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Why Do Firms Go Dark? Causes And Economic Consequences Of Voluntary SEC Deregistrations.pdf

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Preview of Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations
🔗 Source: knowledge.wharton.upenn.edu
📊 Size: 1.23 MB
👤 Author: abg
⬇️ Downloads: 94

Summary

Researchers analyzed the impact of board members with financial expertise on corporate finance and investment decisions, using a novel data set of FORBES 500 companies from 1988 to 2001. They found that the presence of commercial bankers on corporate boards increases loan size and decreases investment to cash flow sensitivity, but this increased access to finance mostly benefits firms with good credit, little financial constraints, and poor investment opportunities, suggesting banker directors act in the interest of creditors, not shareholders. The presence of investment bankers on the board is associated with more frequent outside financing, larger public debt issues, and poorer stock and earnings performance after acquisitions, indicating that financial experts on corporate boards do not necessarily improve shareholder value.

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Description

Researchers analyzed the impact of board members with financial expertise on corporate finance and investment decisions, using a novel data set of FORBES 500...

Technical Information

  • File Format: PDF
  • File Size: 1.23 MB
  • Pages: 63
  • Language: EN
  • Author: abg
  • Total Downloads: 94
  • Last Updated: 3 weeks ago

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