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What Do Independent Directors Know? Evidence from Their Trading

Ravina, Enrichetta; Sapienza, Paola - C.E.P.R. Discussion Papers - 2007

We compare the trading performance of independent directors and other officers of the firm. We find that independent directors earn positive and substantial abnormal returns when they purchase their company stock, and that the difference with the same firm's officers is relatively small at most...

Persistent link: https://www.econbiz.de/10005656249

Gobierno corporativo, diversificación estratégica y desempeño empresarial en México

Ruiz-Porras, Antonio; Steinwascher, William - Volkswirtschaftliche Fakultät, … - 2007

We study the empirical relationships among corporate governance, strategic diversification and financial performance in Mexico. The study uses data from 99 non-financial firms listed in the BMV (Mexican Stock Market) during 2004. The main relationships found are: Firms which property is...

Persistent link: https://www.econbiz.de/10005619695

The evolution of corporate governance in Brazil

Black, Bernard S.; Carvalho, Antonio Gledson de; … - In: Emerging Markets Review 20 (2014) C, pp. 176-195

We use extensive hand collected surveys reporting governance practices of Brazilian firms in 2004, 2006, and 2009 to build a broad corporate governance index and analyze the evolution of corporate governance in Brazil and the association between governance and firm value. We find that corporate...

Persistent link: https://www.econbiz.de/10010906945

The double-edged sword of CEO activism

Larcker, David F.; Miles, Stephen A.; Tayan, Brian; … - 2018

CEO activism — the practice of CEOs taking public positions on environmental, social, and political issues not directly … CEO activism, we examine its prevalence, the range of advocacy positions taken by CEOs, and the public's reaction to … activism.We ask:• How widespread is CEO activism?• How well do boards understand the advocacy positions of their CEOs? • Are …

Persistent link: https://www.econbiz.de/10012001263

CEO and Board Characteristics as Determinants of Private Benefits of Control: Evidence from the Russian Stock Exchange

Berezinets, Irina; Ilina, Yulia; Muravyev, Alexander - Institute for the Study of Labor (IZA) - 2011

relationship between private benefits of control and CEO ownership with a minimum at about 4% CEO ownership, a positive association … between CEO tenure and private benefits, and a quadratic in CEO age with a dip in private benefits at about 52 years of age …

Persistent link: https://www.econbiz.de/10009416954

Political connections, founder-managers, and their impact on tunneling in China's listed firms

Ma, Liangbo; Ma, Shiguang; Tian, Gary - In: Pacific-Basin Finance Journal 24 (2013) C, pp. 312-339

than a CEO's connection. We also find that firms with founder-managers have a stronger resistance to tunneling than those …

Persistent link: https://www.econbiz.de/10010729566

Risk Perception and Decision-Making by the Corporate Elite: Empirical Evidence for Netherlands-based Companies

Segers, Rene; Franses, Philip Hans; de Groot, de Groot, E.A. - Erasmus Research Institute of Management (ERIM), … - 2012

We study risk perception and actual decision-making by the corporate elite, where we consider CEOs, CFOs and non-executives. We collect data for many members of the elite for Netherlands-based companies using the vignettes method. We find that CEOs are more risk tolerant but do not act...

Persistent link: https://www.econbiz.de/10010730971

CEO's financial experience and earnings management

Jiang, Fuxiu; Zhu, Bing; Huang, Jicheng - In: Journal of Multinational Financial Management 23 (2013) 3, pp. 134-145

We study whether Chinese CEOs with financial experience engage in more earnings management or less earnings management than those without such experience. In doing so, we distinguish between accrual-based earnings management and real earnings management. Overall, we find that CEOs with financial...

Persistent link: https://www.econbiz.de/10010664204

Skill differences in corporate acquisitions

Jaffe, Jeffrey; Pedersen, David; Voetmann, Torben - In: Journal of Corporate Finance 23 (2013) C, pp. 166-181

performance of corporate acquirers. We find persistence only when successive deals occur under the same CEO and conclude that … skill differences in acquisitions reside with the CEO, not with the firm as a whole. These differences are economically … meaningful. An acquirer that was successful in its last deal and kept its CEO earns 1.02% more on its next deal than does a …

Persistent link: https://www.econbiz.de/10010719621

CEO wage dynamics: Estimates from a learning model

Taylor, Lucian A. - In: Journal of Financial Economics 108 (2013) 1, pp. 79-98

The level of Chief Executive Officer (CEO) pay responds asymmetrically to good and bad news about the CEO's ability …. The average CEO captures approximately half of the surpluses from good news, implying CEOs and shareholders have roughly … equal bargaining power. In contrast, the average CEO bears none of the negative surplus from bad news, implying CEOs have …

Persistent link: https://www.econbiz.de/10011039267