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Using transactions generally overlooked in the compensation literature—joint ventures, strategic alliances, seasoned equity offerings (SEOs), and spin-offs—we find that, beyond compensation for increases in firm size or complexity, chief executive officers (CEOs) are rewarded for their...
Persistent link: https://www.econbiz.de/10011076294
We explore the labor market effects of gender and race by examining board leadership appointments. Prior studies are often limited by observing only hired candidates, whereas the boardroom provides a controlled setting where both hired and unhired candidates are observable. Although diverse...
Persistent link: https://www.econbiz.de/10012903116
We use compensation consultant turnover to investigate optimal or excessive CEO compensation recommendations by consultants. Prior literature contends that consultants issue outsized pay recommendations in order to achieve repeat business; we present evidence suggesting their interests are,...
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Direct listing offers a new, but unproven method of going public for industrial firms. We use prior direct listings by public non-listed REITs (PNLRs) as laboratory to explore the impact of exchange membership on the corporate governance resulting from these transactions. To that end, we examine...
Persistent link: https://www.econbiz.de/10012852230
Firms exhibit a US$106MM average market capitalization decline when a lawsuit against their joint venture partner is announced. Following their partner's lawsuit, the probability of facing similar litigation increases for other firms in the venture, and such legal action is 2.3 times more likely...
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Internal slack is a primary contributor to agency problems. As such, shareholders' updated valuation of internal slack reveals their revised assessment of potential agency conflicts. We study how the value of internal cash changes following state antitakeover regulation events. After carefully...
Persistent link: https://www.econbiz.de/10012936368
Using transactions generally overlooked in the compensation literature mdash; joint ventures, strategic alliances, SEOs, and spinoffs mdash; we find that, beyond compensation for increases in firm size or complexity, CEOs are rewarded for their deal-making activities. Boards pay CEOs for the...
Persistent link: https://www.econbiz.de/10012711169