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Managerial Entrenchment and Shareholder Wealth Revisited : Theory and Evidence from a Recessionary Financial Market

Kesten, Jay - 2012

Does managerial entrenchment create or destroy shareholder value? This Article presents both theory and evidence that the answer to this question is not monolithic, but rather depends on factors that vary greatly with the macroeconomic climate, such as firm profitability, takeover frequency, and...

Persistent link: https://www.econbiz.de/10013116368

Earnings Management Following Duality-Creating Successions : Ethnostatistics, Impression Management and Agency Theory

Davidson, Wallace N. - 2009

We relate impression and earnings management to the field of ethnostatistics, the study of how statistics are produced … and managed. By further linking impression management and agency theory, we show that earnings management may exacerbate … agency problems. We hypothesize that earnings-increasing earnings management occurs more frequently following duality …

Persistent link: https://www.econbiz.de/10013155839

Investor Relations Executives in the Top Management Team

Choi, Daewoung - 2019

We examine the role of investor relations (IR) executives in the top management team and find that firms incorporating … the IR function in their top management team are more likely to beat analysts' estimates and exhibit more downward … IR executives in the top management team relative to firms without. Overall, the evidence is consistent with IR …

Persistent link: https://www.econbiz.de/10012895232

Succession "losers" : what happens to executives passed over for the CEO job?

Larcker, David F.; Miles, Stephen A.; Tayan, Brian - 2016

Shareholders pay considerable attention to the choice of executive selected as the new CEO whenever a change in leadership takes place. However, without an inside look at the leading candidates to assume the CEO role, it is difficult for shareholders to tell whether the board has made the...

Persistent link: https://www.econbiz.de/10011864957

The Role of Corporate Cultural Similarity in Corporate Acquisitions : Does Cultural Similarity Affect Managerial Learning?

Schrowang, Andrew - 2020

This study examines whether the corporate cultural similarity between a target and an acquiring firm influences the acquiring managers' decision to abandon a corporate acquisition attempt conditional on the acquiring firm's stock price reaction at the announcement of the deal. We find that...

Persistent link: https://www.econbiz.de/10012838158

Managerial Incentives for Attracting Attention

Papiashvili, Nino - 2017

This paper studies the mechanisms which motivate and allow managers to engage in cheap talk and attract market's attention in a credible way. We consider stock split announcements, voluntary earnings forecasts and press releases issued by firms to the media as proxies for managerial cheap talk....

Persistent link: https://www.econbiz.de/10012945811

Why Do Managers Dismantle Staggered Boards?

Ganor, Mira - 2007

Staggered boards offer incumbent management considerable protection from hostile takeovers and proxy fights. However … in aligning management's interests with those of the shareholders …

Persistent link: https://www.econbiz.de/10014057586

Determinants of director compensation in two-tier systems: evidence from German panel data

Andreas, Jörn Michael; Rapp, Marc Steffen; Wolff, Michael - 2010

Building on a unique panel data set of German Prime Standard companies for the period 2005-2008, this paper investigates the influencing factors of both director compensation levels and structure, i.e. the probability of performance-based compensation. Drawing on agency theory arguments and...

Persistent link: https://www.econbiz.de/10010305725

Are Forced Turnovers Good or Bad News?

Kind, Axel; Schläpfer, Yves - 2011

To gain insights about the quality of board's firing decisions, we investigate abnormal stock returns and operating performance around CEO-turnover announcements in a new hand- collected sample of 208 “clean” turnover events between January 1998 and June 2009. Unlike the majority of previous...

Persistent link: https://www.econbiz.de/10011390666

CEO preferences and acquisitions

Jenter, Dirk; Lewellen, Katharina - 2011

This paper explores the impact of target CEOs' retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone benefits of staying employed until the planned retirement...

Persistent link: https://www.econbiz.de/10010280635