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The executive turnover risk premium
Peters, Florian; Wagner, Alexander F. - 2009
We establish that CEOs of companies experiencing volatile industry conditions are more likely to be dismissed. At the same time, industry risk is, accounting for various other factors, unlikely to be associated with CEO compensation other than through dismissal risk. Using this identification...
Persistent link: https://www.econbiz.de/10003961496
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Passive shareholders as a takeover defense
Bodnaruk, Andrij; Gao, Pengjie; Östberg, Per; Yun, Hayong - 2011
more passive shareholders (lower ownership per non-institutional shareholder) are less likely to be takeover targets, less … likely to be acquired and command higher premiums. Using the adoption of anti-takeover law in Delaware as an exogenous shock … to anti-takeover protection, we show that the passiveness of shareholder base decreases as the takeover threat subsides …
Persistent link: https://www.econbiz.de/10009009605
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Shareholder Wealth Effects of Cultural Diversity Among Blockholders : Evidence From Cross-Border Acquisitions by US Listed Companies
Chen, Victor Zitian - 2019
Manuscript Type: EmpiricalResearch Question/Issue: This paper studies whether and how diversity among blockholders in their cultural preferences may affect short-term shareholder wealth. Blockholders often hold diverse objectives, leading to principal-principal (PP) conflicts in cross-border...
Persistent link: https://www.econbiz.de/10012893455
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Internal Corporate Control and the Dynamics of Post-Acquisition Boards : Evidence of U.S. Life Insurers
Xie, Xiaoying - 2015
more likely to be replaced if the takeover is disciplinary …
Persistent link: https://www.econbiz.de/10013012966
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Are Independent Directors Effective Corporate Monitors? – An Analysis of the Empirical Evidence in the USA and Canada
Lai, Brian - 2016
This thesis explores whether independent directors in the USA and Canada are effective in holding management accountable by: (1) analyzing how the policy of relying on independent directors developed and operates; (2) introducing the main theoretical critiques of independent directors'...
Persistent link: https://www.econbiz.de/10012991902
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Securing the Nation or Entrenching the Board? The Evolution of CFIUS Review of Corporate Acquisitions
Westbrook, Amy - 2019
Persistent link: https://www.econbiz.de/10012858994
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What is the relation (if any) between a firm's corporate governance arrangements and its financial performance?
Wessels, Roberto E.; Wansbeek, Tom - 2014
This paper presents estimates from a latent variables model of the relation between corporate governance and financial performance. We use data on large US corporations to estimate the correlation, conditional on the firms' investment opportunity set, between governance and performance. We find...
Persistent link: https://www.econbiz.de/10010235838
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Internal vs. external corporate social responsibility at U.S. banks
Bolton, Brian - In: International Journal of Financial Studies : open … 8 (2020) 4/65, pp. 1-28
This study analyzes the effect that banks' investments in corporate social responsibility (CSR) have on bank performance. I find that banks' investments in CSR have a positive impact on financial performance, measured in terms of both accounting performance and stock market value. However, not...
Persistent link: https://www.econbiz.de/10012321121
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Quantifying foreign institutional block ownership at publicly traded U.S. corporations
Coates, John C.; Fein, Ronald A.; Crenny, Kevin; Dong, … - 2016
This short technical report provides an empirical analysis of the level of institutional block ownership overall, and of foreign block ownership, at a broad set of publicly traded corporations. Disclosed institutional blockholders of every company in the Standard & Poor's 500 index are analyzed,...
Persistent link: https://www.econbiz.de/10011581995
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Executive compensation : a survey of theory and evidence
Edmans, Alex; Gabaix, Xavier; Jenter, Dirk - 2017
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top executive pay over time and across firms, the changing composition of pay; and the strength of executive incentives. We compare pay in U.S. public...
Persistent link: https://www.econbiz.de/10011700396