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Outside directors and CEO turnover
Abstract This paper examines the relation between the monitoring of CEOs by inside and outside directors and CEO resignations. CEO resignations are predicted using stock returns and earnings changesExpand
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The Cash Flow Sensitivity of Cash
We model a firm’s demand for liquidity to develop a new test of the effect of financial constraints on corporate policies. The effect of financial constraints is captured by the firm’s propensity toExpand
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Endogenously Chosen Boards of Directors and Their Monitoring of the CEO
How can boards be chosen through a process partially controlled by the CEO, yet, in many instances, still be effective monitors of him? The authors offer an answer based on a model in which boardExpand
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Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature
The authors identify the primary findings of the empirical literature on boards of directors. Typically, these studies have sought to answer one of the following questions: How are theExpand
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The Effects of Board Composition and Direct Incentives on Firm Performance
This paper examines the relationship between top management compensation and corporate performance in public utilities. Previous researchers have argued that incentives for profitability are notExpand
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Actual Share Reacquisitions in Open-Market Repurchase Programs
Unlike Dutch auction repurchases and tender offers, open-market repurchase programs do not precommit firms to acquire a specified number of shares. In a sample of 450 programs from 1981 to 1990,Expand
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Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts
Private equity funds pay particular attention to capital structure when executing leveraged buyouts, creating an interesting setting for examining capital structure theories. Using a large, detailed,Expand
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The Determinants of Board Composition
We identify factors that lead to changes among corporate directors. We hypothesize that the CEO succession process and firm performance will affect board composition. Our findings are consistent withExpand
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Financial Flexibility and The Choice Between Dividends and Stock Repurchases
This paper measures the growth in open market stock repurchases and the manner in which stock repurchases and dividends are used in U.S. corporations. Stock repurchases and dividends are used atExpand
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Motivations for Public Equity Offers: An International Perspective
This paper examines the extent to which investment financing and market-timing explanations motivate public equity offers. We consider a sample of 16,958 initial public offerings and 12,373 seasonedExpand
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