The investment cycle literature suggests that older CEOs with short investment horizon may be myopic and as result …

induce capital investment mix shifts and reducecapital investment efficiency. Specifically, we find that managers … reporting quality and investment efficiencybenefits found previously for clawback adoptions. These findings, which are robust to … influence capital investment mix and capital investmentefficiency. These findings are also timely given pending SEC Rule 10D-1 …

This paper examines the impact of internal governance on a CEO's investment cycle. Extant literature defines internal …) finds that a year or two before the CEO retires, the firm experiences a decrease in total investment. Pan, Wang and Weisbach … (2016) find evidence of a CEO's investment cycle, in which investment increases over a CEO's tenure, whereas disinvestment …

-related information. This exacerbates pre-existing agency frictions and may lead to investment inefficiencies. To counteract this … expense of residual inefficiency. Our findings thus highlight that shareholders' tolerance for investment inefficiencies may … and boards may impact investment efficiency, information quality, project profits, and management rents in a non …

We extend the neoclassical investment model Hayashi (1982) to allow for limited commitment on compensation contracts …. We consider three types of limited commitment: i) managers cannot commit to compensation contracts that provide lower …

By extracting detailed birth information for managers of Chinese listed firms from 2011 to 2021, we developed a novel … managers were more inclined to adopt a positive disclosure tone and tend to underestimate future risks in forward …