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Higher market valuation of companies with a small board of directors
I present evidence consistent with theories that small boards of directors are more effective, Using Tobin’s Q as an approximation of market valuation, I find an inverse association between boardExpand
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Managerial Entrenchment and Capital Structure Decisions
We study associations between managerial entrenchment and firms' capital structures, with results generally suggesting that entrenched CEOs seek to avoid debt. In a cross-sectional analysis, we findExpand
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Do Corporations Award CEO Stock Options Effectively
This paper analyzes stock option wards to CEOs of 792 U.S. public corporations between 1984 and 1991. Using a Black-Scholes approach, I test whether stock options performance incentives haveExpand
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Pay Me Later: Inside Debt and its Role in Managerial Compensation
Though widely used in executive compensation, inside debt has been almost entirely overlooked by prior work. We initiate this research by studying CEO pension arrangements in 237 large capitalizationExpand
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CEO Involvement in the Selection of New Board Members: An Empirical Analysis
We study whether CEO involvement in the selection of new directors influences the nature of appointments to the board. When the CEO serves on the nominating committee or no nominating committeeExpand
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Good Timing: CEO Stock Option Awards and Company News Announcements
This paper analyzes company disclosures of CEO stock option values in compliance with the SEC's regulations for reporting executive compensation data to stockholders. Companies appear to exploit theExpand
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Remuneration, Retention, and Reputation Incentives for Outside Directors
I study incentives received by outside directors in Fortune 500 firms from compensation, replacement, and the opportunity to obtain other directorships. Previous research has only shown theseExpand
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Investor Reactions to CEOs’ Inside Debt Incentives
Pensions and deferred compensation represent substantial components of CEO incentives. We study stockholder and bondholder reactions to companies' initial reports of CEOs' inside debt positionsExpand
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Is Bitcoin a Real Currency? An Economic Appraisal
A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely fails to satisfy these criteria. Bitcoin has achieved only scant consumerExpand
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Taking Stock: Equity-Based Compensation and the Evolution of Managerial Ownership
We investigate the impact of stock-based compensation on managerial ownership. We find that equity compensation succeeds in increasing incentives of lower-ownership managers, but higher-ownershipExpand
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