Working Paper

25 January 2021

The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

After fitting a topic model to 40,927 COVID-19-related paragraphs in 3,581 earnings calls over the period January 22 to April 30, 2020, we obtain firm-level measures of exposure and response related to COVID-19 for 2,894 U.S. firms. We...

Kai Li | Xing Liu | Feng Mai | Tengfei Zhang
01 November 2016

Measuring Compliance with Executive Remuneration Standards at Controlled Corporations

In this paper we analyze the relationship between conformity to executive remuneration standards, corporate ownership, and the level and structure of CEO compensation for large European listed companies in the years 2007 and 2010....

Roberto Barontini | Stefano Bozzi | Guido Ferrarini
01 February 2014

Agency Theory in Practice: A Qualitative Study of Hedge Fund Activism in Japan

We look at the reaction to hedge fund activism of managers and shareholders in Japanese firms and explore the implications of our findings for agency theory. We use a qualitative research design which treats the standard...

John Buchanan | Dominic Heesang Chai | Simon Deakin