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Finance, Control, and Profitability: The Influence of German Banks
Chirinko, Robert S.; Elston, Julie Ann - CESifo - 2003
Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the considerable power of German...
Persistent link: https://www.econbiz.de/10005094259
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How Weak is the Weakest-Link Principle?On the Measurement of Firm Owners’Control Rights
Edwards, Jeremy; Weichenrieder, Alfons - CESifo - 2004
The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners’ control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...
Persistent link: https://www.econbiz.de/10005196258
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Buying to Sell: Private Equity Buyouts and Industrial Restructuring
Norbäck, Pehr-Johan; Persson, Lars; Tag, Joacim - CESifo - 2013
We show how temporary ownership by private equity firms affects industry structure, competition and welfare. Temporary ownership leads to strong investment incentives because equilibrium resale prices are determined by buyers incentives to block rivals from obtaining assets. These incentives...
Persistent link: https://www.econbiz.de/10010681223
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Politics-Business Interaction Paths
Belloc, Marianna; Pagano, Ugo - CESifo - 2009
Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...
Persistent link: https://www.econbiz.de/10008572479
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Divide and Privatize: Firm Break-up and Performance
Kocenda, Evžen; Hanousek, Jan - CESifo - 2011
We analyze the long-term effects of firm break-up and ownership change on corporate performance. Our analysis is based on a unique data set for a large number of Czech firms spanning the period 1996–2005. We employ a propensity score matching procedure to deal with endogeneity problems. Our...
Persistent link: https://www.econbiz.de/10009024846
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The Scope of Auctions in the Presence of Downstream Interactions and Information Externalities
Koska, Onur A.; Onur, Ilke; Stähler, Frank - CESifo - 2015
We scrutinize the scope of auctions in the presence of downstream interactions and information externalities by using the topical example of a firm acquisition. We show that no mechanism exists that allows an investor to acquire a low-cost firm under incomplete information: a separating auction...
Persistent link: https://www.econbiz.de/10011205382
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Innovation in the Supply and Procurement of Rig Services
Osmundsen, Petter - CESifo - 2014
Substantial elements of innovation have been observable during recent years in rig supply, in particular regarding contracts and organisation. This trend has been driven by the fact that rising costs over many years have put profitability under pressure. On the basis of theory and available...
Persistent link: https://www.econbiz.de/10010948889
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What is the Relation (if any) Between a Firm's Corporate Governance Arrangements and its Financial Performance?
Wessels, Roberto E.; Wansbeek, Tom J.; Dam, Lammertjan - CESifo - 2014
We present a model to test the null hypothesis that firms organize their corporate governancearrangements optimally given the constraints they face. Following the literature, the modelrejects the null if the conditional correlation between governance and performance issignificantly different...
Persistent link: https://www.econbiz.de/10011249564
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CEO Preferences and Acquisitions
Jenter, Dirk; Lewellen, Katharina - CESifo - 2011
of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’ private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …
Persistent link: https://www.econbiz.de/10009399662
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Optimal Delegation when the Large Shareholder has Multiple Tasks
Graziano, Clara; Luporini, Annalisa - CESifo - 2010
We analyze the optimal ownership, delegation and compensation structures when a manager is hired to run a firm and to gather information on investment projects. The initial owner has two tasks: monitoring the manager and supervising project choice. Optimality would require a large ownership...
Persistent link: https://www.econbiz.de/10008596583