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Sustainability or performance? : ratings and fund managers' incentives

Gantchev, Nickolay; Giannetti, Mariassunta; Li, Rachel - 2021

salient. Following the introduction of Morningstar’s sustainability ratings (the “globe” ratings), mutual funds increased … their holdings of sustainable stocks in an attempt to improve their globe ratings. This trading behavior created buying … pressure, decreasing the returns of stocks with high sustainability ratings. Consequently, a tradeoff between sustainability …

Persistent link: https://www.econbiz.de/10012815860

Citigroup : A Case Study in Managerial and Regulatory Failures

Wilmarth, Arthur E. - 2014

Persistent link: https://www.econbiz.de/10013061690

Female Board Leadership, Firm Performance, and Corporate Governance : Evidence from China

Jiang, Fuxiu - 2019

Using a large sample of Chinese firms, we examine performance differences between firms with female and male chairs and the channels through which such differences arise. After controlling for the presence of female CEOs and non-chair female directors, we find that chairwoman firms perform...

Persistent link: https://www.econbiz.de/10012897552

Effects of CEO Turnover in Banks : Evidence Using Exogenous Turnovers in Indian Banks

Subramanian, Krishnamurthy - 2017

We examine the effects of CEO turnover in banks. Incoming bank CEOs face problems from information asymmetry because banks' operations are opaque and bank risk can change dramatically in a short time. Incoming bank CEOs may therefore change bank policies to manage their personal risks. Since CEO...

Persistent link: https://www.econbiz.de/10012970063

Bank Monitoring and CEO Risk-Taking Incentives

Saunders, Anthony - 2017

This paper investigates whether monitoring by bank lenders affects CEO incentives of borrowing firms. We find that an increase in bank monitoring incentives significantly reduce the sensitivity of CEO wealth to stock return volatility (Vega). The results are more profound when bank lenders are...

Persistent link: https://www.econbiz.de/10012972638

CEO Turnover and Earnings Management in Banks : Evidence Using Age-Based Retirement Policies

Sarkar, Arkodipta - 2017

We examine the effect of CEO turnover on earnings management in banks. Since banking is intrinsically an opaque activity, we hypothesize that an incoming CEO of a bank is more likely to manage earnings than a counterpart in a non financial firm. To identify the hypothesized effects, we exploit...

Persistent link: https://www.econbiz.de/10012973890

Blockholder Heterogeneity, CEO Compensation, and Firm Performance

Clifford, Christopher P. - 2017

This paper examines heterogeneity in blockholder monitoring across investor type. We document which blockholder types (e.g. mutual funds, hedge funds) are more likely to be associated with active monitoring and show that firms targeted by such blockholders are more likely to increase the equity...

Persistent link: https://www.econbiz.de/10012976464

Executive Remuneration. A Comparative Overview

Ferrarini, Guido - 2014

In this chapter, we analyse current trends in the regulation and practice of executive remuneration. No doubt, the role of regulation in this area is on the rise, particularly after the recent financial crisis, and the standards as to pay governance and structures are spreading from the...

Persistent link: https://www.econbiz.de/10013045689

CEO Pay, Performance, and Value Sharing

Donatiello, Nicholas - 2016

CEO compensation is a highly controversial subject. While most company directors believe that CEO pay is not a problem, the majority of the American public believes that it is. The difficulties that boards face in justifying CEO pay levels in some ways stem from the challenge of quantifying how...

Persistent link: https://www.econbiz.de/10012997558

In Lombard We Trust : The Value of Independent Celebrity Directors

Cardow, Andrew - 2015

This paper addresses corporate governance issues around the use of celebrity independent directors in closely held financial institutions. The authors employ the failure of Lombard Finance, a closely held New Zealand finance company to illustrate the agency conflict between directors, who were...

Persistent link: https://www.econbiz.de/10013028464

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