By Crocker Liu, David Yermack (auth.), Sabri Boubaker, Bang Dang Nguyen, Duc Khuong Nguyen (eds.)
The present challenge has rocked the economic climate all over the world and has forged doubt at the effectiveness of the prevailing regulatory regime. hundreds of thousands of organisations have long gone bankrupt and plenty of monetary associations have been bailed out by way of governments. the results of the difficulty 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 concern to disasters and weaknesses within the means company governance has been practiced because the mid-1990s. Lax board oversight of best administration, short-termism and self-interested habit were fingered because the culprits at the back of fresh monetary turmoil.
This booklet highlights the hot advancements and new tendencies in company governance. The eighteen chapters, written through best 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 ebook highlights the hot advancements and new tendencies in company governance. The eighteen chapters, written through best teachers and specialists, may help company executives, governance our bodies, traders, marketplace regulators, and policymakers in having an international photograph of significant company governance matters.
Read Online or Download Corporate Governance: Recent Developments and New Trends PDF
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Additional info for Corporate Governance: Recent Developments and New Trends
The dates of CEOs’ home purchases appear on databases of residential real estate transactions that are searchable on the Internet they reside in apartments or hotels during the work week. Due to this skewness of the data we do not report descriptive statistics for commuting distance other than the median. 6 Figure 2 presents a histogram of the timing of acquisition of CEOs’ homes, relative to the timing of their appointments to their CEO positions. The data show a clear tendency for CEOs to buy new homes in the year of their appointment (year 0 on the graph), a pattern driven by the need for many CEOs to relocate if they are outside hires or had previously worked in a division of the firm away from headquarters.
We continue the regression analysis by adding an independent variable equal to the percentage of acquisition cost for each house financed by liquidation of company shares and options, as described in Table 2. If the CEO purchases the home without selling shares, we interpret it as a signal of commitment and expect more positive stock returns. When the stock financing variable is added to the regression model, it has a negative estimate that has borderline significance at the 11 % level. Inclusion of the control for equity sales by the CEO has no effect on the estimate for the indicator variable for very large homes, which is virtually identical in the first two columns of Table 4.
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. In the right three columns of Table 4, we decompose our sample according to calendar time, with the model from the third column estimated separately for each of the 3 year periods subsequent to each CEO’s home acquisition.