Income drawdown for corporate executives

Income drawdown option with minimum guarantee

This paper deals with a constrained investment problem for a defined contribution (DC) pension fund where retirees are allowed to defer the purchase of the annuity at some future time after retirement. This problem has already been treated in the unconstrained case in a number of papers. The aim of this work is to deal with the more realistic case when constraints on the investment strategies a...

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...

Corporate Income Taxation

We have stressed that tax incidence must be traced to people, since corporations cannot bear the burden of a tax. Why then tax corporations at all? There are several possible justi…cations. First, there are valuable bene…ts, such as limited liability, to incorporation. The corporate tax could be seen as simply a tax on that value. However, the current corporate tax system does not re‡ect a sens...

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?