A test of the Bolton-Scheinkman-Xiong hypothesis of how speculation affects the vesting time of options granted to directors

This paper investigates empirically the Bolton, Scheinkman, and Xiong (2006) hypothesis, according to which initial shareholders may provide incentives to managers to take actions that stimulate speculative bubbles. We test this hypothesis with data on up to 8,544 directors and up to 1,677 companies between 2004-2008. Using vesting time as a measure of the short-term performance weighting in CEO compensation and various alternative measures of the extent of speculation, the findings support the hypothesis: vesting time decreases with more intensive speculation. The results prove robust in various empirical model specifications.

Do individual directors matter?

Paper 1: Pilot study of Swiss firms Abstract Using a fixed effects approach, we investigate whether the presence of specific individuals on Swiss firms’ boards affects firm performance and the policy choices they make. We find evidence for a substantial impact of these directors’ presence on their firms. Moreover, the director effects are correlated across policies and performance measures but uncorrelated to the directors’ background. We find these results interesting but conclude that they should to be substantiated on a dataset that is larger and better understood by researchers. Also, further tests are required to rule out methodological concerns. Paper 2: Evidence from the S&P 1,500 Abstract We ask whether directors on corporate boards contribute to firm performance as individuals. From the universe of the S&P 1,500 firms since 1996 we track 2,062 directors who serve on multiple boards over extended periods of time. Our initial findings suggest that the presence of these directors is associated with substantial performance shifts (director fixed effects). Closer examination shows that these effects are statistical artifacts and we conclude that directors are largely fungible. Moreover, we contribute to the discussion of the fixed effects method. In particular, we highlight that the selection of the randomization method is pivotal when generating placebo benchmarks. Paper 3: Robustness, statistical power, and important directors Abstract This article provides a better understanding of Senn’s (2014) findings: The outcome that individual directors are unrelated to firm performance proves robust against different estimation models and testing strategies. By looking at CEOs, the statistical power of the placebo benchmarking test is evaluated. We find that only the stronger tests are able to detect CEO fixed effects. However, these tests are not suitable to analyze directors. The suitable tests would detect director effects if the inter quartile range of the true effects amounted to 3 percentage points ROA. As Senn (2014) finds no such effects for outside directors in general, we focus on groups of particularly important directors (e.g., COBs, non-busy directors, successful directors). Overall, our evidence suggests that the members of these groups are not individually associated with firm performance either. Thus, we confirm that individual directors are largely fungible. If the individual has an effect on performance, it is of small magnitude.

Denkschrift der Stadtgemeinde Konstanz, die am 17. April 1848 stattgehabte Entsetzung der Mitglieder der Großherzoglichen Seekreis-Regierung, und Einsetzung des Regierungs-Directors Peter zum "Statthalter" betreffend

Boberach: Die Stadt Konstanz verteidigt die Einrichtung einer Statthalterschaft als Notwendigkeit, um einen Bürgerkrieg abzuwenden. Deshalb wird die Verhaftung Peters mißbilligt und eine Kaution für seine Freilassung angeboten

View of the Gallery prepared for the reception of their Majesties, the Royal Family, Directors, & principal Personage in the Kingdom, at the Commemoration of Handel in Westminster Abbey

Signatur des Originals: S 36/G02676

Boards of directors and bank performance in United Arab Emirates

This study presents an empirical analysis about corporate governance of financial institutions in United Arab Emirates (UAE). The purpose of this research is to analyze the influence of the structure of board of directors on the performance of these institutions. To examine the effect of control exerted by particular families on bank management, we estimated models where the dependent variable is return on assets (ROA) and return on equity (ROE), independent variables are board of directors variables, and control variables are bank management variables. Our results show that the control of corporate governance by a ruler's family within a board of directors has a positive effect on bank profitability. Our results indicate that control by a ruler's family through a bank's board of directors compensates for the inadequacy of UAE's corporate governance system.

La memoria della pubblicità. Il ruolo dell'archivio. Il fondo Art Directors Club Italiano conservato al Centro Studi e Archivio della Comunicazione dell'Università di Parma.

La ricerca ha scelto di affrontare una serie di problemi connessi alla valorizzazione e alla conservazione del materiale pubblicitario rispetto a un caso studio selezionato, l’archivio dell’Art Directors Club Italiano conservato presso il Centro Studi e Archivio della Comunicazione dell’Università di Parma. Questo archivio è costituito principalmente da materiali della comunicazione pubblicitaria - suddivisi in categorie corrispondenti a media e tecniche - iscritti dal 1998 al 2003 agli ADCI Awards, il premio italiano di riferimento dedicato alla pubblicità e organizzato dall’Art Directors Club Italiano - ADCI a partire dall’anno della sua fondazione, il 1985. La sua storia è quindi connessa strettamente con quella dell’associazione, che rappresenta e riunisce professionisti della pubblicità che condividono obiettivi comuni, e in particolare il riconoscimento e la valorizzazione della creatività come elemento fondante della comunicazione d’impresa e istituzionale. Lo CSAC in parallelo, il contesto archivistico all’interno del quale questi fondi sono venuti a trovarsi in seguito alla donazione da parte dell’ADCI nel 2002-2003, è un centro di ricerca dell’Università di Parma dedicato alla conservazione e allo studio di archivi provenienti da diversi ambiti culturali. A partire da una mappatura dell’archivio e dalla ricostruzione di contesti e dibattiti fondamentali per studiare e organizzare i fondi, questa tesi si propone di individuare, in particolare attraverso gli strumenti digitali, possibili modalità di analisi, esposizione e accesso ai materiali, che possano aprire una rete di connessioni verso altri ambiti di ricerca e nuove prospettive in funzione delle storie della pubblicità.

Report of the board of directors of the Catalinas Warehouses and Pier Joint Stock Company.

Mode of access: Internet.

Annual report of the Board of Directors of the Panama Rail Road Company to the stockholders.

Mode of access: Internet.

London (Watford) spring-water company : report to the directors /

Includes geological map of southeast section of England.

Modern missions in the Far East; a report prepared by William Adams Brown ... for the Board of directors of the Union theological seminary, January, 1917.

Mode of access: Internet.

Strategies for expanding the Special Supplemental Food Program for Women, Infants, and Children (WIC) participation [microform] : a survey of WIC directors : report of the Select Committee on Hunger, U.S. House of Representatives.

"October 1988."

Observations on the reports laid before the Right Hon. and Hon. the Directors General of Inland Navigation in Ireland, for the improvement of Dublin Harbor... : Assisted by ten engravings with the general outlines of a plan for the improvement of the harbour of Dublin, and that at Irelands̕ eye.

Mode of access: Internet.

Letter of the Postmaster General to Hon. George W. Hopkins, in answer to a publication made by the Joint Board of Directors of the Delaware and Raritan Canal and Camden and Amboy Railroad and Transportation Companies.

Signed: C. Johnson, Postmaster General.