/pdf/the-theory-of-industrial-organization-19bejph0ej.pdf

The Theory of Industrial Organization

(1975). The Limits of Organization. Journal of Economic Issues: Vol. 9, No. 3, pp. 543-544.

The Limits of Organization

The careers of MBAs from a top US business school are studied to understand how career dynamics differ by gender. Although male and female MBAs have nearly identical earnings at the outset of their careers, their earnings soon diverge, with the male earnings advantage reaching almost 60 log points a decade after MBA completion. Three proximate factors account for the large and rising gender gap in earnings: differences in training prior to MBA graduation, differences in career interruptions, and differences in weekly hours. The greater career discontinuity and shorter work hours for female MBAs are largely associated with motherhood.

/pdf/dynamics-of-the-gender-gap-for-young-professionals-in-the-4m3mce2eqr.pdf

Dynamics of the Gender Gap for Young Professionals in the Financial and Corporate Sectors

https://www.research.manchester.ac.uk/portal/files/45984177/CEO_gender_02222016.pdf

CEO gender, corporate risk-taking, and the efficiency of capital allocation

Relative to quantitative methods traditionally used in accounting and finance, textual analysis is substantially less precise. Thus, understanding the art is of equal importance to understanding the science. In this survey, we describe the nuances of the method and, as users of textual analysis, some of the tripwires in implementation. We also review the contemporary textual analysis literature and highlight areas of future research.

Textual Analysis in Accounting and Finance: A Survey

In 2003, a new law required that 40 percent of Norwegian firms’ directors be women – at the time only nine percent of directors were women. We use the pre-quota cross-sectional variation in female board representation to instrument for exogenous changes to corporate boards following the quota. We find that the constraint imposed by the quota caused a significant drop in the stock price at the announcement of the law and a large decline in Tobin’s Q over the following years, consistent with the idea that firms choose boards to maximize value. The quota led to younger and less experienced boards, increases in leverage and acquisitions, and deterioration in operating performance, consistent with less capable boards.

The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation

In 2003, a new law required that 40% of Norwegian firms' directors be women--at the time only 9% of directors were women. We use the prequota cross-sectional variation in female board representation to instrument for exogenous changes to corporate boards following the quota. We find that the constraint imposed by the quota caused a significant drop in the stock price at the announcement of the law and a large decline in Tobin's Q over the following years, consistent with the idea that firms choose boards to maximize value. The quota led to younger and less experienced boards, increases in leverage and acquisitions, and deterioration in operating performance. Copyright 2012, Oxford University Press.

/pdf/the-changing-of-the-boards-the-impact-on-firm-valuation-of-2pos4f3iyp.pdf

We find strong evidence that three key dimensions of national culture (trust, hierarchy, and individualism) affect merger volume and synergy gains. The volume of cross-border mergers is lower when countries are more culturally distant. In addition, greater cultural distance in trust and individualism leads to lower combined announcement returns. These findings are robust to year and country-level fixed effects, time-varying country-pair and deal-level variables, as well as instrumental variables for cultural differences based on genetic and somatic differences. The results are the first large-scale evidence that cultural differences have substantial impacts on multiple aspects of cross-border mergers.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1968987_code999292.pdf?abstractid=1545514&mirid=3

Lost in Translation? The Effect of Cultural Values on Mergers Around the World

https://msbfile03.usc.edu/digitalmeasures/kahern/intellcont/Ahern_et_al_JFE_2015-1.pdf

Lost in translation? the effect of cultural values on mergers around the world

We represent the economy as a network of industries connected through customer and supplier trade flows. Using this network topology, we find that stronger product market connections lead to a greater incidence of cross-industry mergers. Furthermore, mergers propagate in waves across the network through customer-supplier links. Merger activity transmits to close industries quickly and to distant industries with a delay. Finally, economy-wide merger waves are driven by merger activity in industries that are centrally located in the product market network. Overall, we show that the network of real economic transactions helps to explain the formation and propagation of merger waves.

/pdf/the-importance-of-industry-links-in-merger-waves-3or9nud4ld.pdf

Kenneth R. Ahern

Papers

The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation

The Changing of the Boards: The Impact on Firm Valuation of Mandated Female Board Representation

Lost in Translation? The Effect of Cultural Values on Mergers Around the World

Lost in translation? the effect of cultural values on mergers around the world

The Importance of Industry Links in Merger Waves