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Chapter 5. Behavioral Corporate Finance: An Updated Survey
Baker, Malcolm; Wurgler, Jeffrey - 2013
We survey the theory and evidence of behavioral corporate finance, which generally takes one of two approaches. The market timing and catering approach views managerial financing and investment decisions as rational managerial responses to securities mispricing. The managerial biases approach...
Persistent link: https://www.econbiz.de/10014025559
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Monitoring via staging: Evidence from Private investments in public equity
Dai, Na - In: Journal of Banking & Finance 35 (2011) 12, pp. 3417-3431
that, in PIPE investments, as in venture capital staging, the staging strategy is used by investors as a monitoring …
Persistent link: https://www.econbiz.de/10010577981
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CEO turnovers: Transparency of announcements and the outperformance puzzle
Farah, Paul; Li, Hui - In: International Journal of Financial Studies 9 (2021) 3, pp. 1-22
This study investigates market reactions to announcements of CEO turnover and finds that forced turnovers are not … contradiction is further explored by focusing on the nature of not only turnover but also a firm's past performance. This study … finds that the market seems to incorporate both types of information in reacting to CEO turnover announcements. Firing an …
Persistent link: https://www.econbiz.de/10013200359
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The Death of the Deal : Are Withdrawn Acquisition Deals Informative of CEO Quality?
Jacobsen, Stacey E. - 2017
To examine the market response to positive revelations of chief executive officer (CEO) quality, this study focuses on CEOs who withdraw acquisition bids when the price becomes increasingly expensive. Firms that withdrawal for price-related reasons earn higher withdrawal returns than firms that...
Persistent link: https://www.econbiz.de/10012975360
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CEO turnovers : transparency of announcements and the outperformance puzzle
Farah, Paul; Li, Hui - In: International Journal of Financial Studies : open … 9 (2021) 3, pp. 1-22
This study investigates market reactions to announcements of CEO turnover and finds that forced turnovers are not … contradiction is further explored by focusing on the nature of not only turnover but also a firm’s past performance. This study … finds that the market seems to incorporate both types of information in reacting to CEO turnover announcements. Firing an …
Persistent link: https://www.econbiz.de/10012587940
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The government as a large shareholder: Impact on firm value and corporate governance
Fernandes, Marcelo; Novaes, Walter - 2015
The subprime crisis led to a wave of government interventions in the private sector that has been particularly strong in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense, the subprime crisis induced these governments to behave as...
Persistent link: https://www.econbiz.de/10011460779
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The government as a large shareholder : impact on firm value and corporate governance
Fernandes, Marcelo; Novaes, Walter - 2015
The subprime crisis led to a wave of government interventions in the private sector that has been particularly strong in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense, the subprime crisis induced these governments to behave as...
Persistent link: https://www.econbiz.de/10011405286
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Pay inequalities and managerial turnover
Kale, Jayant R.; Reis, Ebru; Venkateswaran, Anand - In: Journal of Empirical Finance 27 (2014) C, pp. 21-39
1000 voluntary managerial resignations and find that pay inequality is an important determinant of managerial turnover. We … higher VP turnover. …
Persistent link: https://www.econbiz.de/10010785004
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Equal opportunity rule vs. market rule in transfer of control: How can private benefits help to provide an answer?
de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2013
Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...
Persistent link: https://www.econbiz.de/10010735780
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Ownership structure, debt, and private benefits in controlled firms
de La Bruslerie, Hubert - Université Paris-Dauphine (Paris IX) - 2011
Controlled firms are in a framework where private benefits create a buffer between public earnings and economic profitability. We focus on debt leverage in the type II agency conflict between the controlling shareholder and outside investors. We use a simple discrete model comparing the capital...
Persistent link: https://www.econbiz.de/10010707651