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Who Disciplines Management in Poorly Performing Companies?
Franks, Julian R; Mayer, Colin; Renneboog, Luc - C.E.P.R. Discussion Papers - 2001
Economic theory points to five parties active in disciplining management of poorly performing firms: holders of large share blocks, acquirers of new blocks, bidders in take-overs, non-executive directors, and investors during periods of financial distress. This Paper reports the first...
Persistent link: https://www.econbiz.de/10005124256
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Regulatory Sanctions and Reputational Damage in Financial Markets
Armour, John; Mayer, Colin; Polo, Andrea - C.E.P.R. Discussion Papers - 2010
We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s Financial …
Persistent link: https://www.econbiz.de/10008682887
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European Financial Integration: A Framework for Policy Analysis
Mayer, Colin; Neven, Damien J - C.E.P.R. Discussion Papers - 1990
In this paper, we investigate the design and implementation of financial regulation where market failures are created … imperfect information, should be supplemented by financial regulation. We focus on two regulatory tools: direct penalties and …-regulatory organizations have adequate incentives to implement regulation. We find that such incentives do exist when firms have sufficient …
Persistent link: https://www.econbiz.de/10005281319