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- Publications
- Influence
CEO Preferences and Acquisitions
- Dirk Jenter, K. Lewellen
- Business
- 1 December 2011
This paper explores the impact of target CEOs’ retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’… Expand
The Marketing Role of IPOs: Evidence from Internet Stocks
- E. Demers, K. Lewellen
- Business
- 2001
This paper explores the potential marketing benefits of going public and of IPO underpricing. We examine the impact of IPO underpricing on website traffic, which is a direct measure of product market… Expand
Financing decisions when managers are risk averse
- K. Lewellen
- Economics, Business
- 1 December 2006
This paper studies the impact of financing decisions on risk-averse managers. Leverage raises stock volatility, driving a wedge between the cost of debt to shareholders and the cost to undiversified,… Expand
Performance-Induced CEO Turnover
- Dirk Jenter, K. Lewellen
- Business, Economics
- 1 September 2017
This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and introduce the concept of performance-induced… Expand
Risk, Reputation, and IPO Price Support
- K. Lewellen
- Economics
- 1 April 2006
Immediately following an initial public offering, underwriters often repurchase shares of poorly performing offerings in an apparent attempt to stabilize the price. Using proprietary Nasdaq data, I… Expand
Equity Vesting and Managerial Myopia
- Alex Edmans, Vivian W. Fang, K. Lewellen
- Economics
- 1 September 2013
This paper links the impending vesting of CEO equity to reductions in real investment. Existing studies measure the manager's short-term concerns using the sensitivity of his equity to the stock… Expand
Internal Ownership Structures of U.S. Multinational Firms
- K. Lewellen, L. Robinson
- Business
- 30 April 2013
This paper is a comprehensive analysis of the foreign ownership structures of U.S. multinational firms. Though the vast majority of foreign subsidiaries are ultimately wholly-owned by their U.S.… Expand
Investment Decisions of Nonprofit Firms: Evidence from Hospitals
- M. Adelino, K. Lewellen, A. K. Sundaram
- Economics
- 14 October 2013
type="main"> This paper examines investment choices of nonprofit hospitals. It tests how shocks to cash flows caused by the performance of the hospitals’ financial assets affect hospital… Expand
Investment and Cash Flow: New Evidence
- J. Lewellen, J. Lewellen, K. Lewellen
- Economics
- 1 August 2016
We study the investment-cashflow sensitivities of U.S. firms from 1971–2009. Our tests extend the literature in several key ways and provide strong evidence that cashflow explains investment beyond… Expand
Equity Vesting and Investment
- Alex Edmans, Vivian W. Fang, K. Lewellen
- Economics
- 16 December 2016
This paper links the CEO’s concerns for the current stock price to reductions in real investment. We identify short-term concerns using the amount of stock and options scheduled to vest in a given… Expand