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Author : Nabil Ghalleb
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (1 download)
Download or read book Managerial Opportunism and Directors' and Officers' Liability Insurance written by Nabil Ghalleb and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John Chalmers
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases written by John Chalmers and published by . This book was released on 2002 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managers choose to spend corporate resources to purchase directors' and officers' liability insurance, which protects directors and officers from personal financial liability in lawsuits brought against the firm and its directors and officers. We investigate whether the amount of Damp;O insurance coverage chosen by managers of IPO firms, and the cost of that insurance, is related to post-IPO abnormal stock price performance. If managers of IPO firms are exploiting superior inside information in bringing their companies public when the expected offering price exceeds managers' private valuation estimate, we hypothesize that the amount of insurance coverage chosen will be related to the post-offering performance of the issuing firm's shares. We analyze a sample of 72 IPO firms that went public between 1992 and 1996 for which we have detailed proprietary information about the amount and cost of Damp;O liability insurance. Consistent with the hypothesis, we find a significant negative relation between the 3-year post-IPO stock price performance and the amount of insurance coverage in place at the IPO date. We also analyze the pricing of Damp;O insurance by the insurers. Insurers charge more for insurance purchases that are larger than would be predicted by observable business risk proxies. However, insurers pool all abnormal insurance purchases together in that they do not distinguish between those who buy abnormally large insurance based on anticipated poor performance and those who buy extra insurance for other reasons (e.g., abnormally high risk aversion). Insurers do, however, appear to charge more to firms that buy more insurance and are subsequently sued, indicating that insurers are able to identify and price abnormal litigation risk. We argue that, similar to insider securities transactions, Damp;O insurance decisions reveal the private information of managers. This provides some motivation to argue that disclosure of the details of Damp;O insurance decisions, as is required in some other countries, is valuable.
Author : Narjess Boubakri
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.:/5 (129 download)
Download or read book Managerial Opportunism in Accounting Choice written by Narjess Boubakri and published by . This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relation between the managerial opportunism embedded in earnings management, and Damp;O insurance. We investigate (a) whether managers are more willing to engage in opportunistic behavior by adopting an aggressive earnings management strategy when they are covered by a relatively higher Damp;O insurance limit; (b) whether managers purchase Damp;O insurance coverage in anticipation of opportunistic accounting choice; and (c) whether insurers can distinguish abnormally large insurance purchases driven by opportunism in accounting choice from those driven by abnormal risk aversion. Our evidence strongly supports the managerial opportunism hypothesis in managing earnings. In particular, we find that managers purchase insurance coverage in anticipation of opportunistic earnings management around equity issuing events. We also find that the best insured managers are those who manipulate the most the earnings. Interestingly, we find that the insurers are not myopic to the harms of opportunistic managerial behavior. They are able to detect and charge higher insurance premiums to managers with a hidden opportunistic agenda. Overall, these results suggest that the Damp;O insurance market enhances opportunistic managerial behavior. We do not find any support for the prediction that lower Damp;O insurance premiums are associated with good corporate governance quality.
Author : Tom Baker
Publisher : University of Chicago Press
ISBN 13 : 0226035077
Total Pages : 295 pages
Book Rating : 4.2/5 (26 download)
Download or read book Ensuring Corporate Misconduct written by Tom Baker and published by University of Chicago Press. This book was released on 2011-01-15 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholder litigation and class action suits play a key role in protecting investors and regulating big businesses. But Directors and Officers liability insurance shields corporations and their managers from the financial consequences of many illegal acts, as evidenced by the recent Enron scandal and many of last year’s corporate financial meltdowns. Ensuring Corporate Misconduct demonstrates for the first time how corporations use insurance to avoid responsibility for corporate misconduct, dangerously undermining the impact of securities laws. As Tom Baker and Sean J. Griffith demonstrate, this need not be the case. Opening up the formerly closed world of corporate insurance, the authors interviewed people from every part of the industry in order to show the different instances where insurance companies could step in and play a constructive role in strengthening corporate governance—yet currently do not. Ensuring Corporate Misconduct concludes with a set of readily implementable reforms that could significantly rehabilitate the system.
Author : Irene Kim
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (13 download)
Download or read book Directors' and Officers' Insurance and Opportunism in Accounting Choice written by Irene Kim and published by . This book was released on 2016 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, the focus is on how excessive directors' and officers' liability insurance coverage is associated with risk-taking behavior in financial reporting. This study examines the implications of two alternative hypotheses. The opportunism hypothesis predicts that the covered executive is overly buffered from recourse via securities litigation, which leads to aggressive accounting choices. The alternative hypothesis is the economic insurance hypothesis which predicts that firms will over-invest in directors' and officers' liability insurance coverage independent of their aptitude for accounting manipulation because of the managers' risk aversion. Aggressive accounting is measured using regulatory accounting enforcement actions and earnings restatements. I find evidence consistent with the opportunism hypothesis in both the enforcement action and restatement setting, suggesting that officers rely on excessive insurance in making financial reporting decisions. The findings have implications for managerial private information and its impact on financial reporting decisions.
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Author : Lane
Publisher : Wolters Kluwer
ISBN 13 : 1543805299
Total Pages : 1588 pages
Book Rating : 4.5/5 (438 download)
Download or read book Representing Corporate Officers and Directors and LLC Managers [formerly Representing Corporate Officers, Directors, Managers, and Trustees], 3rd Edition written by Lane and published by Wolters Kluwer. This book was released on 2018-12-19 with total page 1588 pages. Available in PDF, EPUB and Kindle. Book excerpt: Representing Corporate Officers and Directors and LLC Managers, Third Edition (formerly titled Representing Corporate Officers, Directors, Managers, and Trustees) is a guide to the practical aspects of corporate governance for attorneys, corporate officers and directors, LLC managers, and trustees. Following the repercussions of past corporate and accounting scandals, new legislation, rules, and standards by governmental bodies and society have greatly increased the focus on the responsibilities and liabilities of directors, officers, managers, and trustees. Increased SEC oversight, new NYSE and NASDAQ listing standards, new cybersecurity compliance guidance, new fiduciary and other duties, and new criminal penalties have all changed the landscape for those who control corporations. By logically laying out the steps to safe corporate governance, the analysis, cases, tables, and checklists guide the veteran and neophyte alike. Representing Corporate Officers and Directors and LLC Managers tells you what to look for...what to look out for...and what steps to take to protect your corporate clients in today's harsh regulatory environment. It's the only up-to-date work of its kind to offer both in-depth analysis and practical guidance on key aspects of this critically important area. This updated Third Edition thoroughly covers: Directors' duties of care and loyalty-- including the different standards which have been imposed on directors regarding the duty of care...the duty of loyalty...the business judgment rule... when directors are entitled to rely on the advice of others...improperly influencing audits under the Sarbanes-Oxley Act... improper distributions...and more. Conflicts of interest--with examples of conflict of interest transactions, and discussion of loans to or by directors and officers...secret profits...and the duty to safeguard confidential or inside information-- plus, how certain transactions considered improper can be ratified and thus become legitimate. Federal securities laws--including everything from overviews of the laws, the SEC, and securities themselves-- to jurisdiction, pleading, remedies, and defenses in securities cases... criminal penalties...and attorneys' responsibilities regarding liability under Sarbanes-Oxley. Indemnification and insurance-- with discussion of mandatory and permissive indemnification and the scope of indemnification in various states... when a director may be indemnified even if not wholly successful in defense of an action...directors' and officers' liability insurance...types and extent of insurance coverage...tax law treatment...and exclusions. Tender offers--including antitakeover measures, two-tier and squeeze-out mergers, and golden parachute agreements, poison pill plans, and greenmail...potential liability in tender offers...and implementing mergers and acquisitions, with securities law, antitrust, tax, accounting, and labor law considerations.
Author : Institute of Directors
Publisher : Institute of Directors IOD India
ISBN 13 : 8196521707
Total Pages : 143 pages
Book Rating : 4.1/5 (965 download)
Download or read book A Handbook on D & O Liability Insurance written by Institute of Directors and published by Institute of Directors IOD India. This book was released on with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook on Directors & Officers (D&O) Liability Insurance is designed to provide comprehensive insights and practical knowledge for directors, officers, and corporate stakeholders and also insurance fraternity. It delves into the critical aspects of D&O liability and insurance, offering a thorough understanding of the responsibilities, risks, and protections essential for effective corporate governance. It is an invaluable resource for both aspiring and existing board members and officials, helping to drive informed conversations and decision-making.
Author : Simon Deakin
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110489961
Total Pages : 1072 pages
Book Rating : 4.1/5 (14 download)
Download or read book Directors & Officers (D & O) Liability written by Simon Deakin and published by Walter de Gruyter GmbH & Co KG. This book was released on 2018-02-19 with total page 1072 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years several cases concerning the liability of directors and officers have courted controversy. Arguments raised in such discussions oscillate between two extremes: on the one hand, the need for governing bodies to give a space to entrepreneurial discretion and on the other hand to ensure the protection of investors in and creditors of a company from the consequences of disadvantageous decisions by those bodies. In light of the geographical dispersal of the above stakeholders, the study offers a comparative insight into the liability of directors and officers in 10 key European jurisdictions (in particular, Austria, Czech Republic, Germany, Italy, the Netherlands, Norway, Poland, Spain and Switzerland) and 4 non-European jurisdictions (namely Brazil, Israel, Turkey and the United States). Amongst other things it investigates existing company law principles on the topic and examines their interaction with tort law and other fields with a view to suggesting principles for better stakeholder protection. National reports are complemented by an economic analysis and insurance, conflict of laws and comparative reports. The study also benefits from case study analyses.
Author : Larry Goanos
Publisher : Lulu.com
ISBN 13 : 0985896655
Total Pages : 223 pages
Book Rating : 4.9/5 (858 download)
Download or read book D&O 101: Understanding Directors and Officers Liability Insurance - A Holistic Approach written by Larry Goanos and published by Lulu.com. This book was released on 2019-06-05 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Real-world war stories from the front lines of D&O Insurance to illustrate the importance of various principles. The book contains a chapter of career advice from more than 60 senior insurance executives, including 25 current or former CEOs. Respected leaders such as Maurice "Hank" Greenberg, Brian Duperreault, Stephen Way, Dinos Iordanou, Kevin Kelley and many others provide their unique insights on career advancement.
Author : Ian Youngman
Publisher : Elsevier
ISBN 13 : 1782420045
Total Pages : 247 pages
Book Rating : 4.7/5 (824 download)
Download or read book Directors' and Officers' Liability Insurance written by Ian Youngman and published by Elsevier. This book was released on 1999-06-04 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Directors' and officers' liability insurance was at one time considered essential only for large public corporations. Now, no public limited company anywhere in the world should be without it. Large private companies, charities, financial institutions, pension funds and all executive directors need to consider the risks. It is a widely held isconception that legal action cannot be taken against individual directors of limited liability companies. Directors' and officers' liability insurance is one of the fastest growing areas in the world insurance market. Company directors are facing increasingly onerous resonsibilities as shareholders demand higher standards of corporate governence. Recent years have seen more stringent laws on environmental liability and directorial responsibility for pollution is now a global concern. This new edition will answer the questions: - Just what are the personal liability risks facing directors? - How can they protect themselves against the increasing possibility of being sued? - What are the latest developments?Ian Youngman cuts through the jargon and explains the intricacies of this kind of cover and how it relates to other forms of insurance. He includes examples of claims, as well as profiles of insurers specialising in this area. He also assesses the current and likely future status of D & O cover in all the world markets.
Author : John H. Mathias
Publisher : Law Journal Press
ISBN 13 : 9781588520951
Total Pages : 716 pages
Book Rating : 4.5/5 (29 download)
Download or read book Directors and Officers Liability written by John H. Mathias and published by Law Journal Press. This book was released on 2000 with total page 716 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines such topics as: the risks officers and directors face, derivative and class actions, and when a corporation is required--or allowed-- to provide indemnification.
Author : Adolfo Paolini
Publisher : Taylor & Francis
ISBN 13 : 1000341437
Total Pages : 225 pages
Book Rating : 4.0/5 (3 download)
Download or read book Directors' and Officers' Liability Insurance written by Adolfo Paolini and published by Taylor & Francis. This book was released on 2020-11-25 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: “With the ever increasing number of claims against directors and officers, this book provides a very welcome addition to the bookshelves which hitherto have lacked books on this important area” - Alison Green, Chairman of the Trustees of the BILA Charitable Trust. This book scrutinises the origins and the rationale underlying D&O insurance, and provides answers to the question of protecting directors against the potential liabilities they may face. It provides clear understanding about D&O policies wording, exclusions and issues of misrepresentation. The information contained in this new book includes Nature and Legality of D&O Liability Insurance, D&O Exclusions, Directors’ and Officers’ Liability to Third Parties, Directors’ Liability at Civil Law, D&O: Defence Costs Cover and Allocation, Aggregation Principles and D&O Cover and the Reinsurance of D&O Policies.
Author :
Publisher :
ISBN 13 :
Total Pages : 590 pages
Book Rating : 4.F/5 ( download)
Download or read book Directors' and Officers' Liability written by and published by . This book was released on 1998 with total page 590 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William E. Knepper
Publisher : Lexis Law Publishing (Va)
ISBN 13 :
Total Pages : 500 pages
Book Rating : 4.:/5 (43 download)
Download or read book Liability of Corporate Officers and Directors written by William E. Knepper and published by Lexis Law Publishing (Va). This book was released on 1992 with total page 500 pages. Available in PDF, EPUB and Kindle. Book excerpt: This reference offers information needed to avoid legal action. it provides in-depth-analysis of all aspects of director and officer liability, indemnification, D & O liability insurance and insurance alternatives. It directs the reader to hundreds of important court decisions and statutes, and includes D & O policy forms and specimen documents, and checklists.
Author : Michael R. Davisson
Publisher : American Bar Association
ISBN 13 : 9781616329198
Total Pages : 0 pages
Book Rating : 4.3/5 (291 download)
Download or read book Directors & Officers Liability Insurance Deskbook written by Michael R. Davisson and published by American Bar Association. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Be it enhancements or restrictions, the scope of D&O policy coverage has reflected the corporate events of the time, most frequently as outlined in case decisions interpreting the same.
Author :
Publisher :
ISBN 13 :
Total Pages : 632 pages
Book Rating : 4.3/5 ( download)
Download or read book Directors' and Officers' Liability written by and published by . This book was released on 1992 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David E. Bordon
Publisher : American Bar Association
ISBN 13 : 9781570733406
Total Pages : 244 pages
Book Rating : 4.7/5 (334 download)
Download or read book Directors and Officers Liability Insurance written by David E. Bordon and published by American Bar Association. This book was released on 1998 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt:
