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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
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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
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Aligning Incentives at Systemically Important Financial Institutions
Baily, Martin Neil - 2013
UBS recently announced it would pay part of the bonuses of 6,500 highly compensated employees with bonds that would be forfeited if the bank does not meet its capital requirements. This memo underscores the benefits of contingent deferred compensation and makes recommendations for how such...
Persistent link: https://www.econbiz.de/10013084413
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Are forced turnovers good or bad news?
Kind, Axel; Schläpfer, Yves - 2011
To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand-collected sample of 208 "clean" turnover events between January 1998 and June 2009. Unlike the majority of previous...
Persistent link: https://www.econbiz.de/10009565583
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Trade, technologies, and the evolution of corporate governance
Schymik, Jan Simon - 2015
Do international trade and technological change influence how firms create incentives for human capital? I present a … their managers. Increases in managerial reservation wages lead to a reduction in corporate governance investments and a rise … in performance compensation since monitoring managers becomes less efficient. Using data on CEO compensation and …
Persistent link: https://www.econbiz.de/10011345788
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Trade, technologies, and the evolution of corporate governance
Schymik, Jan Simon - 2015
Do international trade and technological change influence how firms create incentives for human capital? I present a … their managers. Increases in managerial reservation wages lead to a reduction in corporate governance investments and a rise … in performance compensation since monitoring managers becomes less efficient. Using data on CEO compensation and …
Persistent link: https://www.econbiz.de/10010529476
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The Determinants of Merger Waves
Gugler, Klaus Peter; Mueller, Dennis C.; Yurtoglu, B. Burcin - 2009
assume that managers maximize profits, mergers create wealth, and the capital market is efficient. The last two, behavioral …
Persistent link: https://www.econbiz.de/10014059691
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CEO investment cycles
Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2013
This paper documents the existence of a CEO Investment Cycle, in which disinvestment decreases over CEO tenure while investment increases, leading to “cyclical” firm growth in assets as well as in employment. The estimated variation in investment rate over the CEO cycle is of the same order...
Persistent link: https://www.econbiz.de/10009782415
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Are US CEOs Paid More? New International Evidence
Fernandes, Nuno - 2012
This paper challenges the widely accepted stylized fact that CEOs in the United States are paid significantly more than their foreign counterparts. Using CEO pay data across 14 countries with mandated pay disclosures, we show that the US pay premium is economically modest and primarily reflects...
Persistent link: https://www.econbiz.de/10013099609
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Explaining Top Management Turnover in Private Corporations : The Role of Cross-Country Legal Institutions and Capital Market Forces
Lel, Ugur - 2018
terminate poorly performing managers. This finding is consistent with our hypothesis that governance problems in private firms … are ameliorated by strong institutions that reduce the incentives of controllers of private firms to retain poorly … performing managers. Comparing private firms to their public counterparts, we find that private firms have a lower propensity to …
Persistent link: https://www.econbiz.de/10012938429