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Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004

German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target...

Persistent link: https://www.econbiz.de/10011092638

Do UK Institutional Shareholders Monitor their Investee Firms?

Renneboog, Luc; Goergen, M.; Zhang, C. - Tilburg University, Center for Economic Research - 2008

firm’s future value to other outside shareholders and reduce the informational asymmetry between the managers and the …As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms … directors’ trades. If institutional shareholders act as monitors, their monitoring activities convey new information about a …

Persistent link: https://www.econbiz.de/10011090281

Investment Policy, Internal Financing and ownership Concentration in the UK

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2000

propensity to monitor management.When industrial companies control large shareholdings, there is evidence of increased …

Persistent link: https://www.econbiz.de/10011090481

Recent Developments in German Corporate Governance

Renneboog, Luc; Goergen, M.; Manjon, M.C. - Tilburg University, Center for Economic Research - 2004

been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now …

Persistent link: https://www.econbiz.de/10011090720

When do German Firms Change their Dividends?

Renneboog, Luc; Correia Da Silva, L.; Goergen, M. - Tilburg University, Center for Economic Research - 2002

Anecdotal evidence suggests that the dividend policy of German firms is more flexible than the one of their Anglo-American counterparts.This paper analyses the decision to change the dividend for a panel of 221 German firms from 1984 to 1994.The choice of the period of study is motivated by the...

Persistent link: https://www.econbiz.de/10011091618

The Dividend Policy of German Firms

Renneboog, Luc; Andres, C.; Betzer, A.; Goergen, M. - Tilburg University, Center for Economic Research - 2008

German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published...

Persistent link: https://www.econbiz.de/10011091720

Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe

Renneboog, Luc; Goergen, M.; Martynova, M. - Tilburg University, Center for Economic Research - 2005

This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation.In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations.With the help of 150...

Persistent link: https://www.econbiz.de/10011092169

Strong Managers and Passive Institutional Investors in the UK : Stylized Facts

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 1998

shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership … example, has an important impact on the ownership structure. In about 4% of sample companies, corporate shareholders hold just … under 30 per cent of the shares. Second, institutional investors are the most important category of shareholders. However …

Persistent link: https://www.econbiz.de/10011092297

Insider Trading, News Releases and Ownership Concentration

Renneboog, Luc; Fidrmucova, J.; Goergen, M. - Tilburg University, Center for Economic Research - 2005

by directors and outside shareholders has an impact on the abnormal returns.Third, it is important to adjust for news …

Persistent link: https://www.econbiz.de/10011092326

Shareholder Lock-In Contracts : Share Price and Trading Volume Effects at the Lock-In Expiry

Renneboog, Luc; Angenandt, P.P.; Goergen, M. - Tilburg University, Center for Economic Research - 2005

.We give the main economic reasons why shareholders adopt lock-in agreements that are more stringent than legally required …

Persistent link: https://www.econbiz.de/10011092015