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Academic Journal
Finance

“Share Pledging, Payout Policy, and the Value of Cash Holdings”

Share pledging for insiders’ personal bank loans is associated with the agency problems of insider risk aversion and stock price crash risk. We examine the relation between insider share pledging and the value of cash holdings using the pledging data of listed firms in Taiwan. We find that the value of cash holdings is lower for pledging firms, especially for those that are relatively more risk averse. Pledging firms that repurchase shares have a higher marginal value of cash than those with other payout methods, likely due to the role of repurchases in reducing the stock price crash risk. Our results show how insiders’ personal financing incentives arising from share pledging would affect the value of cash holdings from the perspective of agency problems and payout policy.
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Academic Journal
Finance

“Shareholder Rights in Mergers and Acquisitions: Are Appraisal Rights Being Abused?”

Appraisal rights grant dissenting shareholders in an acquisition the right to petition the court to determine the value of their shares. These rights can protect shareholders from acquisitions below fundamental value or can be abused by opportunistic investors. We examine the use of appraisal rights and find the evidence is most consistent with appraisal rights functioning as recourse when the target firm is sold below fundamental value.
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Academic Journal
Management

“Sharing experiences and stressors at work and at home: A model of work-linked couples.”

Work-linked couples are couples who are connected in some way by their work. We focus on understanding work-life experiences of one type of work-linked couple – dual-military couples, or those couples in which both spouses are enlisted or commissioned by the military. Our goal was to develop a model that not only explains and predicts dual-military couples’ experiences, but also extends beyond this specific group and provides a conceptual model for work-linked couples in all occupational settings. Data from 82 soldiers whose spouses were also in the military were collected during 19 focus groups. We conducted an inductive analysis on transcripts of the focus groups to guide the discovery of themes. Second, a deductive process was used to apply components of the dual-military model to themes that emerged during inductive coding. We identified a set of 11 specific themes, organized into the two main areas of Time and Planning and Boundary Separation and Integration. Implications for theory and practice are discussed.
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