Employment of Corporate Executives by Majority Stockholders

Insider trading and the legal expertise of corporate executives

We investigate if prior professional legal education either restrains or increases the extent to which the insider trades of company executives and directors are informed. We show that lawyer-insiders earn significantly lower abnormal returns than non-lawyers when they purchase their own company’s shares. Purchases of own company stock by lawyer-insiders are associated with lower future earning...

When do Appointments of Corporate Sustainability Executives affect Shareholder Value?

Fallible Executives, Centralization of Decision-Making and Corporate Performance

In this paper we explore some possible consequences of fallibility in managerial decisionmaking for Þrm performance. Based on Sah and Stiglitz (1991), we develop the hypothesis that if managers are fallible, Þrm performance will be more variable as the number of managers participating in decision-making decreases, i.e. as the Þrm becomes more centralized. We use characteristics of the Executive...

Gender and corporate finance: Are male executives overconfident relative to female executives?

We examine corporate financial and investment decisions made by female executives compared with male executives. Male executives undertake more acquisitions and issue debt more often than female executives. Further, acquisitions made by firms with male executives have announcement returns approximately 2% lower than those made by female executive firms, and debt issues also have lower announcem...

Employment Nondiscrimination Acts and Corporate Innovation

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