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Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 6 March 2010Robert, Bushman , Zhonglan, Dai , Xue, WangThis paper investigates how performance risk impacts a board’s ability to learn about the unknown talent of a chief executive officer (CEO). We theorize that the information content of performance [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 7 March 2010Ugur, Celikyurt , Merih, Sevilir , Anil, ShivdasaniNewly public firms make acquisitions at a torrid pace. Their large acquisition appetites reflect the concentration of initial public offerings (IPOs) in mergers and acquisitions- (M&A-) intensive industries, but acquisitions [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 23 February 2010Daniela, Fabbri , Anna Maria C., MenichiniAssuming that firms’ suppliers are better able to extract value from the liquidation of assets in default and have an information advantage over other creditors, the paper derives six predictions on the [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 24 February 2010Joshua M., Pollet , Mungo, WilsonWe thank Klaas Baks, Michael Brennan, John Campbell, Timothy Johnson, Jun Pan, Neil Pearson, Allen Poteshman, Bruno Solnik and Joshua White as well as seminar participants at the HKUST finance symposium, the 2007 [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 12 February 2010John, (Xuefeng) Jiang , Kathy R., Petroni , Isabel, Yanyan WangThis study examines the association between chief financial officer (CFO) equity incentives and earnings management. Chief executive officer (CEO) equity incentives have been shown to be associated [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 13 February 2010Murillo, Campello , John R., Graham , Campbell R., HarveyWe survey 1,050 Chief Financial Officers (CFOs) in the U.S., Europe, and Asia to directly assess whether their firms are credit constrained during the global financial crisis of [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 11 February 2010Takeo, Hoshi , Anil K., KashyapDuring the financial crisis that started in 2007, the U.S. government has used a variety of tools to try to rehabilitate the U.S. banking industry. Many of those strategies were also used in [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 10 February 2010Claus, Munk , Carsten, SørensenWe solve for optimal portfolios when interest rates and labor income are stochastic with the expected income growth being affine in the short-term interest rate in order to encompass business cycle variations in wages. [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 11 February 2010Joel F., Houston , Chen, Lin , Ping, Lin , Yue, MaLooking at a sample of nearly 2,400 banks in 69 countries, we find that stronger creditor rights tend to promote greater bank risk taking. Consistent [...]
Publication year: 2010Source: Journal of Financial Economics, In Press, Accepted Manuscript, Available online 11 February 2010John, Hund , Donald, Monk , Sheri, TiceThe diversification discount (multiple segment firm value below the value imputed using single segment firm multiples) is commonly thought to be generated by agency problems, a lack of transparency, or [...]
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