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Do outside directors monitor managers
Abstract Examining 128 tender offer bids made from 1980 through 1987, we categorize outside directors as either independent of or having some affiliation with managers, and find that bidding firms onExpand
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Evidence from tender offer bids
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Stockholder–Manager Conflicts and Firm Value
The separation of ownership and control in a modern corporation often requires the delegation of significant decision-making authority to professional managers, which introduces the possibility thatExpand
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Life Cycle Investing, Holding Periods, and Risk
This article examines the relative performance of bills, bonds, and stocks over various holding periods. Using a resampling technique that accounts for the cross–sectional correlation betweenExpand
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Director tenure and the compensation of bank CEOs
Purpose - The purpose of this paper is to examine how board tenure affects the compensation of CEOs using a sample of 93 publicly traded US banks. Design/methodology/approach - The paper proposes aExpand
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Financial Policies and the Agency Costs of Free Cash Flow: Evidence from the Oil Industry
Jensen (1986) posits that costly conflicts of interest between managers and shareholders are especially pronounced in companies with substantial amounts of free cash flow. Jensen argues that, allExpand
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Discretion in financial reporting: The voluntary disclosure of compensation peer groups in proxy statement performance graphs
We examine the 49 Standard & Poor's (S&P) 500 firms that voluntarily disclosed in their 1993 proxy statements, the composition of the comparison group used by each board's compensation committee toExpand
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Foundations of corporate finance
1. A Financial Model of the Corporation. 2. Markets, Value, and the Firm . 3. Estimating Cash Flows. 4. Time Is Money. 5. Time Value Applications: Security Valuation and Expected Returns. 6. Risk andExpand
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Organizational Commitment to Climate Change and GHG Reductions
This study examines whether a stronger commitment to climate change within a company results in reductions in GHG emissions. Utilizing data from the Carbon Disclosure Project (CDP) data base for aExpand
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Financial crises, natural selection and board structure: Evidence from the thrift crisis
We contend that the advisory and monitoring benefits of the board of directors, like the benefits of automobile airbags, are difficult to assess in the absence of a crisis. Exploiting a naturalExpand
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