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Using novel data on companies' midyear pay actions taken in response to COVID-19 disruptions, I find that 30% of firms reduced CEOs' base salaries. Salary reductions served to "share the pain" with stakeholders. CEOs suffering salary cuts, however, often saw lower targets for annual and...
Persistent link: https://www.econbiz.de/10013290176
We solve a dynamic Kyle model in which the large investor's private information concerns her plans for taking an active role in governance. We show that once a block has been created, its continued existence is jeopardized by an increase in the liquidity of the firm's stock. Greater liquidity...
Persistent link: https://www.econbiz.de/10013034763
Cooperation among group members is the ultimate pursuit in any collective actions. We examine the collective tasks of approving the use of a reserve fund for maintaining facilities covering approximately 5,000 projects and 635 communities in Nanjing, China. In these communities, any maintenance...
Persistent link: https://www.econbiz.de/10013213516
This study examines the effect of local media coverage of environmental pollution on corporate investment based on a textual analysis of China’s provincial newspapers. Using a sample of publicly listed firms in polluting industries, we document a significantly positive effect of media coverage...
Persistent link: https://www.econbiz.de/10013214480
This paper studies the conflict between ESG funds and their investors. Funds trade-off greater short-term financial performance against long-term sustainability. This conflict results in ESG funds voting against their stated pro-social mandate, even when supported by proxy advisors. Lower...
Persistent link: https://www.econbiz.de/10013244583
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We develop an equilibrium model in a two-country, two-good, pure exchange economy in which investors with logarithmic utility functions have heterogeneous beliefs about exogenously given output or endowment processes. We obtain closed-form representations of real exchange rate and of stock...
Persistent link: https://www.econbiz.de/10012756268
We estimate institutional investor preferences based on their proxy voting records in publicly listed Russell 3000 firms. We employ a spatial model of proxy voting, the W-NOMINATE method for scaling legislatures, and map institutional investors onto a left-right dimension based on their votes...
Persistent link: https://www.econbiz.de/10012479668
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