Using a sample of 2,198 completed M&A transactions between 1994 and 2010 in which both target and acquirer are public US firms supplemented with hand-collected data for target CEO retention, we uncover a significantly negative relation between target CEO retention and takeover premiums received...

We develop an agency model in which managerial information manipulation creates pooling and entails ex-post costs internal and/or external to the firm. We examine the implications of the strategic interactions between shareholders (who set internal governance and the manager's incentive...

Using a sample of completed U.S. merger and acquisition (M&A) transactions over the period 1984-2014, we find that acquirer organization capital as measured by capitalized selling, general, and administrative (SG&A) expenses is associated with superior deal performance. We show that high...

We conjecture that a firm’s organization capital (OC) has a substitution effect on its executive pay-for-performance sensitivity (PPS) and empirically document a robust and significant substitution effect of OC on executive PPS. We use state-level unemployment insurance benefits as an...

Using a recent sample of firms subject to SEC litigations for fraud and employing a detection-controlled estimation technique, we find that equity-based executive compensation (EBC) is positively related to both the probability of fraud commission and the probability of being prosecuted by the...

Different U.S. state governments have begun to adopt climate adaptation strategies and action plans to prepare for and combat the significant threat of climate change. The finalization of these strategies and action plans results in a state-level climate adaptation plan—the SCAP. We find that...