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This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in …
Persistent link: https://www.econbiz.de/10014023374
for target shareholders because of the potential conflict of interest of the CEO, it is also possible that target … shareholders could benefit from CEO retention because it can increase the performance of the acquired firm and, consequently … harms shareholders in acquisitions involving private equity firms. In fact, we show that better performing target CEOs are …
Persistent link: https://www.econbiz.de/10009697733
sunset after a fixed period of time (such as ten or fifteen years) unless their extension is approved by shareholders …
Persistent link: https://www.econbiz.de/10011674094
This paper compares the extent of common ownership in the US and the EU stock markets, with a particular focus on differences in the ap-plicable ownership transparency requirements. Most empirical research on common ownership to date has focused on US issuers, largely relying on ownership data...
Persistent link: https://www.econbiz.de/10013402996
the shareholders of existing companies would not be served by adopting those default arrangements that public officials … between two or more default arrangements and face significant uncertainty as to which one would best serve shareholders, they … should err in favour of the arrangement that is less favourable to managers. Such an approach, we show, would make it most …
Persistent link: https://www.econbiz.de/10005656367
The well-established negative correlation between staggered boards (SBs) and firm value could be due to SBs leading to lower value or a reflection of low-value firms' greater propensity to maintain SBs. We analyze the causal question using a natural experiment involving two Delaware court...
Persistent link: https://www.econbiz.de/10009712380
This report evaluates the corporate governance practices of Colombian SOEs against the OECD Guidelines on Corporate Governance of State-Owned Enterprises (SOEs). The assessment was prepared based on information provided by the Colombian authorities, an analysis of the available literature and...
Persistent link: https://www.econbiz.de/10010233692
We use extensive hand collected surveys reporting governance practices of Brazilian firms in 2004, 2006, and 2009 to build a broad corporate governance index and analyze the evolution of corporate governance in Brazil and the association between governance and firm value. We find that corporate...
Persistent link: https://www.econbiz.de/10010906945
) takeover bids (buying shares only); and (3) a combination of proxy fights and takeover bids in which shareholders vote on … cash or the acquirer’s existing securities, voting shareholders can infer from the pre-vote market trading which outcome …
Persistent link: https://www.econbiz.de/10005123692
decisions, directors’ superior information, bargaining by management, pressures on managers to focus on the short …-run, inferences from IPO charters, interests of long-term share-holders, aggregate shareholder wealth, and protection of stakeholders …. Examining these arguments both at the level of theory and in light of all available empirical evidence, the Paper concludes that …
Persistent link: https://www.econbiz.de/10005124408