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Aggregation, capital heterogeneity, and the investment CAPM
Gonçalves, Andrei S.; Xue, Chen; Zhang, Lu - 2019
A detailed treatment of aggregation and capital heterogeneity substantially improves the performance of the investment … capital. The model fits well the value, momentum, investment, and profitability premiums simultaneously and partially explains … profitability premiums, as well as the countercyclical and long-term dynamics of the value and investment premiums. However, the …
Persistent link: https://www.econbiz.de/10011968853
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Ownership Structure and Financial Constraints : Evidence from a Structural Estimation
Lin, Chen - 2011
firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a …-ownership divergence can have a real impact on corporate financial and investment outcomes …
Persistent link: https://www.econbiz.de/10013133658
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About Estimating Gains from Diversification and Why Firms Self-Select
Brendel, Markus - 2015
This paper aims to shed light on the alleged contradiction between the observed conglomerate discount and a value creating effect of diversification itself. For this reason, we apply endogenous switching regressions on a sample of 51,878 US-firm years recorded over the years 1992-2012 in order...
Persistent link: https://www.econbiz.de/10013025912
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The evolution of pay premiums for managerial attributes
Li, Si; Perez, M. Fabricio - In: The journal of corporate finance : contracting, … 69 (2021), pp. 1-24
Persistent link: https://www.econbiz.de/10012629640
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Entrepreneurial human capital, complementary assets, and takeover probability
Braun, Thorsten V.; Krispin, Sebastian; Lehmann, Erik - 2009
firm's assets in the spirit of the Grossman-Hart-Moore incomplete contracts theory of the firm. This approach highlights …
Persistent link: https://www.econbiz.de/10003931309
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Entrepreneurial human capital, complementary assets, and takeover probability
Braun, Thorsten V.; Krispin, Sebastian; Lehmann, Erik - 2010
Although acquisitions of high tech entrepreneurial firms are of great popularity, the limited empirical evidence shows that these acquisitions often lead to dismal results in that a large number of acquired inventors leave the company after the acquisition and those that remain exhibit poor...
Persistent link: https://www.econbiz.de/10009514533
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Corporate Governance und Unternehmenserfolg : eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutsche...
Steinbrecher, Johannes - 2016
Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...
Persistent link: https://www.econbiz.de/10011742813
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Equity Vesting and Investment
Edmans, Alex - 2020
This paper links the CEO's concerns for the current stock price to reductions in real investment. We identify short … assets), 11% of the average investment-to-assets ratio. Vesting equity is also associated with positive analyst forecast … determined by equity grants made several years prior, and thus unlikely to be driven by current investment opportunities, our …
Persistent link: https://www.econbiz.de/10012857035
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Corporate Governance und Unternehmenserfolg - Eine empirische Analyse des Zusammenhangs zwischen den Führungs-, Kontroll- und Anreizstrukturen und der Geschäftsentwicklung deutsche...
Steinbrecher, Johannes - 2016
Das internationale Bankensystem stand in den vergangenen Jahren im Fokus des öffentlichen Interesses. Bei der Diskussion möglicher Optionen zur Verbesserung der Finanzsystemstabilität rückt zunehmend die Corporate Governance in Banken in den Fokus. Der vorliegende Forschungsbericht widmet...
Persistent link: https://www.econbiz.de/10011698354
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How costly is corporate bankruptcy for top executives?
Eckbo, B. Espen; Thorburn, Karin S.; Wang, Wei - 2012
We examine chief executive officer (CEO) career and compensation changes for large firms filing for Chapter 11. One-third of the incumbent CEOs maintain executive employment, and these CEOs experience a median compensation change of zero. However, incumbent CEOs leaving the executive labor...
Persistent link: https://www.econbiz.de/10009625392