Showing 1 - 10 of 113
We identify important conflicts of interests among shareholders and examine their effects on corporate decisions. When a firm is considering an action that affects other firms in its shareholders' portfolios, shareholders with heterogeneous portfolios may disagree about whether to proceed. This...
Persistent link: https://www.econbiz.de/10012721490
We identify important conflicts of interests among shareholders and examine their effects on corporate decisions. When a firm is considering an action that affects other firms in its shareholders' portfolios, shareholders with heterogeneous portfolios may disagree about whether to proceed. This...
Persistent link: https://www.econbiz.de/10012776459
We study large discrete decreases in CEO pay and compare them to CEO forced turnover. The determinants are similar, as are the performance improvements after the action. After the pay cut, the CEO pay-for-performance sensitivity is abnormally high, such that the CEO can restore his pay level by...
Persistent link: https://www.econbiz.de/10012712362
Within a cost-benefit framework, we hypothesize that independent institutions with long-term investments will specialize in monitoring and influencing efforts rather than trading. Other institutions will not monitor. Using acquisition decisions to reveal monitoring, we show that only...
Persistent link: https://www.econbiz.de/10012767251
In the context of large acquisitions, we provide evidence on whether firms have target capital structures. We examine how deviations from these targets affect how bidders choose to finance acquisitions and how they adjust their capital structure following the acquisitions. We show that when a...
Persistent link: https://www.econbiz.de/10012767401
This paper considers the impact of Regulation FD on firms' information environments and costs of capital. For NYSE/AMEX firms we find little evidence of a change in the cost of capital attributable to Regulation FD. For NASDAQ firms we find that Regulation FD increased firms' costs of capital by...
Persistent link: https://www.econbiz.de/10012777349
This paper examines whether a firm's reputation is a determinant of repurchase completion rates (the ratio of actual to announced repurchases) and whether the stock market discounts announcements made by less reputable firms. Prior completion rates are positively correlated with current...
Persistent link: https://www.econbiz.de/10012713846
Signaling undervaluation is often considered a primary motive for repurchasing stock, but insider trading activity by repurchasing firms is not always consistent with undervaluation. Net insider buying and selling are both more frequent in quarters when firms are repurchasing non-trivial amounts...
Persistent link: https://www.econbiz.de/10012710725
The role of competency-based performance management is growing in significance in many industries and sectors. Unlike functional competences, which measure performance against predetermined minimum occupational standards, competency-based systems are founded on the key behavioural competencies...
Persistent link: https://www.econbiz.de/10005482611
Persistent link: https://www.econbiz.de/10006888099