are more likely to have forced turnovers when there is more over-investment prior to the turnover, and these firms make … more efficient investment decisions subsequently. Board influence is largely insignificant prior to a CEO turnover but is … consistently associated with higher levels of investment subsequently …

, and Wang (2018, 2017) and is suggestive of the nature of tournament incentives among mutual fund managers (Brown, Harlow …

setting using investment level data. We find allocative inefficiency across ownership to be exacerbated under policy … more capital in certain markets even after returns on investment are dampened by negative policy shocks, suggesting that …

have a significantly higher investment-cash flow sensitivity than comparable private firms. These differences in investment … agency-based explanation, since differences in investment-cash flow sensitivities can only be observed for the unexpected … stock markets, where shareholders have lower incentives to monitor managers and rather sell their shares when discontent …

compensation (“vega”), presumed to increase managers' appetite for risk, uniformly yield higher returns on R&D investment. Our …Traditional finance theory suggests that riskier investments should yield higher returns. Challenging this notion …, anecdotal and empirical evidence suggests that highly-incented managers may take on excessive risk, leading to greater losses …

expected to affect firm value, we find that delta encourages value-maximising investment and firm focus policy decisions, but …