Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Ceo Ownership And Stock Market Performance
Download Ceo Ownership And Stock Market Performance full books in PDF, epub, and Kindle. Read online Ceo Ownership And Stock Market Performance ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis CEO Ownership and Stock Market Performance, and Managerial Discretion by : Ulf von Lilienfeld-Toal
Download or read book CEO Ownership and Stock Market Performance, and Managerial Discretion written by Ulf von Lilienfeld-Toal and published by . This book was released on 2013 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between CEO ownership and stock market performance. A strategy based on public information about managerial ownership delivers annual abnormal returns of 4 to 10%. The effect is strongest among firms with weak external governance, weak product market competition, and large managerial discretion. This suggests that CEO ownership can reverse the negative impact of weak governance. Furthermore, owner CEOs are value increasing: they reduce empire building and run their firms more efficiently. Overall, our findings indicate that the market does not correctly price the incentive effects of managerial ownership, suggesting interesting feedback effects between corporate finance and asset pricing.
Book Synopsis CEO Ownership and Stock Market Performance by : Alex Manoonpol
Download or read book CEO Ownership and Stock Market Performance written by Alex Manoonpol and published by . This book was released on 2015 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the relationship between CEO ownership and stock market performance in the Stock Exchange of Thailand and Market for Alternative Investment during 2003-2014. The study provides evidence that a strategy of going long in firms with significant CEO ownership produces positive abnormal returns. Furthermore, the study goes on to incorporate corporate governance and shows that going long in firms with a high Thai Institute of Directors (IOD) ranking also produces positive abnormal returns while the opposite holds true for firms with a low IOD ranking. Lastly, the study suggests that CEO ownership can reverse the negative impact of weak governance as going long in firms with a low IOD ranking but significant CEO ownership results in higher returns than going long in a portfolio where the only criteria is a low IOD ranking. Corporate governance matters in asset pricing and significant ownership is an added incentive for the CEO to add value to the company, which the market does not correctly price.
Book Synopsis Why Managers Hold Shares of Their Firm by : Ulf von Lilienfeld-Toal
Download or read book Why Managers Hold Shares of Their Firm written by Ulf von Lilienfeld-Toal and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between CEO ownership and stock market performance. Firms in which the CEO voluntarily holds a considerable share of outstanding stocks outperform the market by more than 10 percent p.a. after controlling for traditional risk factors. The effect is most pronounced in firms that are characterized by large managerial discretion of the CEO. The abnormal returns we document are one potential explanation why so many CEOs hold a large fraction of their own company's stocks. We also examine several potential explanations why the existence of an owner CEO is not fully reflected in prices but leads to abnormal returns.
Book Synopsis Why Managers Hold Shares of Their Firms by : Ulf von Lilienfeld-Toal
Download or read book Why Managers Hold Shares of Their Firms written by Ulf von Lilienfeld-Toal and published by . This book was released on 2007 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis CEO Pay and Shareholder Value by : Ira T. Kay
Download or read book CEO Pay and Shareholder Value written by Ira T. Kay and published by CRC Press. This book was released on 2024-11-01 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: U.S. executive pay, particularly that of CEOs, has been under serious attack for nearly a decade. Despite the fact that tying executive performance and pay to stock price has appeared to have substantially benefited the U.S. economy, this criticism has not subsided. CEO Pay and Shareholder Value challenges some assumptions behind this criticism by addressing these pertinent questions and more:
Book Synopsis The Influence of CEO Demographic Characteristics on Stock Return Volatility by : Hisham Farag
Download or read book The Influence of CEO Demographic Characteristics on Stock Return Volatility written by Hisham Farag and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock markets continually reflect the assessment of CEOs' characteristics into stock prices hence we expect that there might be a link between CEOs' demographic characteristics and stock return volatility. We investigate the influence of CEOs' demographic characteristics (e.g. age, tenure, education, gender and professional experience) and share ownership on stock return volatility for a sample of 892 IPOs floated in both the Shanghai and Shenzhen stock exchanges. Using fixed effects and system GMM models we find that greater stock return volatility is associated with younger and shorter tenured CEOs. This may imply that older and long tenured CEOs are more risk averse and are less likely to consider risky decisions. Interestingly, we find that IPOs' volatility is likely to be less with female CEOs. This may suggest that female CEOs may not be risk averse compared with their male counterparts. Finally, whilst we find no significant relationship between CEO ownership and volatility, we find a positive and highly significant relationship between state ownership and stock return volatility.
Book Synopsis Break The Wall Street Rule by : Michael Jacobs
Download or read book Break The Wall Street Rule written by Michael Jacobs and published by Addison Wesley Publishing Company. This book was released on 1993-04-20 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Break the Wall Street Rule explains how you can maximize your stock-market returns by acting as a true owner of the companies whose stock you purchase. In his thorough analysis of today's investment landscape, former Treasury Department official Michael T. Jacobs shows that this "effective owner" approach takes the guesswork out of investing and reinvents the relationship between corporations and shareholders. In contrast, the current Wall Street Rule - to sell stock whenever its performance displeases you - actually undermines your returns." "Most investors speculate on stock prices, either buying and selling or paying mutual funds to buy and sell. Such shuffling produces dismal results compared to the overall market; each year three out of four money managers return less than the market average. The real beneficiaries of the Wall Street Rule are the investment industry and company executives who don't want to answer to owners. Jacobs shows that simply by investing for long-term growth, you can beat 95 percent of mutual funds. Even better, in the last decade companies with large effective-owner shareholders earned triple the market average." "With Break the Wall Street Rule investors of any size can become effective owners. In clear language Jacobs explains how small shareholders can utilize the power of institutional investors. There are guidelines for choosing companies structured for the benefit of their shareholders, not to insulate their executives from shareholders. Other chapters describe how to assemble a portfolio and how to calculate whether a stock has paid you back enough." "Many books explain when to buy stocks or which stocks to buy. Break the Wall Street Rule shows how real gains come from what you do once you own a stock. You can use the power of new SEC proxy rules to maximize your returns. You can ensure that management works for shareholders by supporting directors and resolutions that protect your interests, such as connecting pay to performance. Owning only $1000 of stock lets you propose your own shareholder resolutions; Jacobs illuminates the rules and realities of this process. As shown at Sears and GM, shareholders and boards can affect how major corporations are run. In sum, the effective owner philosophy of Break the Wall Street Rule will revolutionize the way you look at stock-market investing."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved
Book Synopsis CEO Ownership Concentration and CEO CSR Performance Compensation of S&P 500 Companies by : Allen Li
Download or read book CEO Ownership Concentration and CEO CSR Performance Compensation of S&P 500 Companies written by Allen Li and published by . This book was released on 2015 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates how CEO ownership concentration in S&P 500 companies is associated with compensation tied to social performance. My theory on how these two variables are connected is presented in the paper. I employ logistic regression on privately collected data on social performance compensation. Using firm-level and individual-level data for over 400 companies, I find that the relationship between CEO ownership and CEO CSR incentive is positively related. In my analysis, I control for leverage, profitability, and industry. I suggest that I recommend that more researches in this area should be conducted in order to properly understand if CEOs are using their ownership concentration to obtain more private benefits for themselves.
Book Synopsis A Few Good Eggs in One Basket by : Richard L. Gunderson
Download or read book A Few Good Eggs in One Basket written by Richard L. Gunderson and published by iUniverse. This book was released on 2012-04-19 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a stock market environment dominated by professional investors, A Few Good Eggs in One Basket o?ers a plain-talk approach to pro?tability by selecting and managing an investment portfolio of common stocks for an individual. Author Richard L. Gunderson, who has been an investor for more than forty years, outlines an enduring framework that improves the odds for the individual investor to exceed the performance of the market over the long term by buying good companies at bargain prices. He outlines what constitutes a good company and how to determine when a price meets the test of being a bargain. A Few Good Eggs in One Basket also helps individual investors by discussing what to look for; where to look; when to buy; when to sell; and how many stocks to own. A Few Good Eggs in One Basket presents a prescription designed to take advantage of opportunities created by market overreaction to bad news and disappointing results. Gunderson believes there are always bargains at any time and in any market. The challenge is to consistently apply a disciplined approach to identifying the unusual and favorable opportunities and concentrating a portfolio on those stocks representing the best combination of overall quality and intrinsic value.
Book Synopsis Founder-Ceos, Investment Decisions, and Stock Market Performance by : Rüdiger Fahlenbrach
Download or read book Founder-Ceos, Investment Decisions, and Stock Market Performance written by Rüdiger Fahlenbrach and published by . This book was released on 2008 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eleven percent of the largest public U.S. firms are headed by the CEO who founded the firm. Founder-CEO firms differ systematically from successor-CEO firms with respect to firm valuation, investment behavior, and stock market performance. Founder-CEO firms invest more in Ramp;D, have higher capital expenditures, and make more focused mergers and acquisitions. An equal-weighted investment strategy that had invested in founder-CEO firms from 1993{2002 would have earned a benchmark- adjusted return of 8.3% annually. The excess return is robust; after controlling for a wide variety of firm characteristics, CEO characteristics, and industry affiliation, the abnormal return is still 4.4% annually. The implications of the investment behavior and stock market performance of founder-CEO led firms are discussed.
Book Synopsis Required CEO Stock Ownership by : Neil Brisley
Download or read book Required CEO Stock Ownership written by Neil Brisley and published by . This book was released on 2018 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to corporate governance concerns, SEC disclosure rules, and encouragement by Institutional Shareholder Services, most large U.S. public firms have adopted executive stock ownership requirements in recent years. Compared to CEOs already in compliance, CEOs who have not yet fulfilled the requirement at adoption subsequently increase stockholdings, exposing themselves to more company-specific risk, potentially providing risk-reduction incentives and diminishing their subjective valuation of firm equity. Using changes in state capital gains tax rates as an instrument, we find that these CEOs subsequently reduce firm risk through diversifying M&A, less financial leverage, and smaller R&D investment. They experience a deterioration in firm performance and valuation, but receive significantly increased stock grants. A placebo test further addresses endogeneity. Our evidence suggests that boards should exercise judgment when adopting this popular governance initiative.
Book Synopsis Pay Without Performance by : Lucian A. Bebchuk
Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.
Book Synopsis Does the New Economy Need New Governance? by : David B. Audretsch
Download or read book Does the New Economy Need New Governance? written by David B. Audretsch and published by . This book was released on 2002 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Comparison of CEO Pay-Performance Sensitivity in Privately-Held and Public Firms by : Huasheng Gao
Download or read book A Comparison of CEO Pay-Performance Sensitivity in Privately-Held and Public Firms written by Huasheng Gao and published by . This book was released on 2015 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we study CEO contract design employing a unique dataset on privately-held and public firm CEO annual compensation over the period 1999-2011. We first show that CEOs in public firms are paid 30% more than CEOs in comparable privately-held firms. We further show that both private and public firm CEO pay is positively and significantly related to firm accounting performance, and that the pay-performance link is much weaker in privately-held firms. We then show that the above findings are robust to accounting for firms' self-selection into being privately-held, and a number of important differences between privately-held and public firms, including CEO ownership, employee stock ownership, stock liquidity, discipline from the takeover market, and the availability of different performance measures. Overall, our results support the view that concentrated ownership substitutes for CEO performance-based compensation contracts.
Book Synopsis Stock Ownership Guidelines for CEOS by : Bradley W. Benson
Download or read book Stock Ownership Guidelines for CEOS written by Bradley W. Benson and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the determinants and the effects of CEO stock ownership guideline adoption, differentiating Not-meet/Meet adopters - those setting the guideline above/below the CEO's stock ownership at the time of adoption. While Meet adoption is mainly determined by factors related to stakeholder management, we find that Not-meet adoption is associated with factors related to both incentive alignment and stakeholder management. CEO ownership increases and CEO incentive alignment improves for Not-meet firms. But CEO ownership and incentives are unchanged for Meet firms following guideline adoption. We find no evidence that CEO compensation changes abnormally after adoption. Not-meet firms have larger improvement in operating performance and better stock performance than Meet firms. We provide evidence that the motives and the effects of guideline adoption depend on the level of the ownership restriction relative to the CEO's ownership at the time of adoption.
Book Synopsis Founder-CEOs and Stock Market Performance by : Rüdiger Fahlenbrach
Download or read book Founder-CEOs and Stock Market Performance written by Rüdiger Fahlenbrach and published by . This book was released on 2004 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Institutional Investors, Corporate Ownership, and Corporate Governance by : Stuart L. Gillan
Download or read book Institutional Investors, Corporate Ownership, and Corporate Governance written by Stuart L. Gillan and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
