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Women Leaders and Social Performance : Evidence from Financial Cooperatives in Senegal

Périlleux, Anaïs - 2017

How do women leaders such as board members and top managers influence the social performance of organizations? This paper addresses the question by exploiting a unique database from a Senegalese network of 36 financial cooperatives. We scrutinize the loan-granting decisions, made jointly by the...

Persistent link: https://www.econbiz.de/10012974288

The Impact of Nonbank Lending on Mergers and Acquisitions

Kang, Di - 2017

Evidence shows that nonbanks, which are now significant participants in the corporate loan market, exploit information gained from lending to trade in public securities. We examine whether these institutions use loan-based information to facilitate merger and acquisition (M&A) deals. We find...

Persistent link: https://www.econbiz.de/10012975584

Does Pay Activism Pay Off for Shareholders? Shareholder Democracy and its Discontents

Dasgupta, Sudipto - 2017

actions, typically lowers firm value relative either to governance regimes that insulate boards from shareholder outrage, or …

Persistent link: https://www.econbiz.de/10012975628

Affiliated Agents, Boards of Directors, and Mutual Fund Securities Lending Returns

Adams, John C. - 2017

Prior SEC inquiries concerning self-dealing in securities lending programs suggest potential conflicts of interest when funds employ lending agents that are affiliated with their sponsor. We posit that the level of self-dealing is potentially greater, and mutual funds' securities lending returns...

Persistent link: https://www.econbiz.de/10012975688

The Transformation of Under Performing Firms

Zaman, Shaifuz - 2016

We focus on chronically under performing firms and assess the roles of institutional investors in either facilitating asset redeployment or entrenching managers. We find no evidence that holdings of traditional activist public pension funds lead to improved performance

Persistent link: https://www.econbiz.de/10013002557

Banker Loyalty in Mergers and Acquisitions

Tuch, Andrew F. - 2016

When investment banks advise on merger and acquisition (M&A) transactions, are they fiduciaries of their clients, gatekeepers for investors, or simply arm's-length counterparties with no other-regarding duties? Scholars have generally treated M&A advisors as arm's-length counterparties, putting...

Persistent link: https://www.econbiz.de/10013003502

The Impact of Diversifying Acquisitions on Shareholder Wealth : Evidence from Turkish Acquirers

Akben Selcuk, Elif - 2016

This study examines the impact of diversifying acquisitions on acquiring Turkish firms. Using a sample of 98 acquisitions during 2000-2011, the study finds that acquiring firms experience statistically significant wealth gains surrounding the announcement date. The cross-sectional regression...

Persistent link: https://www.econbiz.de/10013003763

Horizontal Shareholding

Elhauge, Einer - 2016

Horizontal shareholdings exist when a common set of investors own significant shares in corporations that are horizontal competitors in a product market. Economic models show that substantial horizontal shareholdings are likely to anticompetitively raise prices when the owned businesses compete...

Persistent link: https://www.econbiz.de/10013004193

Mutual Fund Performance, Management Teams, and Boards

Adams, John C. - 2016

The recent surge in the use of team-managed funds in the mutual fund industry suggests that the benefits of team management might outweigh its costs. However, extant empirical evidence is not consistent with the view that team managed funds generate superior returns relative to individual...

Persistent link: https://www.econbiz.de/10013007572

Subprime Governance : Agency Costs in Vertically Integrated Banks and the 2008 Mortgage Crisis

Gartenberg, Claudine Madras - 2015

performance crucially depends on corporate governance. Prior research has argued that the vertical integration of mortgage … improved loan performance only in those firms with strong corporate governance and that this performance …-integration relationship strongly decreases and actually reverses as governance quality decreases. We interpret these findings as suggesting …

Persistent link: https://www.econbiz.de/10013010655