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Founder-Ceos, Investment Decisions, and Stock Market Performance
16 references·16 citing·31 second hopsampled
Founder-Ceos, Investment Decisions, and Stock Market Performance (2004)Founder-Ceos, Investment Decisions, and S…How do family ownership, control and management affect firm value? (2005)How do family ownership, cont…Managing with Style: The Effect of Managers on Firm Policies (2003)Managing with Style: The Effe…Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 (2003)Founding‐Family Ownership and…Enjoying the Quiet Life? Corporate Governance and Managerial Preferences (2003)Enjoying the Quiet Life? Corp…Corporate Governance and Equity Prices (2003)Corporate Governance and Equi…The Promise of Entrepreneurship as a Field of Research (2000)The Promise of Entrepreneursh…On Persistence in Mutual Fund Performance (1997)On Persistence in Mutual Fund…Industry costs of equity (1997)Industry costs of equityA Survey of Corporate Governance (1997)A Survey of Corporate Governa…The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)The Modern Industrial Revolut…Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Returns to Buying Winners and…Common risk factors in the returns on stocks and bonds (1993)Common risk factors in the re…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Separation of Ownership and Control (1983)Separation of Ownership and C…The relationship between return and market value of common stocks (1981)The relationship between retu…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Founding family ownership and firm performance: Evidence from the evolution of family ownership and firm policies (2022)Founding family ownership and…Mixed blessings: How top management team heterogeneity and governance structure influence the use of corporate venture capital by post-IPO firms (2015)Mixed blessings: How top mana…How do CEOs see their roles? Management philosophies and styles in family and non-family firms (2015)How do CEOs see their roles? …Family firm research – A review (2014)Family firm research – A revi…How Costly is Corporate Bankruptcy for Top Executives? (2012)How Costly is Corporate Bankr…Do Managers Do Good with Other Peoples' Money? (2012)Do Managers Do Good with Othe…Are Red or Blue Companies More Likely to Go Green? Politics and Corporate Social Responsibility (2012)Are Red or Blue Companies Mor…Are Founding Families Special Blockholders? - An Investigation of Controlling Shareholder Influence on Firm Performance (2012)Are Founding Families Special…Preemptive Bidding, Target Resistance, and Takeover Premiums (2011)Preemptive Bidding, Target Re…Corporate governance and profitability in family SMEs (2011)Corporate governance and prof…Successful generational change in family business (2009)Successful generational chang…Inheritance Law and Investment in Family Firms (2009)Inheritance Law and Investmen…Firm Performance and Managerial Succession in Family Managed Firms (2009)Firm Performance and Manageri…Entrenchment, governance, and the stock price reaction to sudden executive deaths (2009)Entrenchment, governance, and…Family Firms, Agency Costs and Risk Aversion - Empirical Evidence from Diversification and Hedging Decisions (2008)Family Firms, Agency Costs an…The Mystery of Zero-Leverage Firms (2006)The Mystery of Zero-Leverage …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)Illiquidity and stock returns: cross-section and time-series effects (2002)A five-factor asset pricing model (2014)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy (1986)Capitalism, Socialism and Democracy (1997)Prior Knowledge and the Discovery of Entrepreneurial Opportunities (2000)Value creation in E‐business (2001)The role of social and human capital among nascent entrepreneurs (2003)American Economic Review (2019)Does the Stock Market Overreact? (1985)Multifactor Explanations of Asset Pricing Anomalies (1996)Investor Psychology and Security Market Under‐ and Overreactions (1998)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Performance Pay and Top-Management Incentives (1990)Agency costs of free cash flow, corporate finance, and takeovers (1996)Higher market valuation of companies with a small board of directors (1996)Corporate governance, chief executive officer compensation, and firm performance (1999)The Nature of the Firm (1937)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Legal Determinants of External Finance (1997)Corporate Ownership Around the World (1999)Investor protection and corporate governance (2000)Markets and Hierarchies: Analysis and Antitrust Implications. (1976)Agency Problems and the Theory of the Firm (1980)Agency Theory: An Assessment and Review (1989)Strategic assets and organizational rent (1993)How does financial reporting quality relate to investment efficiency? (2009)The Impact of Corporate Sustainability on Organizational Processes and Performance (2014)
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References

  • 1993Common risk factors in the returns on stocks and bonds26,615 cited
  • 1983Separation of Ownership and Control19,446 cited
  • 1997On Persistence in Mutual Fund Performance17,267 cited
  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1997A Survey of Corporate Governance16,237 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2000The Promise of Entrepreneurship as a Field of Research11,967 cited
  • 1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency11,575 cited
  • 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems8,544 cited
  • 2003Corporate Governance and Equity Prices6,115 cited
  • 1981The relationship between return and market value of common stocks5,928 cited
  • 1997Industry costs of equity5,793 cited
  • 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 5005,127 cited
  • 2005How do family ownership, control and management affect firm value?4,190 cited
  • 2003Managing with Style: The Effect of Managers on Firm Policies3,921 cited
  • 2003

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Enjoying the Quiet Life? Corporate Governance and Managerial Preferences
3,773 cited

Cited by

  • 2015How do CEOs see their roles? Management philosophies and styles in family and non-family firms158 cited
  • 2014Family firm research – A review140 cited
  • 2009Entrenchment, governance, and the stock price reaction to sudden executive deaths120 cited
  • 2009Firm Performance and Managerial Succession in Family Managed Firms87 cited
  • 2012Are Red or Blue Companies More Likely to Go Green? Politics and Corporate Social Responsibility87 cited
  • 2009Inheritance Law and Investment in Family Firms64 cited
  • 2006The Mystery of Zero-Leverage Firms59 cited
  • 2012Do Managers Do Good with Other Peoples' Money?54 cited
  • 2015Mixed blessings: How top management team heterogeneity and governance structure influence the use of corporate venture capital by post-IPO firms48 cited
  • 2009Successful generational change in family business37 cited
  • 2012How Costly is Corporate Bankruptcy for Top Executives?36 cited
  • 2008Family Firms, Agency Costs and Risk Aversion - Empirical Evidence from Diversification and Hedging Decisions29 cited
  • 2012Are Founding Families Special Blockholders? - An Investigation of Controlling Shareholder Influence on Firm Performance29 cited
  • 2011Preemptive Bidding, Target Resistance, and Takeover Premiums28 cited
  • 2022Founding family ownership and firm performance: Evidence from the evolution of family ownership and firm policies28 cited
  • 2011Corporate governance and profitability in family SMEs27 cited