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  • Influence
Managerial Incentives and Risk-taking
This paper provides empirical evidence of a strong causal relation between the structure of managerial compensation and investment policy, debt policy, and firm risk. Controlling for CEOExpand
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Boards : Does one size fit all ?
This paper reexamines the relation between firm value and board structure. We find that complex firms, which have greater advising requirements than simple firms, have larger boards with more outsideExpand
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Leadership Structure: Separating the CEO and Chairman of the Board
Shareholder activists and regulators are pressuring U.S. firms to separate the titles of CEO and Chairman of the Board. They argue that separating the titles will reduce agency costs in corporationsExpand
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Corporate policies restricting trading by insiders
This paper provides the first systematic examination of policies and procedures put in place by corporations to regulate trading in the stock by the firm's own insiders. Over 90 percent of our sampleExpand
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Co-opted Boards
We develop two measures of board composition to investigate whether directors appointed by the CEO have allegiance to the CEO and decrease their monitoring. Co-option is the fraction of the boardExpand
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Outside directors and the adoption of poison pills
We find that the average stock-market reaction to announcements of poison pills is positive when the board has a majority of outside directors and negative when it does not. The probability that aExpand
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Stock-based incentive compensation and investment behavior
Abstract This paper examines how excessive concern over current stock price can motivate managers to use observable investment decisions to manipulate the market's inferences about the firm. TheExpand
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What Happens to CEOs After They Retire? New Evidence on Career Concerns, Horizon Problems, and CEO Incentives
This paper provides evidence on a previously unidentified source of managerial incentives: concerns about post-retirement board service. Both the likelihood that a retired CEO serves on his own boardExpand
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Boards: Does One Size Fit All?
This paper re-examines (1) the relation between firm value and board structure and (2) the factors associated with cross-sectional variation in board structure. Conventional wisdom and existingExpand
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Stock and Option Grants with Performance-Based Vesting Provisions
We assemble a sample of 983 equity-based awards that include either an accelerated- or a contingent-vesting provision tied to firm performance and explore the frequency, contractual nature, usage,Expand
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