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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
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Equity Block Transfers in Transition Economies: Evidence from Poland
Trojanowski, Grzegorz - C.E.P.R. Discussion Papers - 2002
. Moreover, the analysis reveals that liquidity costs considerably influence the level of block premia in Poland. Finally, the …
Persistent link: https://www.econbiz.de/10005124379
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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
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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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Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off
Gaspar, José-Miguel; Massa, Massimo - C.E.P.R. Discussion Papers - 2004
This Paper investigates the impact of ownership patterns on the way the firm is monitored, on the liquidity of its … selection discount required by less informed investors to trade, reducing the firm’s liquidity. Both effects are properly … prices, but the lower liquidity induced by their presence tends to reduce prices. …
Persistent link: https://www.econbiz.de/10005497985
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Liquidity and Governance
Back, Kerry E.; Li, Tao; Ljungqvist, Alexander P. - C.E.P.R. Discussion Papers - 2013
Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm …'s stock increases the likelihood of the large investor ‘taking the Wall Street walk.’ Thus, higher liquidity is harmful for …
Persistent link: https://www.econbiz.de/10011084717
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Corporate Liquidity
Dittmar, Amy; Mahrt-Smith, Jan; Servaes, Henri - C.E.P.R. Discussion Papers - 2002
Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 … that generally drive the need for liquidity, such as investment opportunities and asymmetric information, actually become …
Persistent link: https://www.econbiz.de/10005498063
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Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections
Do, Quoc-Anh; Lee, Yen-Teik; Nguyen, Bang Dang - C.E.P.R. Discussion Papers - 2015
Using the regression discontinuity design of close gubernatorial elections in the U.S., we identify a significant and positive impact of the social networks of corporate directors and politicians on firm value. Firms connected to elected governors increase their value by 3.89%. Political...
Persistent link: https://www.econbiz.de/10011249372
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Changes in Equity Ownership and Changes in the Market Value of the Firm
Lins, Karl; McConnell, John J.; Servaes, Henri - C.E.P.R. Discussion Papers - 2004
We study the stock price response to announcements of share purchases by corporate insiders over the period 1994 through 1999. The cross-sectional variability in the response is consistent with a curvilinear relation between firm value and insider ownership, where the value of the firm first...
Persistent link: https://www.econbiz.de/10005123861
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Worker Matching and Firm Value
Moen, Espen R; Yashiv, Eran - C.E.P.R. Discussion Papers - 2013
This paper studies the hiring and firing decisions of firms and their effects on firm value. This is done in an environment where the productivity of workers depends on how well they match with their co-workers and the firm acts as a coordinating device. Match quality derives from a production...
Persistent link: https://www.econbiz.de/10011083331