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Classified Boards, the Cost of Debt, and Firm Performance
(2012)
This paper documents that classified boards substantially reduce the cost of debt. The evidence is not consistent with the argument that bondholders benefit from board classification because they are concerned about hostile ...
Golden Parachutes, Takeover Probability, and Risk-Taking
(Midwest Finance Association, 2011)
This paper is the first to examine the relationships among golden parachutes (GPs), CEO compensation incentives, and managerial risk-taking. GPs are positively associated with risktaking, but only when controlling for the ...
Golden Parachutes, Takeover Incentive, and Risk-taking
(Midwest Finance Association 2013 Annual Meeting Paper, 2013-06-09)
We examine the relations between golden parachutes (GPs), pay-performance sensitivity (delta), and managerial risk-taking. We find an insignificant effect of GPs, but a negative and significant interaction of GPs with ...