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The Financing of Industry, 1970-89: An International Comparison
Corbett, Jennifer; Jenkinson, Tim - C.E.P.R. Discussion Papers - 1994
The main aims of this paper are, first, to construct a consistent comparative set of data on the sources of finance for investment over the period 1970--89 for Germany, Japan, the United Kingdom and the United States and second, to challenge some conventional views of the international...
Persistent link: https://www.econbiz.de/10005656452
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Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes
Acharya, Viral V; John, Kose; Sundaram, Rangarajan K - C.E.P.R. Discussion Papers - 2005
things, the theory predicts that the difference in leverage between a debt-friendly bankruptcy code (such as the UK’s) and a … (debt net of cash holdings) and controlling for other firm characteristics that affect leverage. … find the theory is strongly backed by the data. The results are robust to considerations such as employing net leverage …
Persistent link: https://www.econbiz.de/10005504655
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The Structure of Corporate ownership in Privatized Utilities
Trillas, Francesco - C.E.P.R. Discussion Papers - 2002
The purpose of this Paper is to study the determinants of the concentration of ownership in a privatized, regulated firm. The discussion illustrates some aspects of the costs and benefits of different corporate systems. Privatized utilities are large firms with professional management: there is...
Persistent link: https://www.econbiz.de/10005123598
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Executive Compensation in America: Optimal Contracting or Extraction of Rents
Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2001
This Paper develops an account of the role and significance of rent extraction in executive compensation. Under the optimal contracting view of executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors that aims to maximize...
Persistent link: https://www.econbiz.de/10005123963
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Privately versus Publicly Optimal Skin in the Game: Optimal Mechanism and Security Design
Chemla, Gilles; Hennessy, Christopher - C.E.P.R. Discussion Papers - 2011
We examine screening incentives, welfare and the case for mandatory skin-in-the-game. Ex ante banks can screen, using interim private information to choose retentions and structuring. Ex post speculators trade with rational hedging investors. Absent regulation, there is a separating equilibrium...
Persistent link: https://www.econbiz.de/10009024483
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Stock Market Returns, Corporate Governance and Capital Market Equilibrium
Parigi, Bruno; Pelizzon, Loriana; von Thadden, Ernst-Ludwig - C.E.P.R. Discussion Papers - 2015
This paper analyzes why corporate governance matters for stock returns if the stock market prices the underlying managerial agency problem correctly. Our theory assumes that strict corporate governance prevents managers from diverting cash flows, but reduces incentives for managerial effort. In...
Persistent link: https://www.econbiz.de/10011165663
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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
This Paper develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors...
Persistent link: https://www.econbiz.de/10005114260
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Investor Protection and Equity-Holdings: An Explanation of Two Puzzles?
Giannetti, Mariassunta; Koskinen, Yrjö - C.E.P.R. Discussion Papers - 2003
We develop a model where wealthy investors have an incentive to become controlling shareholders because they can earn additional benefits by expropriating outside shareholders. As a consequence, in countries where minority investor rights are poorly protected, both domestic and foreign portfolio...
Persistent link: https://www.econbiz.de/10005114263
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Dividends and Bank Capital in the Financial Crisis of 2007-2009
Acharya, Viral V; Gujral, Irvind; Kulkarni, Nirupama; … - C.E.P.R. Discussion Papers - 2012
equity to that based on debt-like hybrid claims such as preferred equity and subordinated debt. The erosion of common equity … represent a transfer from creditors (and potentially taxpayers) to equity holders in violation of the priority of debt over …
Persistent link: https://www.econbiz.de/10011083440
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Good Monitoring, Bad Monitoring
Grinstein, Yaniv; Rossi, Stefano - C.E.P.R. Discussion Papers - 2014
Are courts effective monitors of corporate decisions? In a controversial landmark case, the Delaware Supreme Court held directors personally liable for breaching their fiduciary duties, signaling a sharp increase in Delaware’s scrutiny over corporate decisions. In our event study, low-growth...
Persistent link: https://www.econbiz.de/10011084098