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Credit Risk And Corporate Governance, Olivier Mugisho Mudekereza
Credit Risk And Corporate Governance, Olivier Mugisho Mudekereza
Theses and Dissertations
Is the executive’s compensation structure influenced by the credit rating assigned to his company? I analyze a panel of U.S. public firms using the random-effects and fixed-effects estimations. Compared to firms with lower credit risk, I find that firms facing higher probability of default provide more incentives for their CEOs.
Three Essays On Shareholder Activism, Khoa Huu Nguyen
Three Essays On Shareholder Activism, Khoa Huu Nguyen
Theses and Dissertations
This dissertation includes three separate studies related to shareholder activism campaigns. The first study, presented in Chapter II, examines the question whether shareholder activism creates value for the targets’ shareholder. I find positive and significant abnormal returns on a day of the targeting announcement, 1.55%, and one day after, 1.33%. For Buy-and-Hold return analysis, I find that stock prices of the targets start to decrease 24 months before activism campaign announcements. Further results indicate that the targets are also underperforming to the market and to their matchings at pre-announcement periods. For post-announcement periods, however, targets’ stock returns recover and outperform …