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  1. Learning and the disappearing association between governance and returns
    Autor*in: Bebchuk, Lucian A.; Cohen, Alma; Wang, Charles C. Y.
    Erschienen: 2010

    "Abstract: In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (15912)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    "Abstract: In an important and influential work, Gompers, Ishii, and Metrick (2003) show that a trading strategy based on an index of 24 governance provisions (G-Index) would have earned abnormal returns during the 1991-1999 period, and this intriguing finding has attracted much attention ever since it was reported. We show that the G-Index (as well as the E-Index based on a subset of the six provisions that matter the most) was no longer associated with abnormal returns during the period of 2000-2008, or any sub-periods within it, and we provide evidence consistent with the hypothesis that the disappearance of the governance-returns association was due to market participants' learning to appreciate the difference between firms scoring well and poorly on the governance indices. Consistent with the learning hypothesis, we document that (i) attention to corporate governance from the media, institutional investors, and researchers has exploded in the beginning of the 2000s and remained on a high level since then, and (ii) until the beginning of the 2000s, but not subsequently, market participants were more positively surprised by the earning announcements of good-governance firms than by those of poor-governance firms. Our results are robust to excluding new economy firms or to focusing solely on firms in non-competitive industries. While the G and E indices could no longer generate abnormal returns in the 2000s, their negative association with Tobin's Q persists and they thus remain valuable tools for researchers, policymakers, and investors"--John M. Olin Center for Law, Economics, and Business web site

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: NBER working paper series ; 15912
    Schlagworte: Corporate Governance; Indexberechnung; Lernende Organisation; Strategisches Management; Gewinn; Tobins Q; USA; Corporate governance; Rate of return; Corporate governance
    Umfang: 27, [15] S., graph. Darst.
    Bemerkung(en):

    Parallel als Online-Ausg. erschienen
  2. Self-fulfilling credit market freezes
    Autor*in: Bebchuk, Lucian A.; Goldstein, Itay
    Erschienen: 2010

    "This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1 (16031)
    Fernleihe:
    uneingeschränkte Fernleihe, Kopie und Ausleihe

     

    "This paper develops a model of a self-fulfilling credit market freeze and uses it to study alternative governmental responses to such a crisis. We study an economy in which operating firms are interdependent, with their success depending on the ability of other operating firms to obtain financing. In such an economy, an inefficient credit market freeze may arise in which banks abstain from lending to operating firms with good projects because of their self-fulfilling expectations that other banks will not be making such loans. Our model enables us to study the effectiveness of alternative measures for getting an economy out of an inefficient credit market freeze. In particular, we study the effectiveness of interest rate cuts, infusion of capital into banks, direct lending to operating firms by the government, and the provision of government capital or guarantees to finance or encourage privately managed lending. Our analysis provides a framework for analyzing and evaluating the standard and nonstandard instruments used by authorities during the financial crisis of 2008-2009"--National Bureau of Economic Research web site

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Druck
    Schriftenreihe: NBER working paper series ; 16031
    Schlagworte: Finanzkrise; Kreditmarkt; Kreditgeschäft; Effizienz; Kreditpolitik; Theorie; USA
    Umfang: 41 S.
    Bemerkung(en):

    Parallel als Online-Ausg. erschienen
  3. Corporate political speech
    who decides?
    Autor*in: Bebchuk, Lucian A.; Jackson, Robert J.
    Erschienen: 2010

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: The Harvard John M. Olin discussion paper series ; 676
    Umfang: Online-Ressource (PDF-Datei: 33 S., 425,23 KB)
  4. How to fix bankers' pay
    Autor*in: Bebchuk, Lucian A.
    Erschienen: 2010

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: The Harvard John M. Olin discussion paper series ; 677
    Umfang: Online-Ressource (PDF-Datei: 13 S., 152,75 KB)
  5. The CEO pay slice
    Autor*in: Bebchuk, Lucian A.; Cremers, Martijn; Peyer, Urs C.
    Erschienen: 2010

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: The Harvard John M. Olin discussion paper series ; 679
    Umfang: Online-Ressource (PDF-Datei: 48 S., 534,83 KB)
  6. Golden parachutes and the wealth of shareholders
    Autor*in: Bebchuk, Lucian A.; Cohen, Alma; Wang, Charles C. Y.
    Erschienen: 2010

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: The Harvard John M. Olin discussion paper series ; 683
    Umfang: Online-Ressource (PDF-Datei: 45 S., 3,57 MB)
  7. Learning and the disappearing association between governance and returns
    Autor*in: Bebchuk, Lucian A.; Cohen, Alma; Wang, Charles C. Y.
    Erschienen: 2010

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: The Harvard John M. Olin discussion paper series ; 667
    Umfang: Online-Ressource (PDF-Datei: [43] S., 644,09 KB), graph. Darst.
  8. Bundling and entrenchment
    Autor*in: Bebchuk, Lucian A.; Kamar, Ehud
    Erschienen: 2010

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: The Harvard John M. Olin discussion paper series ; 659
    Umfang: Online-Ressource (PDF-Datei: 50 S., 330,24 KB), graph. Darst.