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Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy
Volpin, Paolo - C.E.P.R. Discussion Papers - 2002
This Paper studies the determinants of executive turnover and firm valuation as a function of ownership and control structure in Italy, a country that features low legal protection for investors, firms with controlling shareholders, and pyramidal groups. The results suggest that there is poor...
Persistent link: https://www.econbiz.de/10005136454
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Executive Compensation as an Agency Problem
Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003
instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …
Persistent link: https://www.econbiz.de/10005662270
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Firms' Decisions on Where to Incorporate
Bebchuk, Lucian Arye; Cohen, Alma - C.E.P.R. Discussion Papers - 2002
This Paper empirically investigates the decisions of US publicly traded firms on where to incorporate. We study the features of states that make them attractive to incorporating firms and the characteristics of firms that determine whether they incorporate in or out of their state of location....
Persistent link: https://www.econbiz.de/10005123946
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Managerial Power and Rent Extraction in the Design of Executive Compensation
Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002
constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …
Persistent link: https://www.econbiz.de/10005114260
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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
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Managerial Incentives and Stock Price Manipulation
Peng, Lin; Röell, Ailsa A - C.E.P.R. Discussion Papers - 2009
This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in … a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock …
Persistent link: https://www.econbiz.de/10005014567
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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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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
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Globalization and the 'New Enterprise'
Marin, Dalia; Verdier, Thierry - C.E.P.R. Discussion Papers - 2002
Globalization has been identified by many experts as a new way firms organize their activities. This Paper surveys recent work that examines the role of trade integration between similar and dissimilar countries for these changes in corporate organization. It is shown that international...
Persistent link: https://www.econbiz.de/10005662173
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Defensive and Strategic Restructuring in Central European Enterprises
Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995
. Contrary to initial expectations, managers of SOEs have engaged in significant adjustment activities. We argue that such …
Persistent link: https://www.econbiz.de/10005662184