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State Antitakeover Laws and Voluntary Disclosure

Zhao, Yijiang - 2012

We test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a … this association. Our findings are consistent with takeover protection and poor disclosure serving as substitute mechanisms … for deterring takeovers. Therefore, as antitakeover statutes mitigate takeover threats, they enhance managers' incentives …

Persistent link: https://www.econbiz.de/10013101924

The Effectiveness of Corporate Boards: Evidence from Bank Loan Contracting

Francis, Bill; Hasan, Iftekhar; Koetter, Michael; Wu, Qiang - Center for Economic Institutions, Institute of Economic … - 2009

borrower characteristics (e.g., leverage, tangibility and anti-takeover environments) and loan characteristics (e.g., loan …

Persistent link: https://www.econbiz.de/10008548298

Do Activist Hedge Funds Target Female CEOs? The Role of CEO Gender in Hedge Fund Activism

Francis, Bill - 2020

Using a comprehensive hedge fund activism dataset, we find that activist hedge funds are about 52% more likely to target firms with female CEOs compared to firms with male CEOs. We find that firm fundamentals, the existence of a “glass cliff,” gender discrimination bias, and hedge fund...

Persistent link: https://www.econbiz.de/10012853950

Agency Cost of CEO Perquisite in the Bank Loan Contracts

Chan, Chia-Ying - 2017

This study investigates whether CEO perquisite of borrowing firms plays any significant role, both in terms of price and non-price settings, in financial contracts and reveals that lending banks demand significantly higher return (spread), more collateral, and stricter covenants from firms with...

Persistent link: https://www.econbiz.de/10012964677

A Note on Foreign Bank Entry and Bank Corporate Governance in China

Hasan, Iftekhar - 2015

China employs a unique foreign bank entry model. Instead of allowing full foreign control of domestic banks, foreign investors are only permitted to be involved in the local banks as minority shareholders. At the same time, foreign strategic investors are expected to commit to bank corporate...

Persistent link: https://www.econbiz.de/10013036936

Professors in the Boardroom and Their Impact on Corporate Governance and Firm Performance

Francis, Bill - 2015

Directors from academia served on the boards of around 40% of S&P 1,500 firms over the 1998-2011 period. This paper investigates the effects of academic directors on corporate governance and firm performance. We find that companies with directors from academia are associated with higher...

Persistent link: https://www.econbiz.de/10013033060

Banker Directors on Board and Corporate Tax Avoidance

Song, Qian; Ding, Wenjie; Hasan, Iftekhar; Wang, Qingwei - 2023

We investigate how shareholder-and-debtholder conflicts of interest affect corporate tax avoidance using a unique setting of the affiliated and unaffiliated commercial bankers’ board representation. We find that appointing affiliated banker directors, but not unaffiliated banker directors,...

Persistent link: https://www.econbiz.de/10014362313

Creditor Control Rights and the Non-Synchronicity of Global CDS Markets

Hasan, Iftekhar; Marra, Miriam; Wu, Eliza; Zhang, Gaiyan - 2023

We analyze how creditor rights affect the nonsynchronicity of global corporate credit default swap spreads (CDS-NS). We find that CDS-NS is negatively related to the country-level creditor-control rights, especially to the “restrictions on reorganization” component, where...

Persistent link: https://www.econbiz.de/10014254224

Corporate Boards and Bank Loan Contracting

Wu, Qiang - 2011

This paper investigates the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable and syndicated loans...

Persistent link: https://www.econbiz.de/10013117703

Corporate Boards and Bank Loan Contracting

Francis, Bill B. - 2012

We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable, and syndicated loans comprise...

Persistent link: https://www.econbiz.de/10013106481