Three Essays On External Sources Of Corporate Governance
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Three Essays On External Sources Of Corporate Governance
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Author : Lee Kevin K.
language : en
Publisher:
Release Date : 2012
Three Essays On External Sources Of Corporate Governance written by Lee Kevin K. and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Corporate governance categories.
Corporate governance is the system by which corporations are controlled. External sources of governance include regulatory and market mechanisms as well as the interplay of goals between managers, the board, and shareholders. Other external sources can include informal institutions which can shape goals as well as suggested by institutional theory, effectively constrain human behavior. In my first essay, I argue that foreign direct investors can act as agents of change in corporate governance. Investigating changes in ownership and control of Swedish firms, I find that active foreign investors' participation move firms away from a Swedish stakeholder orientation toward an Anglo-American shareholder wealth maximization focus. In my second essay, I explore the relationship of informal and formal institutions on microfinance institutions (MFI). Investigating the outreach and performance of MFIs in developing nations, I find that strong formal institutions foster better efficiency and outreach while strong informal institutions' impact is limited to better outreach. In my third essay, I investigate the apparent lack of market discipline in the bank subordinated debt market leading up to the 2008 finance crisis. I find that subordinated debt holders were caught off guard by the suddenness and magnitude of the crisis. I argue that bank opacity created a vulnerable environment in the banking industry that contributed to this collapse.
Three Essays In Corporate Governance
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Author : Valentina Giulia Bruno
language : en
Publisher:
Release Date : 2006
Three Essays In Corporate Governance written by Valentina Giulia Bruno and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Essays In External Corporate Governance
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Author : Abhishek Ganguly
language : en
Publisher:
Release Date : 2020
Essays In External Corporate Governance written by Abhishek Ganguly and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Chief executive officers categories.
My dissertation comprises three essays that address several unanswered and unsettled questions on the role of institutional investors as external monitors. In the first chapter titled, "Media and Shareholder Activism," using more than twenty-five million firm-level media articles, I examine the role of media in shareholder activism events from 2002 to 2014. I find that conditioning on numerous observable firm-specific characteristics and unobservables, broader and negative ex-ante media coverage, is positively associated with the probability of a firm being a shareholder activist's target. I further document that media coverage also plays a crucial role in determining the outcomes of activism events. Target firms with ex-ante positive media coverage not only have significantly lower announcement returns but also have a higher likelihood of management winning. The second chapter titled, "CEO Overconfidence and Shareholder Activism," relies on extensive behavioral corporate finance theory and empirically explores whether managerial overconfidence is associated with hedge-fund activists' target selection and activism outcomes. Predictions from theoretical models point in different directions: activists mitigate overconfidence or activists avoid overconfident managers. We find evidence that hedge-fund activists are less likely to target firms with overconfident CEOs, after controlling for various firm and CEO characteristics and fixed effects. In the third chapter, "Hedge Fund Activism and Capital Structure," using a comprehensive sample of hedge-fund activism from 1994 to 2018 in the U.S., and closest propensity score-matched firms, we study whether hedge-fund activists influence the capital structures of targeted firms. We find that for over-levered firms, there is a significant positive association between firms' distance away from the target leverage and their likelihood of being targeted by an activist hedge-fund. However, rebalancing of leverage toward their target debt ratios post-hedge fund activist intervention is observed only among under-levered firms. Our findings are broadly consistent with the dynamic trade-off models of capital structure, where adjustment costs and agency benefits of leverage play a crucial role.
Three Essays In Corporate Governance
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Author : James Martin Forjan
language : en
Publisher:
Release Date : 19??
Three Essays In Corporate Governance written by James Martin Forjan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 19?? with Corporate governance categories.
Essays In Corporate Governance
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Author : Jared Ian Wilson
language : en
Publisher:
Release Date : 2016
Essays In Corporate Governance written by Jared Ian Wilson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Boards of directors categories.
Corporate governance examines the mechanisms through which managers and directors are incentivized to act in the best interests of shareholders. The three essays of this dissertation focus on internal and external control mechanisms in the CEO and director labor markets and their effectiveness in aligning the interests of mangers, directors and shareholders. The first essay examines the influence of industry shocks and peer firms on board monitoring decisions. Recent evidence documents that industry factors influence CEO turnover decisions, despite agency theory's proposition that boards should filter out industry shocks when evaluating CEO performance. Consistent with industry dynamics affecting board monitoring decisions, I document that industries exhibit CEO turnover waves. During these periods of abnormally high turnover, executives face a heightened threat of discipline as boards increase turnover-performance sensitivity. This increased scrutiny inside waves represents a meaningful managerial incentive that curbs value-destroying behavior of CEOs. Overall, this essay documents the existence of CEO turnover waves, which motivate boards to monitor management differently and have real effects on CEO behavior and shareholder wealth. The second essay examines the shareholder wealth effects associated with a required venue for shareholder litigation. In response to the increased threat of shareholder litigation filed in multiple states, firms have adopted exclusive forum provisions which limit lawsuits to a single venue of the board's choice. It is unclear whether these provisions impose increased costs on shareholders' ability to discipline managers and directors or provide benefits to shareholders by eliminating multi-forum and duplicative lawsuits. I use the Delaware Chancery Court's announcement upholding the adoption of these provisions as a natural experiment to evaluate their wealth implications. Overall, this essay suggests that exclusive forum provisions create value for shareholders by specifying a required venue for corporate litigation. The final essay, with David Becher and Ralph Walkling, examines the stability and composition of acquirer boards around mergers and the director characteristics associated with selection for the post-merger board. Our results indicate that the post-merger board changes substantially and variation is significantly different from both non-merger years and non-merging firms. Adjustments reflect firms upgrading skills associated with executive and merger experience and bargaining between targets and acquirers, rather than agency motives. Conversely, director selection at non-merging firms is driven by general skills and diversity. Our analyses provide insight into the dynamic nature of board structure and characteristics valued in the director labor market.
Three Essays On Corporate Governance Equity Capital Structure And Corporate Diversification
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Author : Markus Schmid
language : en
Publisher:
Release Date : 2004
Three Essays On Corporate Governance Equity Capital Structure And Corporate Diversification written by Markus Schmid and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Three Essays In Corporate Governance
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Author : Adam Yore
language : en
Publisher:
Release Date : 2009
Three Essays In Corporate Governance written by Adam Yore and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Corporate governance categories.
Three Essays On Corporate Governance
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Author : Trang L. N. Nguyen
language : en
Publisher:
Release Date : 2020
Three Essays On Corporate Governance written by Trang L. N. Nguyen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Three Essays On Corporate Governance
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Author : Cassandra D. Marshall
language : en
Publisher:
Release Date : 2011
Three Essays On Corporate Governance written by Cassandra D. Marshall and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Three Essays On Corporate Governance
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Author : Michael John Fleming
language : en
Publisher:
Release Date : 1994
Three Essays On Corporate Governance written by Michael John Fleming and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Consolidation and merger of corporations categories.