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Voucher Privatization, Corporate Control and the Cost of Capital: An Analysis of the Czech Privatization Programme

Marcincin, Anton; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1995

Voucher privatization programmes have been criticized for leading to excessively dispersed ownership and hence failure of control and insufficient corporate governance. We analyse the results of the five auction rounds of the Czech privatization programme and subsequent stock market...

Persistent link: https://www.econbiz.de/10005123768

Equity Block Transfers in Transition Economies: Evidence from Poland

Trojanowski, Grzegorz - C.E.P.R. Discussion Papers - 2002

This Paper investigates valuation effects of share block transfers and employs agency theory to explain the determinants of block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration. Block premia are found to be substantially lower than...

Persistent link: https://www.econbiz.de/10005124379

Corporate Governance Externalities

Acharya, Viral V; Volpin, Paolo - C.E.P.R. Discussion Papers - 2008

We argue that the choice of corporate governance by a firm affects and is affected by the choice of governance by other firms. Firms with weaker governance give higher payoffs to their management to incentivize them. This forces firms with good governance to also pay their management more than...

Persistent link: https://www.econbiz.de/10005136630

Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection

Burkart, Mike; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2001

This Paper analyses the interaction between legal shareholder protection, managerial incentives, and ownership concentration. In our framework, blockholder and manager are distinct parties and the presence of a blockholder can both protect and hurt minority shareholders. Legal shareholder...

Persistent link: https://www.econbiz.de/10005662105

Financial Frictions, Investment, and Institutions

Claessens, Stijn; Ueda, Kenichi; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010

frictions using a canonical investment model. We consider two channels by which frictions affect investment: (i) through … frictions, institutions affect investment. We find that improved corporate governance (e.g., less severe informational problems …) and enhanced contractual enforcement reduce financial frictions affecting investment, while stronger creditor rights (e …

Persistent link: https://www.econbiz.de/10008784722

The Determinants of Privatized Enterprise Performance in Russia

Angelucci, Manuela; Bevan, Alan; Estrin, Saul; Fennema, … - C.E.P.R. Discussion Papers - 2002

Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership …

Persistent link: https://www.econbiz.de/10005666814

After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry

Earle, John S; Estrin, Saul - C.E.P.R. Discussion Papers - 1997

ownership having the strongest and most robust impacts, the latter accounted for mostly by investment fund ownership, which has …

Persistent link: https://www.econbiz.de/10005136416

Taking the Lord's Name in Vain: The Impact of Connected Directors on 19th century British Banks

Grossman, Richard; Imai, Masami - C.E.P.R. Discussion Papers - 2015

This paper utilizes data on the presence of prominent individuals—that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879-1909 to investigate whether the appointment of well-connected...

Persistent link: https://www.econbiz.de/10011145404

Ambiguity, Disagreement, and Allocation of Control in Firms

Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015

We present a novel source of disagreement grounded in decision theory: ambiguity aversion. We show that ambiguity aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for corporate governance systems. In our paper, optimal...

Persistent link: https://www.econbiz.de/10011213312

Delegated Activism and Disclosure

Dasgupta, Amil; Zachariadis, Konstantinos - C.E.P.R. Discussion Papers - 2011

Mutual funds are significant blockholders in many corporations. Concerns that funds vote in a pro-management manner to garner lucrative pensions contracts led the SEC to mandate the disclosure of proxy votes. We present a model of mutual fund voting in the presence of potential business ties. We...

Persistent link: https://www.econbiz.de/10009321841

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