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Disciplining Delegated Monitors : When Venture Capitalists Fail to Prevent Fraud by Their IPO Firms
Tian, Xuan - 2015
Information-based theories of financial intermediation focus on delegated monitoring. However, there is little evidence on how markets discipline intermediaries who fail at this function. We exploit the direct link between corporate fraud and monitoring failure and examine how a venture capital...
Persistent link: https://www.econbiz.de/10013038213
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The Value of Political Capital : Dictatorship Collaborators as Business Elites
González, Felipe - 2018
What is the value of political capital for individuals? Towards the end of the Pinochet dictatorship in Chile, military and civilian collaborators entered the business elite, controlling the largest and most important firms in the country. Using a novel panel dataset of board members in these...
Persistent link: https://www.econbiz.de/10012929328
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Do Credit Unions have Distinct Objectives? Evidence from Executive Compensation Structures
van Rijn, Jordan; Zeng, Shuwei; Hueth, Brent - 2021
Credit unions compete directly with commercial banks in markets for consumer financial services yet receive an exemption from federal corporate income tax. Commercial banks claim that credit unions are no different than banks and that the credit union tax exemption represents an unfair...
Persistent link: https://www.econbiz.de/10013214941
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Hometown Lending
Lim, Ivan - 2020
Banks open more branches and make more lending near their Chief Executive Officers' (CEOs) childhood hometowns. The effects are stronger among information-ally opaque borrowers and among CEOs who spend more time in their childhood hometowns. Furthermore, loans originated near CEOs' hometowns...
Persistent link: https://www.econbiz.de/10012827570
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CEO incentives and bank risk over the business cycle
Ongena, Steven; Savaser, Tanseli; Ciamarra, Elif Sisli - 2020
We examine whether the relationship between managerial risk-taking incentives and bank risk is sensitive to the underlying macroeconomic conditions. We find that risk-taking incentives provided to bank executives are associated with higher bank riskiness during economic downturns. We attribute...
Persistent link: https://www.econbiz.de/10012271222
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Role of Media and Independent Directors in Corporate Transparency and Disclosure : Evidence from an Emerging Economy
Zaman, Rashid - 2017
role of independent directors on boards and audit committees and media coverage on corporate transparency and disclosure … transparency and disclosure.Methodology: The paper uses the well-developed two-step system Generalised Method of Moment (GMM … agenda setting and agency theories in promoting corporate transparency and disclosure. On the contrary, the boards …
Persistent link: https://www.econbiz.de/10012947253
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Economic Consequences of Equity Compensation Disclosure
Bertomeu, Jeremy - 2011
The primary role of equity compensation is to provide incentives to an effort-averse agent. Here, we show that the chosen level of equity incentives, when publicly disclosed, will also convey information about future earnings, causing two-way linkages between incentive compensation and financial...
Persistent link: https://www.econbiz.de/10013131447
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Managerial Compensation and the Debt Placement Decision
Albring, Susan - 2011
Extant research argues that borrowing from financial intermediaries subjects managers to external monitoring. However, given managers' flexibility in choosing the type of debt financing, why would managers submit themselves to external monitoring? Recent theory points to the role of managerial...
Persistent link: https://www.econbiz.de/10013120911
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Proxy Advisory Firms and Stock Option Repricing
Larcker, David F. - 2013
This paper examines the relationship between firm performance and the recommendations provided by proxy advisory firms in the United States, regarding shareholder votes in stock option exchange programs. Using a comprehensive sample of stock option exchanges announced between 2004 and 2009, we...
Persistent link: https://www.econbiz.de/10013093579