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Market Reaction to Social Performance of Acquiring Firms : Evidence on Emerging Markets

Yen, Tze-Yu - 2016

theory nor shareholder theory stand-alone can explain the effects of CSR performance on market reactions. Investors …

Persistent link: https://www.econbiz.de/10012979302

ESG and Firm Value Effects of Shareholder Proposals

Busch, Timo; Scheitza, Lisa; Bauckloh, Tobias; Klein, … - 2023

We investigate environmental, social, and governance (ESG) and firm value effects of more than 7,000 shareholder proposals submitted between 2006–2020. Using propensity score matching and a difference-in-differences setting, the results indicate that firms that receive an ESG- or...

Persistent link: https://www.econbiz.de/10014257842

How does corporate social responsibility engagement affect the information content of stock prices?

Benkraiem, Ramzi; Boubaker, Sabri; Saeed, Asif - 2021

This paper investigates the effect of corporate social responsibility on theinformation content of stock prices. Using a sample of 877 U.S.-listed firms, weprovide evidence that a firm’s CSR performance has a negative effect on stock pricesynchronicity, suggesting that socially responsible...

Persistent link: https://www.econbiz.de/10014087226

Shareholder Wealth Effects of Corporate Governance Deficiencies on Nasdaq

Frost, Carol Ann - 2017

The Nasdaq Stock Market's enforcement activities offer a unique setting for investigating the consequences of changes in corporate governance as evidenced by deficiency notices. We document significant negative abnormal returns in response to Nasdaq deficiency notices for audit committee and...

Persistent link: https://www.econbiz.de/10012972580

Outside Director Liability : German Stock Corporation Law in Transatlantic Perspective

Roth, Markus - 2010

The role of outside directors is one of the key features in the transatlantic corporate governance debate. As their importance rises, their liability is also attracting attention. Since there are only a few cases internationally in which outside directors of listed companies have been held...

Persistent link: https://www.econbiz.de/10013137966

Is the Stock Market Biased Against Diverse Top Management Teams?

Manconi, Alberto - 2020

Using a novel text-based measure of top management team diversity, covering over 70,000 top executives in over 6,500 U.S. firms from 1999 to 2014, we show that analyst forecasts are systematically more pessimistic for firms with more diverse top management teams ("diverse firms"), especially for...

Persistent link: https://www.econbiz.de/10012850261

Shareholder Implications of Anti-ESG News : Evidence From the 100 Most Overpaid CEOs

Barnes, Spencer - 2023

I examine how negative ESG news distorts shareholder outcomes. In 2015 As You Sow began the yearly release of "The 100 Most Overpaid CEOs" list, leading to negative ESG news for firms that make the list. Overpaying CEOs is a governance concern as it signals a failure in proper controls and a...

Persistent link: https://www.econbiz.de/10014265193

Stock Performance or Entrenchment? The Effects of Mergers and Acquisitions on CEO Compensation

Kumar, Praveen - 2012

Using a large sample of U.S. acquiring and non-acquiring firms and covering a broad sample of transactions, we examine the effects of mergers and acquisitions (M&A) on CEO compensation during 1993-2006, a period of intense M&A activity. We alleviate endogeneity concerns through dynamic panel...

Persistent link: https://www.econbiz.de/10013101686

Executive Compensation and Informed Trading in Acquiring Firms around Merger Announcements

Ordu, Umut - 2014

This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...

Persistent link: https://www.econbiz.de/10013064748

Managerial Control Benefits and Takeover Market Efficiency

Wang, Wenyu - 2019

dark side, managers' private benefits of control distort firms' takeover incentives and hinder the reallocation role of the … takeover market. On the bright side, fear of a takeover induces underperforming managers to exert more effort and enhances the …How and to what extent do managerial control benefits shape the efficiency of the takeover market? We revisit this …

Persistent link: https://www.econbiz.de/10012898784

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