Similar Search Results

Labor Unemployment Risk and CEO Incentive Compensation

Ellul, Andrew - 2017

We investigate the impact of workers' exposure to unemployment risk on CEO incentive compensation. Exploiting state-level changes in unemployment benefits as a source of variation in workers' unemployment costs, we find that after unemployment insurance benefits become more generous boards...

Persistent link: https://www.econbiz.de/10012971766

The Effect of Accounting Conservatism on Corporate Investment during the Global Financial Crisis

Balakrishnan, Karthik - 2016

This paper examines the effect of accounting conservatism on firm-level investment during the 2007-2008 global financial crisis. Using a differences-in-differences design, we find that firms with less conservative financial reporting experienced a sharper decline in investment activity following...

Persistent link: https://www.econbiz.de/10012987650

Stock liquidity and default risk around the world

Nadarajah, Sivathaasan - 2020

We document the negative effect of stock liquidity on default risk for a sample of 46 countries. We further find that default risk declines following the introduction of the Directive on Markets in Financial Instruments (MiFID)—an exogenous shock that increases liquidity. The effect of...

Persistent link: https://www.econbiz.de/10012854783

Blockholders and Corporate Governance

Edmans, Alex - 2018

This paper reviews the theoretical and empirical literature on the channels through which blockholders (large shareholders) engage in corporate governance. In classical models, blockholders exert governance through direct intervention in a firm's operations, otherwise known as “voice.” These...

Persistent link: https://www.econbiz.de/10012938447

Are momentum traders different? : implications for the momentum puzzle

Menkhoff, Lukas - 2010

of momentum traders in a sample of 692 fund managers. We find that momentum traders are 'defined' by their short … managers with respect to sophistication. This is consistent with the interpretation that momentum returns may compensate for …

Persistent link: https://www.econbiz.de/10003966816

Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Value around the World

Correa, Ricardo - 2014

Using a sample of about 90,000 observations from 38 countries over the 2001-2012 period, we provide three novel findings regarding say on pay (SoP) laws. First, we find robust evidence that SoP laws reduce CEO pay growth rates at firms. Second, such laws decrease the portion of total top...

Persistent link: https://www.econbiz.de/10013062816

Say on Pay Laws, Executive Compensation, Pay Slice, and Firm Valuation around the World

Correa, Ricardo - 2016

Using a large sample of firms from 38 countries over the 2001-2012 period, we find evidence that following say on pay (SoP) laws, CEO pay growth rates decline and the sensitivity of CEO pay to firm performance improves. These changes are mostly concentrated on firms with high excess pay and...

Persistent link: https://www.econbiz.de/10013006494

CEOs’ Internal Connections and Corporate Tax Avoidance

Aaron, Aurelius; Ge, Rui; Wang, Chong; Wu, Feng - 2023

We find that more social connections between a CEO and other top executives in the same firm are associated with more effective tax avoidance by the firm. This effect holds when several alternative measures of corporate tax avoidance are used, and it also persists in a subsample of firms that...

Persistent link: https://www.econbiz.de/10014254966

Worldwide executive compensation : how international companies set salaries, incentives, benefits

Business International Corporation - 1967

Persistent link: https://www.econbiz.de/10000332963

No News Is News : Do Markets Underreact to Nothing?

Giglio, Stefano - 2014

As illustrated in the tale of “the dog that did not bark,” the absence of news and the passage of time often contain … after merger announcement, the passage of time is informative about the probability that the merger will ultimately complete … consistent with a behavioral model of underreaction to the passage of time and cannot be explained by changes in risk or …

Persistent link: https://www.econbiz.de/10013065551