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Gartenberg, Claudine; Serafeim, George - 2019

Analyzing data from approximately 1.5 million employees across 1,108 established public and private US companies, we find that employee beliefs about their firm's purpose is weaker in public companies. This difference is most pronounced within the salaried middle and hourly ranks, rather than...

Persistent link: https://www.econbiz.de/10012109293

Does CEO fitness matter?

Limbach, Peter; Sonnenburg, Florian - 2015 - This draft: November 2015

This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if...

Persistent link: https://www.econbiz.de/10011392655

CEO fitness and firm value

Limbach, Peter; Sonnenburg, Florian - 2015 - First Draft: September 2014, This Draft: May 2015

We provide evidence for a positive impact of CEO fitness on firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are...

Persistent link: https://www.econbiz.de/10010517150

Does uncertainty about management affect firms' costs of borrowing?

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2014

Uncertainty about management appears to affect firms' cost of borrowing and financial policies. In a sample of S&P 1500 firms between 1987 and 2010, CDS spreads, loan spreads and bond yield spreads all decline over the first three years of CEO tenure, holding other macroeconomic, firm, and...

Persistent link: https://www.econbiz.de/10010532197

Market competition or family ties : which prevails on Italian CEOs pay?

Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015

factors: family ownership and source of the competitive pressure. A novel aspect of our paper is that we rely on two … predictions, sensitivity is higher in competitive sectors and the difference between family and non-family CEOs disappear when … competition is tough. Family CEOs are significantly less paid than non-family CEOs and their pay is significantly related to firm …

Persistent link: https://www.econbiz.de/10011280832

Do all new brooms sweep clean? : evidence for outside bank appointments

Kick, Thomas; Nehring, Inge; Schertler, Andrea - 2017

Banks in bad financial shape are more likely to appoint executive directors from the outside than those in good shape. It is, however, not clear whether all of these appointments necessarily lead to the desired turnaround. We analyze the performance effects of new board members with external...

Persistent link: https://www.econbiz.de/10011722661

Management risk and the cost of borrowing

Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S. - 2015

Management risk occurs because uncertainty about future managerial decisions increases a firm's overall risk. This paper documents the importance of management risk in determining firms' cost of borrowing. CDS spreads, loan spreads and bond yield spreads all increase at the time of CEO turnover,...

Persistent link: https://www.econbiz.de/10011772262

Bank ownership, board characteristics and performance : evidence from commercial banks in India

Sarkar, Jayati; Sarkar, Subrata - In: International Journal of Financial Studies : open … 6 (2018) 1, pp. 1-30

We study the effect of board governance in state-owned and private banks by undertaking a study of commercial banks in India that has both bank groups. Covering a ten-year period from 2003 to 2012 that witnessed a large number of governance reforms in India, the results of our empirical analysis...

Persistent link: https://www.econbiz.de/10011852430

Effectiveness and (in)efficiencies of compensation regulation : evidence from the EU banker bonus cap

Colonnello, Stefano; Koetter, Michael; Wagner, Konstantin - 2018

We study if the regulation of bank executive compensation has unintended consequences. Based on novel data on CEO and non-CEO executives in EU banking, we show that capping the variable-to-fixed compensation ratio did not induce executives to abandon the industry. Banks indemnified executives...

Persistent link: https://www.econbiz.de/10011821089

Scoundrels in the C-Suite : how should the board respond when a CEO's bad behavior makes the news?

Larcker, David F.; Tayan, Brian - 2016

The board of director has a responsibility to investigate credible allegations that management has engaged in activity that is not in the interest of the company or its shareholders. In the case of illegal activity, the appropriate response is likely to be very clear. Less obvious are the...

Persistent link: https://www.econbiz.de/10011864730