作者：Schneider, Christoph; Spalt, Oliver
作者单位：University of Mannheim; Tilburg University
摘要：Do behavioral biases of executives matter for corporate investment decisions? Using segment-level capital allocation in multisegment firms (conglomerates) as a laboratory, we show that capital expenditure is increasing in the expected skewness of segment returns. Conglomerates invest more in high-skewness segments than matched stand-alone firms, and trade at a discount, which indicates overinvestment that is detrimental to shareholder wealth. Using geographical variation in gambling norms, we ...
作者：Levit, Doron; Malenko, Nadya
作者单位：University of Pennsylvania; Boston College
摘要：This paper studies how directors' reputational concerns affect board structure, corporate governance, and firm value. In our setting, directors affect their firms' governance, and governance in turn affects firms' demand for new directors. Whether the labor market rewards a shareholder-friendly or management-friendly reputation is determined in equilibrium and depends on aggregate governance. We show that directors' desire to be invited to other boards creates strategic complementarity of corp...
