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作者：Anderson, RC; Reeb, DM
作者单位：American University; University of Alabama System; University of Alabama Tuscaloosa
摘要：We investigate the relation between founding-family ownership and firm performance. We find that family ownership is both prevalent and substantial; families are present in one-third of the S&P 500 and account for 18 percent of outstanding equity. Contrary to our conjecture, we find family firms perform better than nonfamily firms. Additional analysis reveals that the relation between family holdings and firm performance is nonlinear and that when family members serve as CEO, performance is be...
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作者：Hirshleifer, D; Shumway, T
作者单位：University System of Ohio; Ohio State University; University of Michigan System; University of Michigan
摘要：Psychological evidence and casual intuition predict that sunny weather is associated with upbeat mood. This paper examines the relationship between morning sunshine in the city of a country's leading stock exchange and daily market index returns across 26 countries from 1982 to 1997. Sunshine is strongly significantly correlated with stock returns. After controlling for sunshine, rain and snow are unrelated to returns. Substantial use of weather-based strategies was optimal for a trader with v...
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作者：De Motta, A
作者单位：McGill University
摘要：Capital budgeting in multidivisional firms depends on the external assessment of the whole firm, as well as on headquarters' assessment of the divisions. While corporate headquarters may create value by directly monitoring divisions, the external assessment of the firm is a public good for division managers who, consequently, are tempted to free ride. As the number of divisions increases, the free-rider problem is aggravated, and internal capital markets substitute for external capital markets...
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作者：Chan, K; Hameed, A; Lau, ST
作者单位：Hong Kong University of Science & Technology; National University of Singapore; Nanyang Technological University
摘要：We examine the price behavior and market activity of the Jardine Group companies after they were delisted from Hong Kong in 1994. Although the trading activity of the Jardine Group moved to Singapore, the core businesses remained in Hong Kong and Mainland China. Evidence indicates the Jardine stocks are correlated less (more) with the Hong Kong (Singapore) market after the delisting. This result cannot be explained by various hypotheses, such as relocation of core business, time-varying betas,...
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作者：Ferris, SP; Jagannathan, M; Pritchard, AC
作者单位：University of Missouri System; University of Missouri Columbia; State University of New York (SUNY) System; Binghamton University, SUNY; University of Michigan System; University of Michigan
摘要：We examine the number of external appointments held by corporate directors. Directors who serve larger firms and sit on larger boards are more likely to attract directorships. Consistent with Fama and Jensen (1983), we find that firm performance has a positive effect on the number of appointments held by a director. We find no evidence that multiple directors shirk their responsibilities to serve on board committees. We do not find that multiple directors are associated with a greater likeliho...
