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Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions
A common view in the literature is that the director labor market provides an ex post settling-up for past decisions by rewarding CEO ability and actions that are consistent with shareholderExpand
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Right on Schedule: CEO Option Grants and Opportunism
In the wake of the backdating scandal, many firms began awarding options at scheduled times each year. Scheduling option grants eliminates backdating, but creates other agency problems. CEOs thatExpand
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Trade Relationships, Indirect Economic Links, and Mergers
The economic links between firms created by customer and supplier relationships are critical determinants of those firms’ values and actions. We demonstrate that significant trade relationships andExpand
Shareholder Perks, Ownership Structure, and Firm Value
Shareholder perks are in-kind gifts or purchase discounts made available to shareholders and are common at many firms. Shareholder perks return value to investors in a way that disproportionallyExpand
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