Corporate Governance has become a relevant issue in the Financial Literature. However, teaching on Corporate Finance is not keeping up with this educational change, and textbooks on Corporate Finance remain quite standard in their contents. Only a few exceptions incorporate Corporate Governance...

This paper provides a complementary approach to the financial and strategy views of capital structure. According to our ownership view, capital structure is partly determined by the incentives and the goals of those who are in control of the firm. Our results strongly support this view. As a...

This study examines the determinants of financial insolvency costs, by making use of a more accurate indicator of the probability of insolvency and considering the effect of institutional differences on these costs. We find that insolvency costs are positively related to the probability of...

A recently published paper by Gugler and Weigand (Applied Economics Letters, 10, 483-486, 2003) addresses the problem of the endogeneity of ownership, but an unresolved question remains. Where does this endogeneity come from? We show that the main source of endogeneity is the simultaneity...

This paper investigates how insider ownership and ownership concentration influence a firm's investment-cash flow sensitivity. We propose a new empirical approach that allows us to account for the non-linearities of ownership structure with respect to firm value, and to distinguish between firms...

This study focuses on developing a new approach to estimating the ex-ante probability of financial distress by means of a model that could be applied to different economic and legal contexts. Our approach first consists of testing for the specification of the proposed model by using panel data...

This paper studies how the main institutional factors characterizing corporate governance systems around the world affect the relationship between ownership structure and firm value. Our study gives rise to the following findings. First, ownership concentration and insider ownership levels are...

This paper proposes a new empirical approach that allows us to appropriately control for the non-linearities of ownership with respect to firm value when analysing how managerial entrenchment and expropriation affect the relations among control mechanisms. Unlike findings in previous US-based...

In this paper we investigate the relationship between ownership structure and value in Spanish firms. We therefore provide new evidence on this relation, since the Spanish corporate governance system differs from the ones considered in previous theoretical and empirical research. According to...