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Institutional Investors as Minority Shareholders: Do They Matter When Ownership Is Concentrated?
Hamdani, Assaf; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010
We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority shareholders, can play only a limited role in corporate...
Persistent link: https://www.econbiz.de/10008554240
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Regulatory Sanctions and Reputational Damage in Financial Markets
Armour, John; Mayer, Colin; Polo, Andrea - C.E.P.R. Discussion Papers - 2010
We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s Financial Services Authority and London Stock Exchange on the market price of penalized firms. Since these agencies do not announce enforcement until a penalty is levied, their actions...
Persistent link: https://www.econbiz.de/10008682887
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The Market for Corporate Law
Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2002
This Paper develops a model of the competition among states in providing corporate law rules. The analysis provides a … full characterization of the equilibrium in this market. Competition among states is shown to produce optimal rules with … explain, existing empirical evidence; they also indicate that the performance of state competition cannot be evaluated on the …
Persistent link: https://www.econbiz.de/10005114390
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Monitoring Managers: Does it Matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - C.E.P.R. Discussion Papers - 2009
We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...
Persistent link: https://www.econbiz.de/10008491717
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Legal Determinants of the Return on Equity
Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999
Recent work documents that better legal institutions are associated with broader equity markets. We investigate whether international differences in legal institutions also help explain the international cross-section of expected stock returns. We document three main regularities. First, total...
Persistent link: https://www.econbiz.de/10005123538
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Takeover Bids versus Proxy Fights in Contests for Corporate Control
Bebchuk, Lucian Arye; Hart, Oliver - C.E.P.R. Discussion Papers - 2001
This Paper evaluates the primary mechanisms for changing management or obtaining control in publicly traded corporations with dispersed ownership. Specifically, we analyse and compare three mechanisms: (1) proxy fights (voting only); (2) takeover bids (buying shares only); and (3) a combination...
Persistent link: https://www.econbiz.de/10005123692
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Firms' Decisions on Where to Incorporate
Bebchuk, Lucian Arye; Cohen, Alma - C.E.P.R. Discussion Papers - 2002
increase further in the future. Our findings have significant implications for corporate governance, regulatory competition …
Persistent link: https://www.econbiz.de/10005123946
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Private Benefits of Control: An International Comparison
Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002
rate of tax compliance, and a high degree of product market competition. A crude R-squared test suggests that the ‘non …
Persistent link: https://www.econbiz.de/10005123949
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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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Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions
Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2002
We argue that the existence of CEO private control benefits complements managerial reputation in counteracting costly shareholder risk-shifting incentives during severe financial distress, when job-loss may be imminent. We examine this argument empirically using bankruptcy filings in Sweden,...
Persistent link: https://www.econbiz.de/10005123993