We examine the challenges of publishing in top academic journals. We introduce a new data set sum... more We examine the challenges of publishing in top academic journals. We introduce a new data set summarizing 30 years of articles at the three top finance journals. We quantify the issue by first examining the number of articles and authors per year at each journal then comment on the impact of repeat authors and institutional affiliation. Our results show that a small number of academics and institutions dominate the available publishing space in these journals. We then shift the focus to the potential impact of choice of research area on publication success by investigating trends in the coverage of behavioral finance in these journals. Our results suggest an editorial bias against this arguably important field of study.
This paper is motivated by major food product recall events in recent years, especially how the t... more This paper is motivated by major food product recall events in recent years, especially how the timely and effective response using post-recall management can make a difference. We consider the rare but very influential major product recalls as disruptions to the supply chain and incorporate locating reprocessing centers for the returned products to mitigate expected operational costs. We adopt the closed loop network design framework and assume the location decisions for reprocessing center take place after the product recall events. Our scenario-based analysis shows the approach is effective in both absolute and relative measures.
This paper examines the relationship between hedge fund activism and target firm performance, exe... more This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a matched sample based on firm size, industry, and market-to-book ratio. All regressions control for industry and year fixed effects. Schedule 13D Securities and Exchange Commission (SEC) filings are the source for the statistical sample of hedge fund target firms. I supplement that data with target firm financial, operating, and share price information from the CRSP-COMPUSTAT merged database. Activist hedge funds target undervalued or underperforming firms with high profitability and cash flows. They do not avoid firms with powerful CEOs. Leverage, executive compensation, pay for performance and CEO turnover increase at target firms after the arrival of the activist hedge fund. Target firm ex...
Purpose This paper aims to examine the impact of public scrutiny on chief executive officer (CEO)... more Purpose This paper aims to examine the impact of public scrutiny on chief executive officer (CEO) compensation at Standard & Poor’s (S&P) 500 firms. Design/methodology/approach This paper uses the unique opportunity provided by the 2008 financial crisis and, in particular, government support and legislated compensation restrictions in the US Department of the Treasury’s Troubled Asset Relief Program (TARP). It aggregates monetary and non-monetary executive compensation information from 2006 to 2012, with firm- and manager-level data. It presents univariate summary compensation results and uses multivariate regression analysis to isolate the impact of public scrutiny and legislated compensation restrictions on executive pay. Findings Overall, the results are consistent, with increased public scrutiny having a lasting impact on perks and temporary impact on wage and legislated compensation restrictions having a temporary impact on wage. Changes in specific perk items provide evidence ...
We examine the challenges of publishing in top academic journals. We introduce a new data set sum... more We examine the challenges of publishing in top academic journals. We introduce a new data set summarizing 30 years of articles at the three top finance journals. We quantify the issue by first examining the number of articles and authors per year at each journal then comment on the impact of repeat authors and institutional affiliation. Our results show that a small number of academics and institutions dominate the available publishing space in these journals. We then shift the focus to the potential impact of choice of research area on publication success by investigating trends in the coverage of behavioral finance in these journals. Our results suggest an editorial bias against this arguably important field of study.
This paper is motivated by major food product recall events in recent years, especially how the t... more This paper is motivated by major food product recall events in recent years, especially how the timely and effective response using post-recall management can make a difference. We consider the rare but very influential major product recalls as disruptions to the supply chain and incorporate locating reprocessing centers for the returned products to mitigate expected operational costs. We adopt the closed loop network design framework and assume the location decisions for reprocessing center take place after the product recall events. Our scenario-based analysis shows the approach is effective in both absolute and relative measures.
This paper examines the relationship between hedge fund activism and target firm performance, exe... more This paper examines the relationship between hedge fund activism and target firm performance, executive compensation, and executive wealth. It introduces a theoretical framework that describes the activism process as a sequence of discrete decisions. The methodology uses regression analysis on a matched sample based on firm size, industry, and market-to-book ratio. All regressions control for industry and year fixed effects. Schedule 13D Securities and Exchange Commission (SEC) filings are the source for the statistical sample of hedge fund target firms. I supplement that data with target firm financial, operating, and share price information from the CRSP-COMPUSTAT merged database. Activist hedge funds target undervalued or underperforming firms with high profitability and cash flows. They do not avoid firms with powerful CEOs. Leverage, executive compensation, pay for performance and CEO turnover increase at target firms after the arrival of the activist hedge fund. Target firm ex...
Purpose This paper aims to examine the impact of public scrutiny on chief executive officer (CEO)... more Purpose This paper aims to examine the impact of public scrutiny on chief executive officer (CEO) compensation at Standard & Poor’s (S&P) 500 firms. Design/methodology/approach This paper uses the unique opportunity provided by the 2008 financial crisis and, in particular, government support and legislated compensation restrictions in the US Department of the Treasury’s Troubled Asset Relief Program (TARP). It aggregates monetary and non-monetary executive compensation information from 2006 to 2012, with firm- and manager-level data. It presents univariate summary compensation results and uses multivariate regression analysis to isolate the impact of public scrutiny and legislated compensation restrictions on executive pay. Findings Overall, the results are consistent, with increased public scrutiny having a lasting impact on perks and temporary impact on wage and legislated compensation restrictions having a temporary impact on wage. Changes in specific perk items provide evidence ...
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