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The Origination and Evolution of Ownership and Control

Franks, Julian R; Mayer, Colin; Rossi, Stefano - C.E.P.R. Discussion Papers - 2003

the end of the century, there was more extensive protection there than virtually anywhere else in the world. The UK …

Persistent link: https://www.econbiz.de/10005123634

Ownership and Control of German Corporations

Franks, Julian R; Mayer, Colin - C.E.P.R. Discussion Papers - 2001

pyramid structures can be used for control purposes. The static relation of ownership to control in Germany is therefore …

Persistent link: https://www.econbiz.de/10005666867

Race to the Top or Bottom? Corporate Governance, Freedom of Reincorporation and Competition in Law

Fluck, Zsuzsanna; Mayer, Colin - C.E.P.R. Discussion Papers - 2005

This paper investigates the governance structure choices of firms when there is competition between legal systems. We study the impact of the allocation of control over choice of governance and reincorporation on firms’ technologies and technological specialization of countries in the context...

Persistent link: https://www.econbiz.de/10005124417

Restructuring Enterprises in Eastern Europe

Carlin, Wendy; Mayer, Colin - C.E.P.R. Discussion Papers - 1992

been undertaken by both the state and the private sector, however: East Germany. This paper documents in some detail the … privatization process in East Germany. It notes that five parties have been central to the reform process: the state, the … equivalent skills and resources should do. The experience of East Germany suggests that careful attention should be given to the …

Persistent link: https://www.econbiz.de/10005136772

A New Test of Capital Structure

Mayer, Colin; Sussman, Oren - C.E.P.R. Discussion Papers - 2004

This Paper reports a new test of capital structure theories. It uses a filtering technique to identify large investment spikes. We find that the spikes are predominantly financed with debt by large firms and by new equity by small loss-making firms. In the process, firms move significantly away...

Persistent link: https://www.econbiz.de/10005067393

Financial Reform in Eastern Europe: Progress With the Wrong Model

Corbett, Jennifer; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

Eastern Europe is engaged in a massive programme of financial reform. This paper argues that while this programme has many desirable features, it has failed to address some of the most basic issues. These concern the relationship between the financial system and the enterprise sector, and the...

Persistent link: https://www.econbiz.de/10005791741

Corporate Finance in the Euromarkets and the Economics of Intermediation

Davis, E Philip; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

This paper examines bond and syndicated bank finance in the Euromarkets. It uses a comprehensive data bank on Euromarkets to evaluate alternative theories of financial intermediation. A model is estimated that provides a good description of firms' choice of finance. The paper concludes that...

Persistent link: https://www.econbiz.de/10005792364

Stock Markets and Corporate Performance: A Comparison of Quoted and Unquoted Firms

Alexander, Ian; Mayer, Colin - C.E.P.R. Discussion Papers - 1991

This paper examines the influence of stock markets on corporate performance. It compares large private and publicly listed companies in the UK. It finds that, controlling for size and industry, quoted firms invest more and grow more rapidly than unquoted firms. They earn higher profits and pay...

Persistent link: https://www.econbiz.de/10005656401

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

Structure and Performance: Global Interdependence of Stock Markets Around the Crash of October 1987

Bertero, Elisabetta; Mayer, Colin - C.E.P.R. Discussion Papers - 1989

This paper uses a new data source on share prices to examine how stock markets in 23 countries reacted to the crash of October 1987. It records substantial variations across countries. In general there is no evidence that these differences are related to the structure of markets. However,...

Persistent link: https://www.econbiz.de/10005281367