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Determinants of Corporate Cash Policy: Insights from Private Firms
We provide one of the first large sample comparisons of cash policies in public and private U.S. firms. We first show that despite higher financing frictions, private firms hold, on average, aboutExpand
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Optimal compensation contracts when managers can hedge
This paper examines optimal compensation contracts when executives can hedge their personal portfolios. In a simple principal-agent framework, I predict that the Chief Executive Officer's (CEO's)Expand
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Dissolution mechanism and release kinetics of phosphate controlled release glasses in aqueous medium.
Leach test of a phosphate controlled release glass (CRG) were conducted in aqueous medium under different conditions. Results show that the phosphate CRG dissolves congruently in deionized water. ItsExpand
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Market Misvaluation, Managerial Horizon, and Acquisitions
"This paper analyzes the impact of managerial horizon on mergers and acquisitions activity. The main predication is that acquiring firms managed by short-horizon executives have higher abnormalExpand
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A Comparison of CEO Pay-Performance Sensitivity in Privately-Held and Public Firms
In this paper we study CEO contract design employing a unique dataset on privately-held and public firm CEO annual compensation over the period 1999–2011. We first show that CEOs in public firms areExpand
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CEO Turnover-Performance Sensitivities in Private Firms
We compare CEO turnover in public and large private firms. Public firms have higher turnover rates and exhibit greater turnover-performance sensitivities than private firms. Controlling forExpand
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Nonmonetary benefits, quality of life, and executive compensation
We examine the effects of nonmonetary benefits on overall executive compensation from the perspective of the living environment at the firm headquarters. Companies in polluted, high crime rate, orExpand
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Human Capital Driven Acquisition: Evidence from the Inevitable Disclosure Doctrine
We present evidence that the desire to gain human capital is an important motive for corporate acquisitions. Our tests exploit the staggered recognition of the Inevitable Disclosure Doctrine by U.S.Expand
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CEO pay cuts and forced turnover: Their causes and consequences
We study large discrete decreases in CEO pay and compare them to CEO forced turnover. The determinants are similar, as are the performance improvements after the action. After the pay cut, the CEOExpand
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Employment Nondiscrimination Acts and Corporate Innovation
  • Huasheng Gao, Wei Zhang
  • Economics, Computer Science
  • Manag. Sci.
  • 1 September 2017
We show that U.S. state-level Employment Non-Discrimination Acts (ENDAs) — laws that prohibit discrimination based on sexual orientation and gender identity — spur innovation. Expand
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