Literature Review Women on boards and in TMTS and firm performance 5Table of contents Table of contents 4 1 Introduction 85 4 2 Literature Review 86 4 2 1 Irrational managers behavior in behavioral corporate finance 86 4 2 2 Managerial CEO optimism and overconfidence 87 4 2 3 Sources of CEO overconfidence 88 4 2 4 Potential effects on acquisition activity 88 4 2 5 Potential effects on investment policy 89 4 2 6 Potential effects on risk preferences 90 4 2 7 Methods for identification and measurement of CEO overconfidence 90 4 3 Background The German Renewable Energies Sector a state funded boom 91 4 4 Data and methodology 94 4 5 Results 95 4 5 1 Portray of CEO Rueter in press coverage 95 4 5 2 Rapid growth and quick successes in early years 95 4 5 3 Heightened acquisitiveness and excessive expansion 97 4 5 4 Abundant internal resources 101 4 5 5 High premia paid in acquisitions 102 4 5 6 Failures in procurement and pressure to fully utilize production plant 106 4 5 7 Dramatic increase in working capital 111 4 5 8 Liquidity Crisis 111 4 6 The aftermath of the crisis 112 4 7 Conclusion 114 5 Layoffs and shareholder wealth effects Evidence from the banking industry 115 5 1 Introduction 115 5 2 Background the banking sector 116 5 2 1 Banking sector characteristics 116 5 2 2 Effects of the global financial crisis on the banking sector 117 5 2 3 Costs and cost savings potential in the financial services sector 118 5 3 Literature review and hypotheses development 119 5 3 1 Theoretical considerations 119 5 3 2 Shareholder wealth effects of reductions in workforce announcements 120 5 3 3 Explanatory factors for effect variations 125 5 3 3 1 Reasons for layoffs 125 5 3 3 2 Business cycle stock market conditions 128 5 3 3 3 Influence of employment protection legislation 129 5 3 3 4 Absolute and relative layoff size 130 5 4 Data 131 5 5 Methodology 135 5 6 Results 136 5 6 1 Univariate analysis of the announcement effect 136 5 6 2 Multivariate analysis of the announcement effect 143 5 7 Conclusion 148 6 Concluding remarks 149 References 154

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 5
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