Prior research calls into question the general informational role of analysts by documenting inefficiencies, biases, and limitations of sell-side analyst research (e.g., forecasts). Rather than examine the general informational value of analyst research, I examine the value of analyst research...

This chapter assesses the behavior of corporate managers and boards of directors within the framework of agency theory, stewardship theory, and psychological biases. In agency theory, a chief executive officer (CEO) is motivated to act in his or her own best interests rather than those of...

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...

Televised media interviews with public company CEOs occur nearly every trading day. During these interviews, investors observe visual cues in addition to hearing the verbal information managers disclose. Building on findings in the psychology and communications literature, we ask whether...

This paper investigates the potential implications of say on pay on management remuneration in Germany. We try to shed light on some key aspects by presenting quantitative data that allows us to gauge the pertinent effects of the German natural experiment that originates with the 2009 amendments...

On January 20, 1993, Michael Walsh, the former Chairman and CEO of Tenneco revealed to the public that he had brain cancer. This type of disclosure of health issues are arguably serious enough to affect Wall Street. Other company officials have previously made similar disclosures such as Hugh...

In recent months, the financial and economic crisis has reintroduced into public debate the legitimacy of managers' compensation in public corporations. The reaction of the various international bodies (G20, Financial Stability Forum, European Commission, Organisation of European and Economic...