Director Alpha: An Objective Measure of Director Contribution
作者： Waquar Ahmad , Jacqueline L. Garner , Adam S. Yore
DOI: 10.2139/SSRN.1892928
关键词:
摘要: The appointment of contributing directors is associated with immediate positive market reaction, and the presence in board enhances long-run firm value. We identify contribution by alpha, or abnormal risk-adjusted stock returns that are generated other firms on whose boards they sit. find investors react positively when high alpha appointed to boards. CEOs individuals MBA CPA designations more likely be directors. contribute significantly For typical firm, our parameter estimates imply replacing a negative director one 1.8% improvement
sci-hub.st 参考文章(32)
Rüdiger Fahlenbrach, Angie Low, Rene M. Stulz, Why Do Firms Appoint CEOs as Outside Directors Social Science Research Network. ,(2008) , 10.2139/SSRN.1160276
Eliezer M. Fich, Anil Shivdasani, Financial Fraud, Director Reputation, and Shareholder Wealth Social Science Research Network. ,(2006) , 10.2139/SSRN.687412
Eugene F Fama, Kenneth R French, F Fama, JH Cochrane, TJ Moskowitz, Common risk factors in the returns on stocks and bonds Journal of Financial Economics. ,vol. 33, pp. 3- 56 ,(1993) , 10.1016/0304-405X(93)90023-5
Stewart C. Myers, Determinants of corporate borrowing Journal of Financial Economics. ,vol. 5, pp. 147- 175 ,(1977) , 10.1016/0304-405X(77)90015-0
Terry L. Campbell, Melissa B. Frye, Venture Capitalist Monitoring: Evidence from Governance Structures SSRN Electronic Journal. ,(2008) , 10.2139/SSRN.1131305
René M. Stulz, René M. Stulz, Larry H.P. Lang, Tobin's Q, Corporate Diversification and Firm Performance Social Science Research Network. ,(1993)
Peter J. DaDalt, Jeffrey R. Donaldson, Jacqueline L. Garner, Will Any q Do Journal of Financial Research. ,vol. 26, pp. 535- 551 ,(2003) , 10.1111/1475-6803.00073
Anil Shivdasani, Eliezer M. Fich, The Impact of Stock-Option Compensation for Outside Directors on Firm Value* Social Science Research Network. ,(2004)
Stuart Rosenstein, Jeffrey G Wyatt, Outside directors, board independence, and shareholder wealth Journal of Financial Economics. ,vol. 26, pp. 175- 191 ,(1990) , 10.1016/0304-405X(90)90002-H
Eugene F. Fama, Kenneth R. French, Industry costs of equity Journal of Financial Economics. ,vol. 43, pp. 153- 193 ,(1997) , 10.1016/S0304-405X(96)00896-3