bummers

golfAcademics Lee Bickerstaff (Miami University), David C. Cicero (Univ. of Alabama) and Andy Puckett (Univ. of Tennessee, Knoxville) analyzed data from a variety of sources to demonstrate that “CEOs that golf frequently (i.e., those in the top quartile of golf play, who play at least 22 rounds per year) are associated with firms that have lower operating performance and firm values. Numerous tests accounting for the possible endogenous nature of these relations support a conclusion that CEO shirking causes lower firm performance. We find that boards are more likely to replace CEOs who shirk, but CEOs with longer tenures or weaker governance environments appear to avoid disciplinary consequences.” [...] James Cayne, the former CEO of Bear Stearns, is a classic example of the golf-shirking CEO. The Wall Street Journal reported that Cayne played golf or bridge on 10 of 21 working days in July 200, which was the month that two Bear Sterns hedge funds collapsed (Kelly, 2007) and the financial crisis began in earnest. [ValueWalk]

  • 08 Sep 2014 at 11:56 AM

Layoffs Watch ’14: HSBC

A whole bunch of bankers and various other members of Team Hongkong and Shanghai Banking Corporation were said to come back from Labor Day to an unfortunate surprise. Read more »

  • 14 Apr 2014 at 10:13 AM

Layoffs Watch ’14: Citi

The House of Corbat has asked a few employees to turn in their ID badges and not come back, unless they’re looking to open a checking account, in which case, mi casa es su casa. Read more »

  • 28 Jan 2014 at 12:57 PM

Layoffs Watch ’14: Barclays

If you’re a junior mistmaker at the bank, consider passing it on to your MD that he/she might want to gird his/her loins. Read more »

  • 06 Nov 2013 at 2:03 PM

Layoffs Watch ’13: Citi

Cuts are said to have gone down at the House of Corbat. Read more »

  • 22 Oct 2013 at 11:50 AM

Layoff Watch ’13: Knight Capital Group

Cut are said to have gone down at the kingdom. Read more »

  • 24 Sep 2013 at 1:28 PM

Layoffs Watch ’13: Credit Suisse

The House of Dougan has had to say good-bye to a few of its own. Read more »