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Brav, Alon - 2003

factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … repurchases is viewed by managers as being more flexible than using dividends, permitting a better opportunity to optimize … investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend …

Persistent link: https://www.econbiz.de/10012786617

Managerial Overconfidence and Corporate Policies

Ben-David, Itzhak - 2008

Using a unique 10-year panel that includes more than 13,300 expected stock market return probability distributions, we find that executives are severely miscalibrated, producing distributions that are too narrow: realized market returns are within the executives' 80% confidence intervals only...

Persistent link: https://www.econbiz.de/10012773122

Ceo-Board Dynamics

Graham, John R. - 2019

We examine CEO-board dynamics using a new panel dataset that spans 1920 to 2011. The long sample allows us to perform within-firm and within-CEO tests over a long horizon, many for the first time in the governance literature. Consistent with theories of bargaining or dynamic contracting, we find...

Persistent link: https://www.econbiz.de/10012867455

Capital Allocation and Delegation of Decision-Making Authority within Firms

Graham, John R. - 2011

We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and acquisitions, relative to delegation of capital structure,...

Persistent link: https://www.econbiz.de/10013120989

Managerial Attributes and Executive Compensation

Graham, John R. - 2011

We study the role of firm- and manager-specific heterogeneities in executive compensation. We decompose the variation in executive compensation and find that time invariant firm and especially manager fixed effects explain a majority of the variation in executive pay. We then show that in many...

Persistent link: https://www.econbiz.de/10013120991

Managerial Miscalibration

Ben-David, Itzhak - 2010

Persistent link: https://www.econbiz.de/10013139897

A Corporate Beauty Contest

Graham, John R. - 2010

We conduct beauty contest experiments, using close to 2,000 subjects to study the facial traits of CEOs. In one experiment we use pairs of photographs and find that subjects rate CEO faces as appearing more "competent" and less "likable" than non-CEO faces. Another experiment matches CEOs from...

Persistent link: https://www.econbiz.de/10013144751

Investor Information, Long-Run Risk, and the Term Structure of Equity

Croce, Mariano (Max) Massimiliano - 2012

We study the role of information in asset pricing models with long-run cash flow risk. When investors can distinguish short- from long-run consumption risks (full information), the model generates a sizable equity risk premium only if the equity term structure slopes up, contrary to the data. In...

Persistent link: https://www.econbiz.de/10012755422

The Term Structures of Equity and Interest Rates

Lettau, Martin - 2010

This paper proposes a dynamic risk-based model capable of jointly explaining the term structure of interest rates, returns on the aggregate market and the risk and return characteristics of value and growth stocks. Both the term structure of interest rates and returns on value and growth stocks...

Persistent link: https://www.econbiz.de/10012757917

Financially Constrained Stock Returns

Livdan, Dmitry - 2010

More financially constrained firms are riskier and earn higher expected returns than less financially constrained firms, although this effect can be subsumed by size and book-to-market. Further, because the stochastic discount factor makes capital investment more procyclical, financial...

Persistent link: https://www.econbiz.de/10012760623