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The Role of Corporate Cultural Similarity in Corporate Acquisitions : Does Cultural Similarity Affect Managerial Learning?

Schrowang, Andrew - 2020

acquiring managers' decision to abandon a corporate acquisition attempt conditional on the acquiring firm's stock price reaction … at the announcement of the deal. We find that higher cultural similarity decreases the propensity of acquiring managers … shock to establish a causal link. We interpret the findings to imply that acquiring managers are subject to a confirmatory …

Persistent link: https://www.econbiz.de/10012838158

Takeovers and (Excess) CEO Compensation

Feito-Ruiz, Isabel - 2017

We study if a CEO's equity-based compensation affects the expected value generation in takeovers. When the objectives of management and shareholders are more aligned, as proxied by the use of equity-based compensation, more value-maximizing acquisitions are expected. Whereas in widely-held firms...

Persistent link: https://www.econbiz.de/10012951091

CEO Selection and Executive Appearance

Cook, Douglas O. - 2019

We use a scientifically-based measure of executive facial attractiveness that is correlated with survey assessments, but not as noisy, and find a positive link between attractiveness and CEO selection. We find evidence that better interpersonal relationships is one mechanism through which CEO...

Persistent link: https://www.econbiz.de/10012905056

Entrenchment, Managerial Shirking, and Investment

Yang, Keyang - 2018

. These findings are consistent with the shirking hypothesis that entrenchment enables managers to evade the responsibilities …

Persistent link: https://www.econbiz.de/10012912184

Do Boards Have Style? Evidence from Director Style Divergence and Board Turnover

Bird, Robert C. - 2019

We identify persistent director style effects on corporate policies. Director style explains a significant amount of cross-sectional variation in firm policy variables for financing, investment, operations, and corporate governance, among others. The results are significantly different from...

Persistent link: https://www.econbiz.de/10012897185

Director Diversity, Turnover, and Promotion

Chidambaran, N.K. - 2019

We test whether a director's diversity relative to the rest of the board explains two important labor market outcomes, retention and promotion. We find that the results are asymmetric across diversity dimensions and outcomes. Retention is more likely but promotion is less likely for...

Persistent link: https://www.econbiz.de/10012897913

CEO Inside Debt and Insider Trading

Brisker, Eric R. - 2018

compensation contract in order to align managers' interests with those of both shareholders and debtholders of the firm. However …

Persistent link: https://www.econbiz.de/10012935519

Agency Conflicts for Outside Directors During CEO Selection

Nagel, Gregory Leo - 2018

This paper shows outside directors have an increased chance of obtaining new positions (CEO, COB, directorships) during a CEO turnover year in firms that hire a CEO externally. The new positions are determined by outside directors' CEO hiring source choice (internal or external), not their...

Persistent link: https://www.econbiz.de/10012938304

Estimating the Effect of Board Independence on Managerial Ownership Using a Quasi-Natural Experiment

Nimmanunta, Kridsda - 2017

Grounded in agency theory, this paper investigates the effect of board independence on managerial ownership. We exploit the passage of the Sarbanes-Oxley Act and the associated exchange listing requirements as an exogenous regulatory shock that raises board independence. Our...

Persistent link: https://www.econbiz.de/10012942295

Managerial Incentives for Attracting Attention

Papiashvili, Nino - 2017

This paper studies the mechanisms which motivate and allow managers to engage in cheap talk and attract market …

Persistent link: https://www.econbiz.de/10012945811