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This paper examines why overconfident CEOs issue more debt than equity within U.S. Real Estate Investment Trusts (REITs) and the value implications of this debt preference. Consistent with a demand-side story, I find that overconfident CEOs choose to issue more debt than equity than their...
Persistent link: https://www.econbiz.de/10012958260
This paper investigates the relation between unionization and corporate governance practices in the United States. For unionized firms to secure a bargaining advantage, we hypothesize that the managers of such firms will optimally adopt structures of governance that increase managerial power and...
Persistent link: https://www.econbiz.de/10012920120
This paper extends our knowledge of corporate debt maturity structure by examining whether and to what extent overconfident CEOs affect maturity decisions. Consistent with a demand side story, we find that firms with overconfident CEOs tend to adopt a shorter debt maturity structure by using a...
Persistent link: https://www.econbiz.de/10013035215
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This paper examines whether CEO turnover within a bankrupt firm predicts the firm's likelihood to reemerge from bankruptcy proceedings as a reorganized entity. Using 836 bankruptcy cases filed under Chapter 11 of the United States Bankruptcy Code from 1989 through 2016, we show that firms that...
Persistent link: https://www.econbiz.de/10012830829
This paper examines whether CEOs with shorter initial contract lengths suffer from greater pressure and consequently engage in more visible efforts via mergers and acquisitions (M&As). By using CEO initial fixed-term contracts and exploiting U.K. corporate governance reform as an exogenous...
Persistent link: https://www.econbiz.de/10013240457
This paper examines executive and nonexecutive performance-vested (p-v) restricted stock grants and the extent to which setting an attainable goal affects corporate innovation. Using a Monte-Carlo simulation framework and exploiting an exogenous variation in Offshore Service Outsourcing (OSO)...
Persistent link: https://www.econbiz.de/10013289216