A generalized version of the standard neoclassical investment model can explain the relatively high equity prices in the late 1990s and early 2000s in the US corporate nonfinancial and NASDAQ sectors along with the relatively low prices before and after this period. Stock returns predicted by...

We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors affects firm value. We find that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. We...

We investigate the impact of CEO activism, the increasingly common practice of CEOs speaking out on social/political issues, on firm value. CEO activism may be beneficial for shareholders, as it can bolster firms' relationships with customers and employees. Alternatively, CEO activism may be...

One of the most conspicuous features of mergers is that they come in waves, and that these waves are correlated with increases in share prices and price/earnings ratios. We test four hypotheses that have been advanced to explain merger waves: the industry shocks, q-, overvaluation and managerial...

With the removal of statute-based anti-takeover provisions during the aftermath of Asian crisis, a significant number of Korean firms started to introduce charter-based measures. In this paper, we make use of this unique situation where firm-level anti-takeover provisions (ATP) vary over time...

We report our findings on cross-societal variations in values about CSR in senior executives from five economies. We find that executives in all five are concerned with the roles of their firms in society, with those in Japan most so and those in Hong Kong least so. However, executives in each...

Researchers in finance and accounting recently find that male CEOs’ high facial masculinity (fWHR: facial width-to-height ratio), which is known to be related to aggressiveness to achieve higher social status in the neuroendocrinology literature, shows dual impacts on corporate outcomes. For...