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Previous work by Aggarwal and Samwick (Aggarwal, R., Samwick, A., 1999. The other side of the tradeoff: the impact of risk on executive compensation. Journal of Political Economy 107 pp. 65–105) has documented the importance of controlling for the variance of firm stock returns when estimating...
This paper compares the bargaining process in conventional Chapter 11 arrangements with one alternative structure, known as “prepacks”. In prepacks, unsecured creditors' payments depend only on the value of the outside option, which is given by the liquidation value of their claims. In...
The nonlinear relationship between corporate value and managerial ownership is well documented. This has been attributed to the onset of managerial entrenchment, which results in a decrease of corporate value for increasing levels of managerial holdings. We propose a new structure for this...
We examine the underinvestment rationale for corporate hedging and test the hypothesis that if firms hedge to reduce both their reliance on external funds and the volatility of internal cash flow, then their investment spending should be less sensitive to prehedged cash flow. Our results are...
This study examines the firm's equity ownership by insiders and blockholders starting right after the firm goes public, its decline thereafter, and what alters the decline. Previous literature has shown the incentive of insiders to let their ownership fall after their initial public offering...
Using unique Australian data we examine the choice of issuance mechanism for unseasoned equity (between initial public offers and direct placements) prior to exchange listing. Controlling for liquidity in the decision to go public and incorporating interrelated decisions, we find that corporate...
We investigate the relation between outside director compensation and the investment opportunities of firms. The sample of cases is drawn from the period 1996 to 2001. We find that elements of outside director compensation are significantly related to the investment opportunity set. Firms with...
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