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The Determinants and Consequences of Appointing Activist Directors

Reynolds Holding

companies from 2004 to 2016, we identify 1,623 activist directors appointed to boards through proxy fights or settlements. Notably, we find that activist-affiliated directors have a particularly strong association with higher payouts, with a coefficient equal to nearly 15 percent of EBITDA, as well as lower R&D spending.

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Control, Complexity and Politics: Deconstructing the Adani Affair!

Musings on Markets

The PE ratio for the stock has gone from a modest 15 times earnings in the 2016-21 time period to 214 times earnings in the most recent two years, and the enterprise value has jumped from about 12 times EBITDA during 2016-21 to 53 times EBITDA in the most recent two years. times revenues in the most recent two years.

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