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Corporate governance
Lehmann, Erik - 2018 - Version , November 19th 2018
markets and contracts, adverse selection and moral hazard problems occur, where delegated (selected) managers could act in … aspect is about identifying the (most) relevant stakeholder(s), separating theory and practice into two different and … conflicting streams: the stakeholder value approach and the shareholder value approach. The second aspect of the concept is about …
Persistent link: https://www.econbiz.de/10011928257
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The Separation of Firm Ownership and Management : A Reputational Perspective
Noe, Thomas H. - 2015
managers to commit ex ante to reputable behavior …
Persistent link: https://www.econbiz.de/10013034813
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The determinants of the block premium and of private benefits of control
Albuquerque, Rui; Schroth, Enrique J. - 2008
We study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb, and Panunzi (2000) explicitly dealing with the existence of both block premia and block discounts in the data. We find evidence that the occurrence of...
Persistent link: https://www.econbiz.de/10003962033
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Overlapping Board Connections with Banker Directors and Corporate Loan Terms : Evidence from Syndicated Loans
Eğrican, Aslı Togan - 2020
I look at the relationship between corporate loan terms and connections of board members to bankers through employment on other boards, a connection less likely to be affected by confounding factors. Specifically, I examine whether loan terms such as pricing and maturity as well as other loan...
Persistent link: https://www.econbiz.de/10012844268
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Do Bad Boards Allow Bad Acquisitions?
Pandit, Shail - 2009
A large proportion of acquisitions results in shareholder wealth destruction. This study examines who is responsible for allowing bad acquisitions. Using a sample of 349 tax-free, stock-for-stock, pooling acquisitions over 1993-2001, the announcement period abnormal returns of acquirers are...
Persistent link: https://www.econbiz.de/10014046835
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Financial Constraints, Managerial Incentives and the Scope of the Firm
Hong, Jieying - 2015
The recent seminal work of Gabaix (2011) raises a puzzling question: If centralization-putting different projects under the same roof-reduces diversification for investors, how does this situation reconcile with the seemingly contradictory fact that it also boosts a firm's borrowing capacity? To...
Persistent link: https://www.econbiz.de/10013025002
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Competing with superstars
Ammann, Manuel; Horsch, Philipp; Oesch, David - 2015
This paper investigates the effect of superstar CEOs on their competitors. Exploiting shocks to CEO status due to prestigious media awards, we document a significant positive stock market performance of competitors of superstar CEOs subsequent to the award. The effect is more pronounced for...
Persistent link: https://www.econbiz.de/10011344197
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CEO Political Ideology, Shareholder Primacy and Dividend Policy
Bayat, Ali - 2020
We argue that CEOs have different attitudes toward the firm's stakeholders and that these differences in attitudes affect the firm's decision making. We hypothesize that these differences stem from differences in political ideology: Liberal CEOs, as compared to their conservative...
Persistent link: https://www.econbiz.de/10012843632
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Does Stakeholder Outrage Determine Executive Pay?
Balogh, Attila; Wright, Danika J.; Zein, Jason - 2022
argue was triggered by an exogenous increase in stakeholder outrage toward executive pay. We document that the overall …
Persistent link: https://www.econbiz.de/10013293286
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Chapter 6. Boards, and the Directors Who Sit on Them
Adams, Renée B. - 2017
Boards of directors are intellectually interesting; the literature on boards has academic impact and there is substantial scope for this literature to have policy impact. I illustrate these points by combining a select review of the literature with evidence from a variety of data sets. Boards...
Persistent link: https://www.econbiz.de/10014023369