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In broad samples, insider selling does not increase the likelihood of a class-action lawsuit filing. In this paper, we examine the reasons behind this finding. We find that insider sales significantly increase lawsuit probability only when we jointly consider insider identity, insider sale...
Persistent link: https://www.econbiz.de/10013047457
International equity mutual funds that hire managers from a country linked to the fund's geographic mandate exhibit a strong bias to invest in stocks of that country. These funds with “home-biased managers” attract disproportionally more flows and reveal greater flow-performance sensitivity....
Persistent link: https://www.econbiz.de/10012932160
In this paper, we examine the relative explanatory power of three motivations for firms to remain debt free - managerial entrenchment, need for financial flexibility, and credit constraints. Consistent with the hypothesis that they lack access to debt markets, these firms are small, young,...
Persistent link: https://www.econbiz.de/10012714213
We document that labor relationships at founder firms are less acrimonious than at non-founder firms. Founder-firms are less likely to be unionized and employees at non-unionized founder-firms are less likely to attempt to unionize. Further, among firms that are unionized, labor at founder-firms...
Persistent link: https://www.econbiz.de/10013216612
This paper examines whether founder family successions lower performance in large US firms. We find no significant decreases in either accounting performance or firm value, and instead find evidence that both are improved. Consistent with this, we present evidence that family successions are...
Persistent link: https://www.econbiz.de/10013223456
This paper examines the differences in motives, firm characteristics, market performance and subsequent operating performance of firms that repurchase shares frequently versus firms that repurchase only occasionally or infrequently. With the growing popularity of open market repurchase programs...
Persistent link: https://www.econbiz.de/10012740540
The paper measures the growth in open-market stock repurchases and the manner in which stock repurchases and dividends are used in U.S. corporations. We find that aggregate repurchases have increased dramatically over this period: the number and value of repurchase program announcements has...
Persistent link: https://www.econbiz.de/10012743973
In this paper, we develop characteristic-based asset-pricing models for international stocks. We price stocks using passive portfolios created based on observable characteristics: market capitalization, book-to-market, prior-year return, growth of total assets, and operating profitability, each...
Persistent link: https://www.econbiz.de/10012387428
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