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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 shares, and on its stock price. Building on the literature showing that local mutual funds (funds holding geographically close firms) enjoy superior returns due to private...
Persistent link: https://www.econbiz.de/10005497985
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Firms' Decisions on Where to Incorporate
Bebchuk, Lucian Arye; Cohen, Alma - C.E.P.R. Discussion Papers - 2002
viewed as detrimental to shareholders. We also find that there is commonly a big difference between a state's ability to …
Persistent link: https://www.econbiz.de/10005123946
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Innovation and Competitive Pressure
Vives, Xavier - C.E.P.R. Discussion Papers - 2004
I analyse the effects of competition on R&D effort (in a non-tournament context) and obtain robust results that hold for a variety of market structures, including markets with and without barriers to entry and markets characterized by either price or quantity competition. The approach...
Persistent link: https://www.econbiz.de/10005791300
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Why is hedge fund activism procyclical?
Burkart, Mike; Dasgupta, Amil - C.E.P.R. Discussion Papers - 2013
for shareholders and bondholders. …
Persistent link: https://www.econbiz.de/10011084491
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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 empirically. We solve a model consisting of an optimal IPO followed by a dynamic Kyle market in which the large investor's private information concerns her own plans for taking an...
Persistent link: https://www.econbiz.de/10011084717
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The Corporate Governance of Defined-Benefit Pension Plans: Evidence from the United Kingdom
Cocco, Joâo Francisco P.D.; Volpin, Paolo - C.E.P.R. Discussion Papers - 2005
shareholders of the sponsoring company, and not necessarily pension plan members. …
Persistent link: https://www.econbiz.de/10005792367
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The Macroeconomics of Shareholder Pressure
Thesmar, David - C.E.P.R. Discussion Papers - 2003
This Paper argues that shareholder activism can be considered as similar to the adoption of increasing returns-to-scale technology by financial institutions. I start from this mechanism to build a model designed to assess the long-run consequences of shareholder pressure. I then use this model...
Persistent link: https://www.econbiz.de/10005661545
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Ambiguity, Disagreement, and Allocation of Control in Firms
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for …
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-based incentives elicit not only productive effort, but also costly...
Persistent link: https://www.econbiz.de/10005014567
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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
and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority … shareholders, can play only a limited role in corporate governance. Moreover, the presence of powerful families who control many … governance, what matters most is not the legal power granted to minority shareholders but rather the absence of conflicts of …
Persistent link: https://www.econbiz.de/10008554240