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Direct and Indirect Risk-Taking Incentives of Inside Debt
(2016-07-16)
We develop a model of managerial compensation structure and asset risk choice. The model provides predictions about the relation between credit spreads and different compensation components. First, we show that credit ...
The Old Boy Network: The Impact of Professional Networks on Remuneration in Top Executive Jobs
(2016-01-18)
We investigate the impact of social networks on earnings using a dataset of over 20,000 senior executives of European and US firms. The size of an individual's network of influential former colleagues has a large positive ...
Entrepreneurial Spawning: Experience, Education, and Exit
(2016-02-29)
We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from ...
Coinvestment and risk taking in private equity funds
(2016-01-01)
Private equity fund managers are typically required to invest their own money alongside the fund. We examine how this coinvestment affects the acquisition strategy of leveraged buyout funds. In a simple model, where the ...
Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code
(2016-11-24)
In order to better differentiate the drivers of corporations’ actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying ...
The Financing Dynamics of Newly Founded Firms
(2016-11-01)
Little evidence exists on the financing decisions of newly founded firms or on the financing dynamics of these firms over their life cycle. We aim to help filling this gap by investigating the financing dynamics of 2,456 ...