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Publication Name: The Review of Financial Studies

Brief description: The Review of Financial Studies is a major forum for the promotion and wide dissemination of significant new research in financial economics.

Publication URL: http://rfs.oxfordjournals.org/

RSS Feed: link

Joined: August 20th, 2011

Activity

The Review of Financial Studies wrote a new blog post titled The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes

This paper studies the long-term effect of hedge fund activism on firm productivity using plant-level information from the U.S. Census Bureau. A typical target firm improves production efficiency in the 3 years after intervention, with stronger improvements in business strategy-oriented interventions. Plants sold after intervention improve productivity significantly under new ownership, suggesting that capital redeployment is an important channel for value creation. Employees of target firms experience stagnation in work hours and wages despite an increase in labor productivity. Additional...
(745 days ago)

The Review of Financial Studies wrote a new blog post titled Board Structure and Monitoring: New Evidence from CEO Turnovers

We use the 2003 NYSE and NASDAQ listing rules for board and committee independence as a quasinatural experiment to examine the causal relations between board structure and CEO monitoring. Noncompliant firms forced to raise board independence or adopt a fully independent nominating committee significantly increased their forced CEO turnover sensitivity to performance relative to compliant firms. Nominating committee independence is important even when firms had an independent board, and the effect is stronger when the CEO is on the committee. We conclude that greater board independence and...
(745 days ago)

The Review of Financial Studies wrote a new blog post titled Restraining Overconfident CEOs through Improved Governance: Evidence from the Sarbanes-Oxley Act

The literature posits that some CEO overconfidence benefits shareholders, though high levels may not. We argue that adequate controls and independent viewpoints provided by an independent board mitigates the costs of CEO overconfidence. We use the concurrent passage of the Sarbanes-Oxley Act and changes to the NYSE/NASDAQ listing rules (collectively, SOX) as natural experiments, to examine whether board independence improves decision making by overconfident CEOs. The results are strongly supportive: after SOX, overconfident CEOs reduce investment and risk exposure, increase dividends, improve...
(745 days ago)

About:

The Review of Financial Studies is a major forum for the promotion and wide dissemination of significant new research in financial economics. As reflected by its broadly based editorial board, the Review balances theoretical and empirical contributions. The primary criteria for publishing a paper are its quality and importance to the field of finance, without undue regard to its technical difficulty. Finance is interpreted broadly to include the interface between finance and economics.

The Review is sponsored by The Society for Financial Studies. The editors of the Review and officers of the Society are elected for limited terms.