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Do Equity Markets Care About Income Inequality? Evidence from Pay Ratio Disclosure

Harvard Corporate Governance

financial markets and shareholders assess the dispersion in pay between a firm’s top executives and rank-and-file employees. We find that firms reporting a higher pay ratio experience a significantly lower market reactions than firms reporting a lower pay ratio. However, it is largely unknown how U.S.

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Can Old Sin Make New Shame? Stock Market Reactions to the Release of Movies Re-Exposing Past Corporate Scandals

Harvard Corporate Governance

On November 12, 2019, a movie named Dark Waters was premiered in North American theaters. The aforementioned pronounced and persistent market reactions to Dark Waters ’ release, however, provide an instructive example that the true cost of corporate scandals documented in previous studies is likely to be understated. more…).

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CFO Turnover in 2022 Slows, But Don’t Expect it to Stay

Harvard Corporate Governance

This number is slightly down from 12% at this time last year (Figure 1), likely due to CFOs favoring the job security of their current role as the market slows. Source: RRA analysis of S&P500 CFOs from 2019 to the end of June 2022, N= 500. However, this slowing turnover may paint a misleading picture. Trending CFO Turnover.

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Middle Market Private Equity M&A Activity – Q2 2020

Value Scope

Click to Download: Middle Market Private Equity M&A Activity – Q2 2020 Executive Summary Transaction Volume Shrinks Only 31 transactions were reported in Q2 2020, bringing the total reported transactions in 2020 to 113. This is down from the 2019 average of 19%. in 2020 from its 2019 average of 7.0x.

Equity 130
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Middle Market Private Equity M&A Activity – Q2 2020

Value Scope

Click to Download: Middle Market Private Equity M&A Activity – Q2 2020. Size became an even greater pricing consideration for the middle market as transaction multiple variances widened for acquisition targets above and below $50 million. This is down from the 2019 average of 19%. Executive Summary. Size Premium.

Equity 130
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The Corporate Investment Benefits of Mutual Fund Dual Holdings

Harvard Corporate Governance

By 2019, these funds represented over 25% of the U.S. corporate bond market, holding approximately $1.5 Bebchuk and Scott Hirst; and The Limits of Portfolio Primacy (discussed on the Forum here ) by Roberto Tallarita. In the last decade, investment in corporate bonds has seen a surge through bond mutual funds.

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Backed by SPACs, IPOs Hit New Heights in 2021

Harvard Corporate Governance

The global IPO market made up for lost time in 2021. After a slow 2019 and a pandemic-battered 2020, new issues came roaring back last year—3,021 listings (inc. Nevertheless, excluding SPACs, the IPO market still enjoyed a record year, with 2,340 new issues raising US$428.9 Coates (discussed on the Forum here ). more…).