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Why do U.S. CEOs pledge their own company's stock?
Fabisik, Kornelia - 2019
Between 2007 and 2016, 7.6% of publicly listed U.S. firms disclosed that their CEOs had pledged company stock as collateral for a loan. On average, CEOs pledge 38% of their shares. The mean loan value is an economically sizeable $65 million. CEOs use the funds to either double down (6.0%), hedge...
Persistent link: https://www.econbiz.de/10012134769
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The Market for CEOs : Evidence from Private Equity
Gompers, Paul A.; Kaplan, Steven N.; Mukharlyamov, Vladimir - 2022
Most research on the CEO labor market has studied public company CEOs while largely ignoring the market for CEOs in private equity funded companies. We fill this gap by studying the market for CEOs among larger U.S. companies (enterprise value greater than $1 billion) purchased by private equity...
Persistent link: https://www.econbiz.de/10013404366
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When heirs become major shareholders : evidence on tunneling and succession through related-party transactions
Kim, U-chʾan; Hwang, Sunwoo - 2014
In family firms, the succession of controlling equity stake to next generation is an issue of paramount importance. This, however, can be a major challenge in the presence of heavy inheritance or gift tax burden (high tax rate and absence of tax-saving vehicles, such as trusts or foundations)...
Persistent link: https://www.econbiz.de/10010355189
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The dark side of outside directors : do they quit when they are most needed?
Fahlenbrach, Rüdiger; Low, Angie; Stulz, René M. - 2010
Following surprise independent director departures, affected firms have worse stock and operating performance, are more likely to restate earnings, face shareholder litigation, suffer from an extreme negative return event, and make worse mergers and acquisitions. The announcement returns to...
Persistent link: https://www.econbiz.de/10003979510
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Why managers hold shares of their firms : an empirical analysis
Lilienfeld-Toal, Ulf von (contributor);  … - 2007
We examine the relationship between CEO ownership and stock market performance. Firms in which the CEO voluntarily holds a considerable share of outstanding stocks outperform the market by more than 10% p.a. after controlling for traditional risk factors. The effect is most pronounced in firms...
Persistent link: https://www.econbiz.de/10003634748
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A strategy perspective on the performance relevance of the CFO
Venus, Andreas; Engelen, Andreas - 2012
Research on functional members of top management teams (TMTs) has increasingly drawn interest to the strategic management field over the past few years. Studies have documented the rise of the chief financial officer (CFO) to pivotal importance and considerable power within the organization. By...
Persistent link: https://www.econbiz.de/10009502934
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The Relationship between Corporate Social Responsibility and Types of CEO Turnover : Evidence from US Firms
Chulkov, Dmitriy; Wang, Xiaoqiong - 2023
This study examines the relationship between corporate social responsibility (CSR) and different types of CEO turnover. Our findings based on a sample of over 2,500 publicly-traded US firms clarify how firms’ CSR engagement relates to CEO turnover by reason and source of new CEO. Firms with...
Persistent link: https://www.econbiz.de/10014351224
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Former CEO directors : lingering CEOs or valuable resources?
Fahlenbrach, Rüdiger; Minton, Bernadette A.; Pan, Carrie H. - 2010
We investigate corporate governance experts' claim that it is detrimental to a firm to reappoint former CEOs as directors after they step down as CEOs. We find that more successful and more powerful former CEOs are more likely to be reappointed to the board multiple times after they step down as...
Persistent link: https://www.econbiz.de/10003979500
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Fund manager duality : impact on performance and investment behavior
Kempf, Alexander; Pütz, Alexander; Sonnenburg, Florian - 2012
fund manager duality using a broad sample of single managed US equity funds. We find that duality managers significantly … underperform non-duality managers. This underperformance results from duality funds in the bottom performance quintile. This … suggests that duality managers can avoid being laid off despite their bad performance. Consistent with this lower risk of …
Persistent link: https://www.econbiz.de/10009579421
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Are CEOs in Public U.S. Firms Overpaid? New Evidence from Private Firms
Gao, Huasheng - 2012
We provide new evidence on the debate whether CEOs in public U.S. firms are significantly overpaid using their counterparts in private U.S. firms over the period 1999 to 2008. Using public and private firm CEO pay data made available through mandated SEC disclosures, we first show that after...
Persistent link: https://www.econbiz.de/10013116284