Performance

Working Paper

12 November 2018

Technology and Corporate Governance: Blockchain, Crypto, and Artificial Intelligence

Over recent decades, the on-going “digital revolution” has transformed many aspects of everyday life. Think of the increased power and shrinking size of personal computers and smartphones; the global expansion of the Internet...

Mark Fenwick | Erik Vermeulen
20 December 2018

Why Are Firms with More Managerial Ownership Worth Less?

Using more than 50,000 firm-years from 1988 to 2015, we show that the empirical relation between a firm’s Tobin’s q and managerial ownership is systematically negative. When we restrict our sample to larger firms as in the prior...

Kornelia Fabisik | Ruediger Fahlenbrach | René Stulz | Jérôme Taillard
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

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