Increased media exposure to layoffs and corporate quarterly financial reporting have created arguable a common perception - especially favored by the media itself - that the companies have been forced to improve their financial performance from quarter to quarter. Academically the relevant...

When a firm has minimal agency and informational asymmetry problems it should make efficient capital budgeting decisions. Many firms over-invest prior to CEO turnover, halt investments in the period surrounding the turnover, and then greatly increase their level of expenditures. Empirical...

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by...

Several papers report evidence on corporate short-term value maximization e.g. in the form of earnings management, or reluctance to undertake profitable investments, if such investments hurt the result in the short run. We provide new evidence on who causes such short-term behavior and what kind...

Increased media exposure to layoffs and corporate quarterly financial reporting have created arguable a common perception-especially favored by the media itself-that the companies have been forced to improve their financial performance from quarter to quarter. Academically, the relevant question...

This study examines the link between product market competition and labor investment efficiency. We find that competitive pressure distorts the efficiency of corporate employment decisions by creating an underinvestment problem. This finding withstands a battery of robustness checks and remains...

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value, even without any external governance. Internal...

When a firm has minimal agency and informational asymmetry problems it should make efficient capital budgeting decisions. Many firms over-invest prior to CEO turnover, halt investments in the period surrounding the turnover, and then greatly increase their level of expenditures. Empirical...

We investigate and find out the inner differences between stand-alone firms and those participating to Productive Chain Networks (PCNs) as far as ownership and corporate governance characteristics are concerned. PCNs are typical Italian economic realities made of small and medium enterprises...

We examine the interaction between corporate governance at two levels: internal organizational governance that is intended to distinguish among managers of a priori unknown abilities to determine who becomes CEO, and corporate governance at the board level that seeks to retain or fire the CEO...