Corporate Governance: Recent Developments and New Trends by Crocker Liu, David Yermack (auth.), Sabri Boubaker, Bang

By Crocker Liu, David Yermack (auth.), Sabri Boubaker, Bang Dang Nguyen, Duc Khuong Nguyen (eds.)

The present drawback has rocked the economy world wide and has solid doubt at the effectiveness of the prevailing regulatory regime. millions of agencies have long past bankrupt and lots of monetary associations have been bailed out by means of governments. the results of the main issue have shaken rising and constructing markets alike and feature now not spared neither small nor huge companies.

Many students and practitioners characteristic the roots of the drawback to mess ups and weaknesses within the approach company governance has been practiced because the mid-1990s. Lax board oversight of most sensible administration, short-termism and self-interested habit were fingered because the culprits in the back of contemporary monetary turmoil.

This e-book highlights the new advancements and new tendencies in company governance. The eighteen chapters, written by way of prime teachers and specialists, can help company executives, governance our bodies, traders, industry regulators, and policymakers in having a world photograph of significant company governance matters.

This e-book highlights the new advancements and new developments in company governance. The eighteen chapters, written via prime lecturers and specialists, can help company executives, governance our bodies, traders, marketplace regulators, and policymakers in having an international photograph of significant company governance matters.

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Example text

If this pattern repeated itself often, then our results about negative share performance after grandiose home purchases might reflect only the bursting of the Internet bubble. Several facts argue against such an interpretation. 10 Second, all of the results in Table 4 and Fig. 3 are essentially unchanged if we use industry stock indexes in place of the overall market index as the benchmark for expected returns. Therefore, CEOs who move into very large homes are generally underperforming their industry peers as well as the overall market in the aftermath.

Yermack occur contemporaneously with changes in entrenchment for these subgroups. Results shown in the third column of Table 4 are in accord with our predictions. The coefficient on the large home dummy variable indicates underperformance close to 2 % per month by CEOs who live in very large homes. However, the effect is negated almost exactly by the magnitude of either of the two interaction terms, each of which is positive and significant with estimates also quite close to 2 % per month. Inclusion of the interaction terms also improves the significance of the stock sale variable to below the 1 % level.

Summary statistics about these observations appear in the right half of Table 1. These companies on average outperform the S&P 500 index due to the survivorship bias in our sample; this bias arises because our sample only has companies that were included in the index at year-end 2004, but all home purchases took place before this date. To be in the index at the end of 2004, firms must have performed well prior to then. We construct a hypothetical trading rule in which in an investor is assumed to take long or short positions in company stocks at the time of their CEOs’ home purchases, with the choice of long or short based upon the size of the CEO’s new home.

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