Annual Conference

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Corporate Finance

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May 2014

CEO Turnover and Earnings Management in Banks: Evidence Using Age-based Retirement Policies

Prasanna TANTRI, Arkodipta SARKAR, Krishnamurthy SUBRAMANIAN
We examine the effect of CEO turnover on earnings management in banks. Since banking is intrinsically an opaque activity, we hypothesize that an incoming CEO of a bank is more likely to manage earnings than a counterpart in a non financial firm. To identify the hypothesized effects, we exploit exoge...
Keywords: Banks, CEO, CEO turnover, Earnings Management, financial crisis, Public Sector Banks, Retirement, Superannuation, Tenure
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Annual Conference

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Corporate Finance

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May 2022

CEO Hometown Favoritism in Corporate Environmental Policies

Qifei ZHU, Wei LI, Qiping XU
We exploit within-firm variations in plant-level toxic releases to document the effect of managerial hometown favoritism on corporate environmental policies. We find that pollution intensity is 20% lower for plants near CEOs’ hometowns, and this reduction is facilitated by waste management efforts...
Keywords: CEO, Hometown favoritism, Corporate environmental policies, Corporate social responsibility (CSR)
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2017

CEO Contractual Protection and Debt Contracting

Qiang CHENG, Xia CHEN, Alvis K. LO, Xin WANG
CEO employment agreements and severance pay agreements are prevalent among S&P1500 firms. While prior research has examined their impact on corporate decision from shareholders’ perspective, there is little research on their impact from debtholders’ perspective. We examine the effect on debt...
Keywords: employment agreement, severance pay agreement, debt contracting
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Annual Conference

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Accounting

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May 2019

CEO Compensation and Real Estate Prices : Pay for Luck or Pay for Action?

Ana ALBUQUERQUE, Ben BENNETT, Claudia CUSTODIA, Dragana CVIJANOVIC
This paper uses variation in real estate prices to test whether CEOs are paid for luck or to respond to luck. We distinguish between pay for luck and pay for responding to luck by exploiting GAAP accounting rules. In the United States, real estate used in the firm’s operations is not marked-to-mar...
Keywords: CEO compensation, Real Estate Prices, luck
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

Centralized Governance in Decentralized Organizations

Lin William CONG, Daniel RABETTI, Charles C.Y. WANG, Yu YAN
We systematically document governance centralization in decentralized autonomous organizations (DAOs) and study its drivers and economic implications. Using multiple data sources and granular on-chain transactional data, we compare our findings to those in corporate finance (and venture startup) set...
Keywords: Blockchain, Blockholder Activism, DAOs, DeFi Ventures, Governance, Insider Trading, Voting
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