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Asset Management Contracts and Equilibrium Prices
Buffa, Andrea M - 2019
We derive equilibrium asset prices when fund managers deviate from benchmark indices to exploit noise-trader induced … distortions but fund investors constrain these deviations. Because constraints force managers to buy assets that they underweight …. Noise traders bias prices upward because constraints make it harder for managers to underweight overvalued assets, which …
Persistent link: https://www.econbiz.de/10012904735
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Managerial Incentives Explanation of Equity Carve-Outs Initial Returns
Seistrajkova, Biljana - 2017
This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...
Persistent link: https://www.econbiz.de/10012970504
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The Impact of Internal Control on Stock Performance : Evidence from China Listed Companies
Yang, Zihan - 2022
The primary orientation of this research is to explore the impact of internal control on corporate stock performance. The stock data of 10206 listed companies in the Chinese market during 2001-2020 with effective DIB internal control index are collected and utilized as samples. Regression...
Persistent link: https://www.econbiz.de/10014235860
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Ownership structure, incentives, and asset returns
Jung, Hae Won; Subramanian, Ajay; Zeng, Qi - In: Management science : journal of the Institute for … 70 (2024) 1, pp. 589-615
Persistent link: https://www.econbiz.de/10014470043
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Do Hedge Funds Possess Private Information about IPO Stocks? Evidence from Post-IPO Holdings
Qian, Hong - 2017
Using hedge funds' holdings of IPO stocks, we find that stocks with abnormally high hedge fund holdings, based on stock and deal characteristics, yield abnormal returns. Moreover, hedge funds are able to sell IPO stocks in a timely fashion before long-run underperforming periods start,...
Persistent link: https://www.econbiz.de/10012973112
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Index Fund and ETF Ownership and the German Market for Corporate Control
Dobmeier, Ludwig - 2019
If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and exchange traded funds (ETF) as shareholders of this company cannot easily tender their shares without losing track of the index. This paper analyzes the impact of index fund and...
Persistent link: https://www.econbiz.de/10012864050
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Blockholder and CEO Wealth-Performance Sensitivity
Huang, Sheng - 2022
Higher CEO incentives can both reduce the conflict between management and shareholders, thereby making blockholder monitoring less necessary (“substitution effect”), and increase the ability to punish recalcitrant CEOs through blockholder’s exit, thereby making blockholder monitoring more...
Persistent link: https://www.econbiz.de/10013403051
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The Short-Termism Trap : Competition for Informed Investors Under Stock-Based CEO Compensation
Dow, James; Han, Jungsuk; Sangiorgi, Francesco - 2022
-termist pressure. More informative stock prices reduce the agency cost of incentivizing managers. Also, shortening a firm's project …
Persistent link: https://www.econbiz.de/10013405324
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Management Team Incentive Heterogeneity and Stock Price Crash Risk
Li, Yiwei - 2019
Research into group decision-making suggests that any optimal managerial compensation incentive design should incorporate synergistic interrelationships among top executives within a firm. This paper investigates whether the equity incentive structure of a management team affects firm-level...
Persistent link: https://www.econbiz.de/10012862763
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Sunrise, sunset : an empirical and theoretical assessment of dual-class stock structures
Winden, Andrew William - 2017
A battle is brewing for control of America's most dynamic companies. Entrepreneurs are increasingly seeking protection from interference or dismissal by public investors through the adoption of dual-class stock structures in initial public offerings. Institutional investors are pushing back,...
Persistent link: https://www.econbiz.de/10011721539