our results show that firm’s carbon risk is positively associated with CEO’s total compensation, implying that CEO total pay (equity pay) increases by 0.17%...

Since the late 1990s, the number of apologies being offered by CEOs of large companies has exploded. Communication and management scholars have analyzed whether and why some of these apologies are more effective or more ethical than others. Most of these analyses, however, have remained at the...