CEO investment cycles

Yihui Pan; Tracy Yue Wang; Michael S. Weisbach

This paper documents the existence of a CEO Investment Cycle, in which disinvestment decreases over CEO tenure while investment increases, leading to “cyclical” firm growth in assets as well as in employment. The estimated variation in investment rate over the CEO cycle is of the same order of magnitude as the differences caused by business cycles or financial constraints. This investment cycle appears to reflect CEOs' preference for investment growth, which leads to increasing investment quantity and decreasing investment quality over time as the CEO gains more control over his board

MoreLess

Year of publication:	2013
Authors:	Pan, Yihui ; Wang, Tracy Yue ; Weisbach, Michael S.
Publisher:	Columbus, Ohio : Charles A. Dice Center for Research in Financial Economics
Subject:	Welt \| World \| Investitionsentscheidung \| Investment decision \| Führungskräfte \| Managers \| Betriebszugehörigkeit \| Job tenure

freely available

Full text |

More access options

doi.org

Check Google Scholar

In German libraries (KVK)

I need help

Extent:	Online-Ressource (63 S.)
Series:	Fisher College of Business working paper series. - Columbus, Ohio : [Verlag nicht ermittelbar], ZDB-ID 2189279-9. - Vol. 2013-12 Charles A. Dice Center Working Paper ; No. 2013-12 Fisher College of Business working paper series. - Columbus, Ohio : [Verlag nicht ermittelbar], ZDB-ID 2412551-9. - Vol. 2013-03-12
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	10.2139/ssrn.2307159 [DOI]
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; M12 - Personnel Management ; M51 - Firm Employment Decisions; Promotions (hiring, firing, turnover, part-time, temporary workers, seniority issues)
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009782415