scholarly journals How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment

2012 ◽  
Author(s):  
Alma Cohen ◽  
Charles C. Y. Wang
Keyword(s):  
Natural Experiment ◽  
Shareholder Value ◽  
Staggered Boards

Risk Shifting and Corporate Pension Plans: Evidence from a Natural Experiment

2018 ◽  
Vol 54 (2) ◽  
pp. 907-923
Author(s):  
David J. Pedersen
Keyword(s):  
Default Risk ◽  
Natural Experiment ◽  
Causal Effect ◽  
Shareholder Value ◽  
Pension Plans ◽  
Risk Shifting ◽  
Agency Conflicts ◽  
Exogenous Shock ◽  
Corporate Pension

Using a natural experiment to identify the causal effect of an increase in default risk on firm actions, I find little evidence managers shift risk to corporate pension plans following an exogenous shock to the firm’s long-term liabilities. The finding is robust to focusing on firms where the incentive to engage in risk shifting is arguably the greatest, such as financially vulnerable firms and firms with fewer agency conflicts. This study casts doubt on the risk-shifting hypothesis and shows managers do not take risk-shifting actions that would increase shareholder value even when those actions pose little threat to managerial utility.

scholarly journals Reexamining staggered boards and shareholder value

2017 ◽  
Vol 125 (3) ◽  
pp. 637-647 ◽  
Author(s):  
Alma Cohen ◽  
Charles C.Y. Wang
Keyword(s):  
Shareholder Value ◽  
Staggered Boards

Getting the Measure of Twins

2018 ◽  
Author(s):  
William Viney
Keyword(s):  
Environmental Effects ◽  
Natural Experiment ◽  
Human Genetics ◽  
Scientific Research ◽  
Identical Twin ◽  
Social Scientists ◽  
Modern Biology ◽  
Stephen Jay Gould

Stephen Jay Gould, the biologist and author, once joked that were he an identical twin raised separately from his brother they could ‘hire ourselves out to a host of social scientists and practically name our fee’. In order to monetise Gould’s fantasy, one would want a form of twinship that could operate according to evidential, experimental, somatic and circumstantial ideals. And Gould admits that he and his brother would need to be viewed as ‘the only really adequate natural experiment for separating genetic from environmental effects in humans’. This chapter seeks to interrogate the evidential and experimental circumstances that may underpin the comic quips that guide modern biology. In human genetics, twins are used as experimental bodies that are made to matter in particular ways and for particular people; they become newly ‘animate’ for being enrolled into scientific research. Raised in cultures assumed to be alike or dissimilar, isolated by researchers for being valuable in the measured disentanglement of assembled molecular agents (which are sometimes distinguished from an assemblage referred to as an ‘environment’), twins achieve a status of experimental significance not just for what they do but also for what they are taken to be.

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