EFA Keynote Speech: 'Corporate Governance and Corporate Social Responsibility: What Do Investors Care About? What Should Investors Care About?
In: Financial Review, Band 44, Heft 4, S. 461-468
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In: Financial Review, Band 44, Heft 4, S. 461-468
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In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 8, Heft 3, S. 217-226
ISSN: 1475-6803
AbstractThis study provides a further test of whether the price change‐volume relationship is asymmetric as Epps' theoretical model and empirical evidence indicate. Testing during periods of known information arrival supports his hypothesis that the ratio of volume to absolute price change on price increases is higher than that ratio on equivalent price decreases. There is some contrary evidence when the testing occurs over trading days for which there is no known information arrival. This reversal of results could be due to the combined effect of positive transaction costs and no information arrival. There is evidence in support of this explanation.
In: American economic review, Band 106, Heft 5, S. 267-271
ISSN: 1944-7981
We show that gender diversity in corporate boards could improve firm value because of the contributions that women make to the board. Prior studies examine valuation effects of gender-diverse boards and reach mixed conclusions. To help resolve this conundrum, we consider how gender diversity could affect firm value, that is, what mechanisms could explain how female directors benefit corporate board performance. We hypothesize and provide evidence that women directors contribute to boards by offering specific functional expertise, often missing from corporate boards. The additional expertise increases board heterogeneity which Kim and Starks (2015) show can increase firm value.
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In: International journal of forecasting, Band 14, Heft 2, S. 215-225
ISSN: 0169-2070
In: Corporate governance: an international review, Band 31, Heft 6, S. 820-844
ISSN: 1467-8683
AbstractResearch Question/IssueWe examine how countries' cultural and legal environment, in addition to firm‐level governance mechanisms, affects firms' retention and termination decision of the CEO.Research Findings/InsightsPrevious research focuses primarily on the effects of governance structures and incentives on turnover. In this paper, we focus on two additional institutions—cultural and legal. We find that in cultures characterized by higher individualism, competition, and stronger views that hard work leads to success, boards are more likely to replace CEOs in response to poor shareholder performance. Conversely, we find that in more corrupt cultures and cultures more protective of employees, there is lower turnover–performance sensitivity.Theoretical/Academic ImplicationsWilliamson (2000) provided a framework consisting of four levels of institutional influences on economic activity: (1) cultural norms, (2) the legal system, (3) governance structures, and (4) resource allocation and employment. Previous research focuses primarily on the two highest levels; we focus on the two more basic levels, cultural and legal, while controlling for firm‐level governance.Practitioner/Policy ImplicationsCultural values and legal conditions combine with the firm's governance structure to affect CEO turnover and its sensitivity to firm shareholder performance.
In: American economic review, Band 105, Heft 5, S. 432-436
ISSN: 1944-7981
In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors.
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In: The journal of business, Band 66, Heft 1, S. 29
ISSN: 1537-5374
In: NBER Working Paper No. w29994
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In: FRB of New York Staff Report No. 1014, Rev. January 2024
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In: Nanyang Business School Research Paper No. 20-05
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In: Forthcoming in 'Finance', https://www.cairn-int.info/journal-finance.htm
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In: Swiss Finance Institute Research Paper No. 18-58
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