作者：Cooper, Ilan; Priestley, Richard
作者单位：BI Norwegian Business School
摘要：Characteristics play a similar role in describing returns in private firms as in public firms. This evidence suggests a causal effect of optimal investment underlying the role of characteristics, as private firms do not have stock prices to over-or under-react on. Common factor models largely describe the cross section of investment returns of both types of firms, suggesting that the common factors are likely aggregate risk factors. Finally, the cost of capital and firm valuations are similar ...
作者：Eckbo, B. Espen; Thorburn, Karin S.; Wang, Wei
作者单位：Dartmouth College; Norwegian School of Economics (NHH); Queens University - Canada; European Corporate Governance Institute; Centre for Economic Policy Research - UK
摘要：We examine chief executive officer (CEO) career and compensation changes for large firms filing for Chapter 11. One-third of the incumbent CEOs maintain executive employment, and these CEOs experience a median compensation change of zero. However, incumbent CEOs leaving the executive labor market suffer a compensation loss with a median present value until age 65 of $7 million (five times pre-departure compensation). The likelihood of leaving decreases with profitability and CEO share ownershi...
