We study the effect of board gender diversity on executive and director equity-linked incentives. The provision of equity incentives to executives is costly for shareholders. We argue theoretically that the optimal compensation given to executives by a board with superior monitoring ability will...

This article examines recent literature on corporate boards and the interplay between director gender and CEO turnover and how it affects firm performance after CEO turnover. The primary focus is board gender diversity and CEO job embeddedness in entrepreneurial firms. This article discusses...

Using a tax-induced negative shock to expected cash flows in the tobacco industry as a natural experiment, I find significant positive returns to rivals who compete with non-tobacco segments in tobacco firms and a significant change in output behavior of those non-tobacco segments after the...

The merger of two real estate investment trusts (REITs) consolidates two real estate portfolios. We classify equity REIT mergers according to whether they maintain portfolio focus, increase focus or are diversifying with respect to the predominant property type and the geography of the...

Using a tax-induced negative shock to expected cash flows in the tobacco industry as a natural experiment, I find significant positive returns to rivals who compete with non-tobacco segments in tobacco firms and a significant change in output behavior of those non-tobacco segments after the...

In most cases market returns around merger announcements are difficult to interpret as the announcement of a bid usually conveys more information than the synergy from combination. Using a unique, hand-collected dataset on terminated merger proposals, we investigate termination returns in deals...

We examine horizontal mergers amongst Part D insurers with the aim of decomposing market power, cost efficiency, and bargaining power effects. We apply a differences-in-differences identification strategy to panel data on plans offered between 2006 and 2012 to analyze the effects of mergers on...

We find that companies dramatically raise their incumbent executives' pay, especially equity-based pay, after losing executives to other firms. The pay raise is larger when incumbent executives have greater employment mobility in the labor market, when companies lose senior executives, and when...

We find that companies dramatically raise their incumbent executives’ pay, especially equity-based pay, after losing executives to other firms. The pay raise is larger when incumbent executives have greater employment mobility in the labor market, when companies lose senior executives, and...