1 WAVES AND PERSISTENCE IN MERGER AND ACQUISITION ACTIVITY (2008)
John T. Barkoulas, Christopher F. Baum, Atreya Chakraborty
Markov regime-switching and sine-wave models have been used to capture the apparent wave-like behavior in aggregate U.S. merger and acquisition (M&A) activity. In this paper we offer an...
Uncertainty in Executive Compensation and Capital Investment: A Panel Study * (2007)
Atreya Chakraborty, Mark Kazarosian, Emery A. Trahan
meetings. We also thank two anonymous referees and Doug Emery (the editor) for many helpful comments. Uncertainty in Executive Compensation and Capital Investment: A Panel Study We test whether...
Securities Fraud Class Actions and Corporate Governance: New Evidence on the Role of Merit (2007)
Baum, Christopher F, Bohn, James G, Chakraborty, Atreya
We examine the relationship between outcomes of securities fraud class action lawsuits and board turnover rates. Our results indicate that the outcome of a class action is a good indicator of the...
Barkoulas, John T., Baum, Christopher F., Chakraborty, Atreya
A plausible explanation for cointegration among spot currency rates determined in efficient markets is the existence of a stationary, time-varying currency risk premium. Such an interpretation is...
Takeover Defenses and Dilution: A Welfare Analysis (2000)
Chakraborty , Atreya, Arnott, Richard
This paper highlights the role of takeover defenses in the acquisition process. If managerial defensive effort is fixed, the unregulated level of takeover activity is lower than socially desirable...
The Forward Rate Unbiasedness Hypothesis Revisited: Evidence from a New Test (2000)
Delcoure, Natalya, Barkoulas, John T., Baum, Christopher F., Chakraborty, Atreya
Under conditions of risk neutrality and rational expectations in the foreign exchange market, there should be a one-to-one relationship between the forward rate and the corresponding future spot...
Persistent Dependence in Foreign Exchange Rates? A Reexamination (2000)
Barkoulas , John T., Baum, Christopher F., Caglayan, Mustafa, Chakraborty, Atreya
We test for stochastic long-memory behavior in the returns series of currency rates for eighteen industrial countries using a semiparametric fractional estimation method. A sensitivity analysis is...
Waves and Persistence in Merger and Acquisition Activity (1999)
Barkoulas, John T., Baum, Christopher F., Chakraborty, Atreya
Does merger and acquisition (M&A) activity occur in waves, that is, are there oscillations between low and high levels of M&A activity? The answer to this question is important in developing...
Chakraborty , Atreya, Kazarosian , Mark
Since the mid-1980s many authors have investigated the influence of information technology (IT) on productivity. Until recently there has been no clear evidence that productivity increases as a...
Portfolio Allocation of Precautionary Assets: Panel Evidence for the United States (1999)
Chakraborty , Atreya, Kazarosian , Mark
Economic theory predicts that earnings uncertainty increases precautionary saving and causes households to include relatively liquid assets in their portfolios. Risk avoidance and the demand for...
Uncertainty in Executive Compensation and Capital Investment: A Panel Study (1999)
Chakraborty , Atreya, Kazarosian, Mark, Trahan , Emery
We test whether uncertainty in the CEO's compensation influences the firm's investment decisions, using panel compensation data and cross-sectional invetsment data. Given the prospect of bearing...
Atreya Chakraborty, Mark Kazarosian, Kit Baum, Ernie Berndt, Ellie Berman, Eric Brynjolfsson, ...
Institute’s third annual conference at Atlantic City for many helpful comments. Research assistance was
Chakraborty , Atreya, Baum, Christopher F.
The rationale for issuing poison pill securities remains unclear, despite the findings of a large body of prior research that these defenses adversely affect shareholder wealth. This paper...
Nearest-Neighbor Forecasts of U.S. Interest Rates (1996)
Barkoulas, John, Baum, Christopher F., Chakraborty, Atreya
We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in several short and long term U.S. interest rates. We apply a nonlinear autoregression to the series using the...
Takeover Defenses and Dilution: A Welfare Analysis
Atreya Chakraborty, Richard Arnott
This paper highlights the role of takeover defenses in the acquisition process. If managerial defensive effort is fixed, the unregulated level of takeover activity is lower than socially desirable...
Golden Parachutes, Poison Pills, And Synergies From Raids
Atreya Chakraborty, Abdikarim M. Farah
We develop a model where adopting anti-takeover measures and awarding golden parachutes may be attractive for the shareholders ex ante although ex post their adoption maybe value reducing. The...
Waves and Persistence in Merger and Acquisition Activity
John T. Barkoulas, Christopher F. Baum, Atreya Chakraborty
Does merger and acquisition (M&A) activity occur in waves, that is, are there oscillations between low and high levels of M&A activity? The answer to this question is important in developing...
Baum Christopher F., Atreya Chakraborty
The rationale for issuing poison pill securities remains unclear, despite the findings of a large body of prior research that these defenses adversely affect shareholder wealth. This paper...
John T. Barkoulas, Christopher F. Baum, Atreya Chakraborty
A plausible explanation for cointegration among spot currency rates determined in efficient markets is the existence of a stationary, time-varying currency risk premium. Such an interpretation is...
Securities Fraud Class Actions and Corporate Governance: New Evidence on the Role of Merit
Christopher F. Baum, James G. Bohn, Atreya Chakraborty
We examine the relationship between outcomes of securities fraud class action lawsuits and board turnover rates. Our results indicate that the outcome of a class action is a good indicator of the...
Relationships and the Use of Collateral: Evidence from Small Business Finance
Atreya Chakraborty, Charles Hu
Informational asymmetries in financing small business require lenders to continually produce reliable private information about borrower performance. While it is well recognized that information...
Repricing and Executive Turnover
Narayanan Subramanian, Atreya Chakraborty, Shahbaz Sheikh
We examine whether the threat of executive turnover faced by a firm affects its decision to reprice stock options held by its executives. We estimate a model of voluntary turnover among top...
The forward rate unbiasedness hypothesis reexamined: evidence from a new test
Delcoure, Natalya, Barkoulas, John, Baum, Christopher F., Chakraborty, Atreya
Termination risk and managerial risk taking
Chakraborty, Atreya, Sheikh, Shahbaz, Subramanian, Narayanan
Waves and persistence in merger and acquisition activity
Barkoulas, John T., Baum, Christopher F., Chakraborty, Atreya
The Importance of Being Known: Relationship Banking and Credit Limits
Cresenta Fernando, Atreya Chakraborty, Rajiv Mallick
This paper measures the importance of bank-firm relationships in obtaining higher credit “limits.” We use data from a relatively unused section of the National Survey of Small Business Finance...
The Small Business Credit Gap: Some New Evidence
Rajiv Mallick, Atreya Chakraborty
What is the magnitude of credit constraint or credit gap affecting small businesses? This paper provides estimates of credit gap, defined as the difference between the desired and actual levels of...
Performance Incentives, Performance Pressure and Executive Turnover
Narayanan Subramanian, Atreya Chakraborty, Shahbaz Sheikh
We examine the relationship between the optimal incentive contract and the firm’s decision to fire a manager for poor performance. We first derive some theoretical results using a simple...
Atreya Chakraborty, Mark Kazarosian
Since the mid-1980s many authors have investigated the influence of information technology (IT) on productivity. Until recently there has been no clear evidence that productivity increases as a...
Atreya Chakraborty, Christopher F. Baum
The rationale for issuing poison pill securities remains unclear, despite the findings of a large body of prior research that these defenses adversely affect shareholder wealth. This paper...
Persistent Dependence in Foreign Exchange Rates? A Reexamination
John T. Barkoulas, Christopher F. Baum, Mustafa Caglayan, Atreya Chakraborty
We test for stochastic long-memory behavior in the returns series of currency rates for eighteen industrial countries using a semiparametric fractional estimation method. A sensitivity analysis is...
Nearest-Neighbor Forecasts of U.S. Interest Rates
John Barkoulas, Christopher F. Baum, Atreya Chakraborty
We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in several short and long term U.S. interest rates. We apply a nonlinear autoregression to the series using the...
The Cost Of Takeover Defences And The Free-Rider Problem
takeover defenses, free-rider problem
Anti-Takeover Amendments, Managerial Entrenchment, And Shareholders' Interests
Atreya Chakraborty, Christopher F. Baum
This paper focuses on testing alternative hypotheses that relate the adoption of anti-takeover defences to the financial characteristics of firms that adopt them. We focus on the creation of a...
cron, perl and Stata: automated production and presentation of a business-daily index
In a *nix-based environment such as Mac OSX it is very simple to set up 'cron jobs' that run at any periodic interval. This presentation illustrates how 'cron', the perl scripting language and Stata...
The Forward Rate Unbiasedness Hypothesis Revisited: Evidence from a New Test
Natalya Delcoure, John T. Barkoulas, Christopher F. Baum, Atreya Chakraborty
Under conditions of risk neutrality and rational expectations in the foreign exchange market, there should be a one-to-one relationship between the forward rate and the corresponding future spot...
Uncertainty in Executive Compensation and Capital Investment: A Panel Study
Atreya Chakraborty, Mark Kazarosian, Emery Trahan
We test whether uncertainty in the CEO's compensation influences the firm's investment decisions, using panel compensation data and cross-sectional invetsment data. Given the prospect of bearing...
Portfolio Allocation of Precautionary Assets: Panel Evidence for the United States
Atreya Chakraborty, Mark Kazarosian
Economic theory predicts that earnings uncertainty increases precautionary saving and causes households to include relatively liquid assets in their portfolios. Risk avoidance and the demand for...
RICARDIAN EQUIVALENCE: FURTHER EVIDENCE
ATREYA CHAKRABORTY, ABDIKARIM M. FARAH
The Ricardian Hypothesis states that for a given level of government expenditure, aggregate demand is neutral to changes in the debt-to-tax ratio. Many economists argue that the private and...
The Impact of Macroeconomic Uncertainty on Firms' Changes in Financial Leverage
Christopher F. Baum, Atreya Chakraborty, Boyan Liu
We investigate the relationship between a firm’s measures of corporate governance, macroeconomic uncertainty and changes in leverage. Recent research highlights the role of governance in financing...
Golden parachutes and shark repellents and shareholders' interests: Some new evidence
In this paper we test for the motives for adopting golden parachutes and Anti-Takeover Amendments (ATAs). Firms that exhibited financial characteristics that were associated with a greater...
Atreya Chakraborty, Abdikarim Farah, John Barkoulas
We incorporate managerial risk aversion and stochasticity of takeover synergy gains into Harris' (Harris, E.G. 1990. Antitakeover measures, golden parachutes, and target firm shareholder welfare....
Atreya Chakraborty, Mark Kazarosian
Since the mid-1980s many authors have investigated the influence of information technology (IT) on productivity. Until recently there has been no clear evidence that productivity increases as a...
Marketing strategy and the use of information technology: New evidence from the trucking industry
Chakraborty, Atreya, Kazarosian, Mark
Since the mid-1980s, many authors have investigated the influence of information technology (IT) on productivity. Until recently there has been no clear evidence that productivity increases as a...
Takeover Defenses and Dilution: A Welfare Analysis
Chakraborty, Atreya, Arnott, Richard
Existing theory suggests that, in an unregulated market for corporate control, the level of takeovers is suboptimal because shareholders do not receive the full benefit from them. However, existing...
The relationship between incentive compensation and performance related CEO turnover
Chakraborty, Atreya, Sheikh, Shahbaz, Subramanian, Narayanan
We study the relationship between incentive compensation and performance related CEO turnover. Our theoretical model predicts that the slope of the compensation contract and forced turnover may be...
The Effects of Uncertainty and Corporate Governance on Firms' Demand for Liquidity
Christopher F. Baum, Atreya Chakraborty, Boyan Liu, Boyan Liu
We find that U.S. corporations' demand for liquidity is sensitive to two important factors: uncertainty facing the firm and the quality of corporate governance. Following prior research, we find that...