Open Access. Powered by Scholars. Published by Universities.®
- Keyword
-
- Corporate Governance, CEO Compensation and Firm Performance (3)
- CEO turnover (2)
- Executive compensation (2)
- Agency costs (1)
- Anti-Takeover Amendments (1)
-
- Antitakeover Provisions (1)
- CEO compensation (1)
- Chaos (1)
- Corporate Governance and Mergers and Acquisitions (1)
- Correlation dimension (1)
- Credit gap (1)
- Energy Economics (1)
- Entrenchment (1)
- Foreign exchange (1)
- Gaussian semiparametric method (1)
- Golden parachutes (1)
- Incentive compensation (1)
- Incentives (1)
- International Finance (1)
- Long memory (1)
- Lyapunov exponents (1)
- Management turnover (1)
- Multiple selections (1)
- Nonlinear dynamics (1)
- Option repricing (1)
- Recurrence plots (1)
- Relationship banking (1)
- Shark repellents (1)
- Sloan Foundation/NBER Funded Research (1)
- Small Business Finance (1)
Articles 1 - 8 of 8
Full-Text Articles in Business
A Metric And Topological Analysis Of Determinism In The Crude Oil Spot Market, Atreya Chakraborty
A Metric And Topological Analysis Of Determinism In The Crude Oil Spot Market, Atreya Chakraborty
Atreya Chakraborty
We test whether the spot price of crude oil is determined by stochastic rules or exhibits deterministic endogenous fluctuations. In our analysis, we employ both metric (correlation dimension and Lyapunov exponents) and topological (recurrence plots) diagnostic tools for chaotic dynamics. We find that the underlying system for crude oil spot prices (i) is of high dimensionality (no stabilization of the correlation dimension), (ii) does not exhibit sensitive dependence on initial conditions, and (iii) is not characterized by the recurrence property. Thus, the empirical evidence suggests that stochastic rather than deterministic rules are present in the system dynamics of the crude …
Credit Gap In Small Businesses: Some New Evidence, Atreya Chakraborty
Credit Gap In Small Businesses: Some New Evidence, Atreya Chakraborty
Atreya Chakraborty
What is the magnitude of credit constraint affecting small businesses? This paper provides estimate of the credit gap – defined as the difference between the desired and actual levels of debt for credit constrained small businesses. The estimated credit gap is approximately 20 percent, i.e., credit constrained small business on the average would desire 20 percent more debt. This credit gap varies considerably across industries, with manufacturing firms facing a significantly larger gap than firms in the wholesale or service industries.
Antitakeover Amendments And Managerial Entrenchment: New Evidence From Investment Policy And Ceo Compensation, Atreya Chakraborty, Shahbaz Sheikh
Antitakeover Amendments And Managerial Entrenchment: New Evidence From Investment Policy And Ceo Compensation, Atreya Chakraborty, Shahbaz Sheikh
Atreya Chakraborty
We explore the relation between antitakeover amendments and firm investment in long-term assets. Empirical results indicate that an increase in the G-index of Gompers et al. (2003) is associated with less investment in R&D and reduced capital expenditures. These results suggest that protection from takeover threat increases managerial entrenchment and results in underinvestment. We also find that this increased entrenchment is associated with higher total and cash compensation and fewer performance incentives for managers, suggesting that protected managers influence their own pay. These results are robust to a number of robustness checks and remain significant after controlling for industry effects. …
The Relationship Between Incentive Compensation And Forced Ceo Turnover, Atreya Chakraborty, Shahbaz Sheikh, Narayanan Subramanian
The Relationship Between Incentive Compensation And Forced Ceo Turnover, Atreya Chakraborty, Shahbaz Sheikh, Narayanan Subramanian
Atreya Chakraborty
We study the relationship between incentive compensation and performance related CEO turnover. Our theoretical model predicts that the slope of the compensation contract and forced turnover may be complements. Our results support this prediction. We find that incentives and turnover are positively related. This relationship however, varies with the equity ownership of CEOs and does not hold for CEOs who own more than 5% equity. Moreover, this relationship is stronger if the firm under performs its industry. Our results suggest that high-powered incentives may increase the signaling power of performance measures and lead to higher likelihood of turnover.
Golden Parachutes And Shark Repellents And Shareholders' Interests: Some New Evidence, Atreya Chakraborty
Golden Parachutes And Shark Repellents And Shareholders' Interests: Some New Evidence, Atreya Chakraborty
Atreya Chakraborty
In this paper we test for the motives for adopting golden parachutes and Anti-Takeover Amendments (ATAs). Firms that exhibited financial characteristics that were associated with a greater probability of hostile raids were also more likely to adopt golden parachutes or ATAs. We also find evidence to support the hypothesis that the adoption of golden parachutes and poison pills may in fact complement each other.
Repricing And Executive Turnover, Narayanan Subramanian, Atreya Chakraborty, Shahbaz Sheikh
Repricing And Executive Turnover, Narayanan Subramanian, Atreya Chakraborty, Shahbaz Sheikh
Atreya Chakraborty
We examine whether the threat of executive turnover faced by a firm affects its decision to reprice stock options held by its executives. We estimate a model of voluntary turnover among top executives and show that the predicted turnover from this model is positively related to the probability of repricing. The relationship is robust to the inclusion of several known determinants of repricing. Our results are consistent with a model in which a tight labor market makes executives hard to replace, forcing firms to reprice stock options when they go underwater.
Persistent Dependence In Foreign Exchange Rates? A Reexamination, Atreya Chakraborty
Persistent Dependence In Foreign Exchange Rates? A Reexamination, Atreya Chakraborty
Atreya Chakraborty
We test for stochastic long-memory behavior in the returns series of currency rates for eighteen industrial countries using a semiparametric fractional estimation method. A sensitivity analysis is also carried out to analyze the temporal stability of the longmemory parameter. Contrary to the findings of some previous studies alluding to the presence of long memory in major currency rates, our evidence provides wide support to the martingale model (and therefore for foreign exchange market efficiency) for our broader sample of foreign currency rates. Any inference of long-range dependence is fragile, especially for the major currency rates. However, long-memory dynamics are found …
Marketing Strategy And The Use Of Information Technology: New Evidence From The Trucking Industry, Atreya Chakraborty
Marketing Strategy And The Use Of Information Technology: New Evidence From The Trucking Industry, Atreya Chakraborty
Atreya Chakraborty
Since the mid-1980s, many authors have investigated the influence of information technology (IT) on productivity. Until recently there has been no clear evidence that productivity increases as a result of IT spending. This productivity paradox is partly due to the difficulty in correctly identifying outputs, particularly in a service sector such as the trucking industry. Products are often differentiated by quality attributes of the service provided, rather than merely the physical content of the good delivered by motor carriers. A carrier's primary marketing objective, e.g. on-time performance vs. lowest-rate carrier, is precisely what differentiates a trucking firm's service. This paper …