Narrow search
Showing 1 - 10 of 8,473
Cover Image
Learning about CEO ability and stock return volatility
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2013
When there is uncertainty about a CEO's quality, news about the firm causes rational investors to update their expectation of the firm's value for two reasons: Updates occur because of the direct effect of the news, and also because news leads investors to update their assessment of the CEO's...
Persistent link: https://www.econbiz.de/10009724571
Cover Image
CEO turnover, firm performance and enterprise reform in China : evidence from new micro data
Kato, Takao (contributor); Long, Cheryl (contributor) - 2006
Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find consistently for all performance measures including both stock...
Persistent link: https://www.econbiz.de/10003253453
Cover Image
Market Reactions to the Regulation of Executive Compensation
Hitz, Joerg-Markus - 2016
This paper investigates equity market reactions to the regulation of executive compensation. We exploit a natural experimental setting in Germany, where recent legislation introduces restrictions on the relative amount and on the components of board executive compensation packages, and invokes...
Persistent link: https://www.econbiz.de/10013006468
Cover Image
The Retention Effects of Unvested Equity : Evidence from Accelerated Option Vesting
Jochem, Torsten - 2018
We document that firms can effectively retain executives by granting deferred equity pay. We show this by analyzing a unique regulatory change (FAS 123-R) that prompted 723 firms to suddenly eliminate stock option vesting periods. This allowed CEOs to keep 33% more options when departing the...
Persistent link: https://www.econbiz.de/10012937264
Cover Image
Married CEOs and Stock Price Crash Risk
Kim, Jeong-Bon; Liao, Shushu; Liu, Yangke - 2021
This study examines whether marriage, as a social construct and cultural norm, could affect firm-level stock price crash risk. We find that firms managed by married CEOs are associated with lower future stock price crash risk, after controlling for a set of firm characteristics and CEO traits....
Persistent link: https://www.econbiz.de/10013234189
Cover Image
Married CEOs and Stock Price Crash Risk
Kim, Jeong-Bon; Liao, Shushu; Liu, Yangke - 2022
This study examines whether marriage, as a social construct and cultural norm, can affect firm-level stock price crash risk. We find that firms managed by married CEOs are associated with lower future stock price crash risk, after controlling for a set of firm characteristics and CEO traits. We...
Persistent link: https://www.econbiz.de/10013405213
Cover Image
CEO Equity Incentive Duration and Expected Crash Risk
Gu, Zhenjiang; Lu, Louise Yi; Yu, Yangxin - 2022
. Overall, our results suggest that lengthening CEO equity incentive duration discourages managers from withholding bad news …
Persistent link: https://www.econbiz.de/10013405791
Cover Image
Managers’ Stock-Based Compensation and Disclosures of High Proprietary Cost Information : An Investigation of US Biotech Firms
Enache, Luminita - 2020
proprietary information. While prior studies suggest that stock-based compensation provides managers with an incentive to enhance … that, on average, managers' stock-based compensation is not significantly related with their disclosure of high proprietary … cost information. More importantly, we find that a larger amount of stock-based compensation motivates managers to reveal …
Persistent link: https://www.econbiz.de/10012853081
Cover Image
Blockholders on Boards and CEO Compensation, Turnover and Firm Valuation
Agrawal, Anup - 2019
We find that the presence of independent directors who are blockholders (IDBs) in firms promotes better CEO contracting and monitoring, and higher firm valuation. Using a panel of about 11,500 firm-years with a unique, hand-collected dataset on IDB-identity and a novel instrument, we find that...
Persistent link: https://www.econbiz.de/10012906210
Cover Image
The Fragility of Organization Capital
Boguth, Oliver - 2018
Firms with high levels of organization capital, a firm-specific production factor provided by key employees, are known to be risky and earn high stock returns. We argue that fragility of organization capital -- its sensitivity to potential disruptions -- is an independently important determinant...
Persistent link: https://www.econbiz.de/10012936879