Little evidence exists on whether boards help managers make better decisions. We provide evidence that strong and …

Casual observations suggest that bidder managers sometimes pay more than the economic value of target in mergers and … that bidder managers exploit their information advantage about the pricing implications of overpaid acquisitions by … acquisitions. Second, we document that bidder managers pay more than the economic value of targets not due to managerial hubris or …

delivers two predictions. First, managers have an incentive to reduce the correlation between inside debt and company stock in … bad times. Second, managers that reduce such a correlation take on more risk in bad times. Using a sample of U.S. public …

by high-ability managers; and, 3) Disclose non-GAAP earnings more aggressively. Importantly, we also find that these … insider sales enable managers to avoid statistically significant negative abnormal returns. Our research demonstrates the …