Investment Intelligence from Insider Trading
Investment Intelligence from Insider Trading

Author: H. Nejat Seyhun

Publisher: MIT Press

Published: 2000-02-28

Total Pages: 452

ISBN-13: 9780262692342

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Learn how to profit from information about insider trading. The term insider trading refers to the stock transactions of the officers, directors, and large shareholders of a firm. Many investors believe that corporate insiders, informed about their firms' prospects, buy and sell their own firm's stock at favorable times, reaping significant profits. Given the extra costs and risks of an active trading strategy, the key question for stock market investors is whether the publicly available insider-trading information can help them to outperform a simple passive index fund. Basing his insights on an exhaustive data set that captures information on all reported insider trading in all publicly held firms over the past twenty-one years—over one million transactions!—H. Nejat Seyhun shows how investors can use insider information to their advantage. He documents the magnitude and duration of the stock price movements following insider trading, determinants of insiders' profits, and the risks associated with imitating insider trading. He looks at the likely performance of individual firms and of the overall stock market, and compares the value of what one can learn from insider trading with commonly used measures of value such as price-earnings ratio, book-to-market ratio, and dividend yield.

Communication and Language Analysis in the Corporate World
Communication and Language Analysis in the Corporate World

Author: Hart, Roderick P.

Publisher: IGI Global

Published: 2014-01-31

Total Pages: 435

ISBN-13: 1466650001

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While personal variables like age, education, and gender are often thought to contribute to a person’s distinctive speech pattern, corporate environments often develop its own way of communication which include larger scale variables like the economy and organizational traditions. Communication and Language Analysis in the Corporate World provides insight into the verbiage of the corporate world and the influence of this environment for a person’s speech pattern, language, and terminology. This book will provide a guide for language researchers and business leaders alike so that they may find a way to communicate with everyone – customers, colleagues, and CEOs – effectively.

Winning Investors Over
Winning Investors Over

Author: Baruch Lev

Publisher: Harvard Business Press

Published: 2012

Total Pages: 394

ISBN-13: 142211502X

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A guide to dealing with Wall Street in order to boost a company's earnings and stock price features advice for executives on such topics as addressing investors' concerns and maintaining credibility on Wall Street.

Inducements in Organizations
Inducements in Organizations

Author: Nicolas Tichy

Publisher: BoD – Books on Demand

Published: 2023-03-14

Total Pages: 234

ISBN-13: 3947095090

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Executive compensation has inspired controversial debate in both academia and the general public, and many voices criticize that executive compensation designs fail to deliver desired outcomes. Although much research has been devoted to understanding the antecedents and consequences of executive compensation design, important questions remain unanswered. This dissertation contributes to the field by exploring a previously neglected aspect: executive compensation complexity. Given the absence of an established measure of executive compensation complexity, there is an incomplete understanding of how complexity enters executive compensation contracts and what the consequences are for managers and corporations. The essays of this dissertation aim to narrow this gap. The first study presents a novel measure of executive compensation complexity, which is validated and utilized to examine the antecedents of executive compensation complexity. The second study explores the consequences of executive compensation complexity and finds that complexity impairs firm performance, regardless of the performance metric chosen (accounting-based, market-based, or ESG-based performance metrics). The third study explores the link between compensation design dispersion and executive turnover and reveals that executives with riskier compensation packages and fewer performance goals are more likely to move. The fourth study provides experimental evidence on the effect of CSR Fit dimensions and organizational reputation. Taken together, the essays of this dissertation make a significant and valuable contribution to the scholarly discourse on executive compensation. By shedding light on the complex nature of executive compensation and its implications for managers and corporations, this dissertation advances the current understanding of executive compensation and provides insights for policymakers, managers, and investors.

Executive Compensation and Shareholder Value
Executive Compensation and Shareholder Value

Author: Jennifer Carpenter

Publisher: Springer Science & Business Media

Published: 2013-04-17

Total Pages: 159

ISBN-13: 1475751923

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Executive compensation has gained widespread public attention in recent years, with the pay of top U.S. executives reaching unprecedented levels compared either with past levels, with the remuneration of top executives in other countries, or with the wages and salaries of typical employees. The extraordinary levels of executive compensation have been achieved at a time when U.S. public companies have realized substantial gains in stock market value. Many have cited this as evidence that U.S. executive compensation works well, rewarding managers who make difficult decisions that lead to higher shareholder values, while others have argued that the overly generous salaries and benefits bear little relation to company performance. Recent conceptual and empirical research permits for the first time a truly rigorous debate on these and related issues, which is the subject of this volume.

Exit, Voice, and Loyalty
Exit, Voice, and Loyalty

Author: Albert O. Hirschman

Publisher: Harvard University Press

Published: 1970

Total Pages: 180

ISBN-13: 9780674276604

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An innovator in contemporary thought on economic and political development looks here at decline rather than growth. Albert O. Hirschman makes a basic distinction between alternative ways of reacting to deterioration in business firms and, in general, to dissatisfaction with organizations: one, “exit,” is for the member to quit the organization or for the customer to switch to the competing product, and the other, “voice,” is for members or customers to agitate and exert influence for change “from within.” The efficiency of the competitive mechanism, with its total reliance on exit, is questioned for certain important situations. As exit often undercuts voice while being unable to counteract decline, loyalty is seen in the function of retarding exit and of permitting voice to play its proper role. The interplay of the three concepts turns out to illuminate a wide range of economic, social, and political phenomena. As the author states in the preface, “having found my own unifying way of looking at issues as diverse as competition and the two-party system, divorce and the American character, black power and the failure of ‘unhappy’ top officials to resign over Vietnam, I decided to let myself go a little.”

The Handbook of the Economics of Corporate Governance
The Handbook of the Economics of Corporate Governance

Author: Benjamin Hermalin

Publisher: Elsevier

Published: 2017-09-18

Total Pages: 762

ISBN-13: 0444635408

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The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. - Concentrates on underlying principles that change little, even as the empirical literature moves on - Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces - Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field's substantive findings, all of which help point the way forward

The Effects of Competition
The Effects of Competition

Author: George Symeonidis

Publisher: MIT Press

Published: 2002-01-18

Total Pages: 558

ISBN-13: 9780262264655

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A theoretical and empirical study of the effects of competition across a broad range of industries. Policies to promote competition are high on the political agenda worldwide. But in a constantly changing marketplace, the effects of more intense competition on firm conduct, market structure, and industry performance are often hard to distinguish. This study combines game-theoretic models with empirical evidence from a "natural experiment" of policy reform. The introduction in the United Kingdom of the 1956 Restrictive Trade Practices Act led to the registration and subsequent abolition of explicit restrictive agreements between firms and the intensification of price competition across a range of manufacturing industries. An equally large number of industries were not affected by the legislation. Using data from before and after the 1956 act, this book compares the two groups of industries to determine the effect of price competition on concentration, firm and plant numbers, profitability, advertising intensity, and innovation. The book avoids two problems common to empirical studies of competition: how to measure the intensity of competition and how to unravel the links between competition and other variables. Because the change in the intensity of competition had an external cause, there is no need to measure the intensity of competition directly, and it is possible to identify one-way causal effects when estimating the impact of competition. The book also examines issues such as the industries in which collusion is more likely to occur; the effect of cartels and cartel laws on market structure and profitability; the links between competition, advertising, and innovation; and the constraints on the exercise of merger and antitrust policies.

Why Diversity, Equity, And Inclusion Matter: Challenges And Solutions
Why Diversity, Equity, And Inclusion Matter: Challenges And Solutions

Author: Bin Srinidhi

Publisher: World Scientific

Published: 2023-12-05

Total Pages: 501

ISBN-13: 9811278423

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This book integrates the current research on diversity, equity, and inclusion with corporate practice and describes how these initiatives affect organizations' morale, performance, and output. Academic researchers, corporate executives tasked with implementing Diversity, Equity & Inclusion (DEI), and regulators face the problem of balancing DEI initiatives, which could generate diverse ideas beneficial to the organization, with concerns about diluting meritocracy. Building a diverse workforce could improve both organizational well-being and social harmony. Research has shown that building a diverse workforce often results in communication and coordination issues and unjustified pay and performance gaps, engendering feelings of exclusion among diverse individuals. The book describes how organizations address these issues in various settings ranging from accounting firms to health care providers. It covers settings with gender and racial diversities and clarifies the difference between equality and equity. Its coverage includes dealing with concealable disabilities and promoting equity across diverse populations in organizational and social settings.

Earnings Quality
Earnings Quality

Author: Jennifer Francis

Publisher: Now Publishers Inc

Published: 2008

Total Pages: 97

ISBN-13: 1601981147

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This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.