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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 … benefits of staying employed until the planned retirement date. Using retirement age as an instrument for CEOs’ private merger …
Persistent link: https://www.econbiz.de/10009399662
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Subprime Crisis and Board (In-)Competence: Private vs. Public Banks in Germany
Hau, Harald; Thum, Marcel - CESifo - 2009
We examine evidence for a systematic underperformance of Germany’s state-owned banks in the current financial crisis and study if the bank losses can be traced to the quality of bank governance. For this purpose, we examine the biographical background of 593 supervisory board members in the 29...
Persistent link: https://www.econbiz.de/10005051557
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Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings
Bo, Hong; Huang, Zhongnan; Sterken, Elmer - CESifo - 2015
We reveal motivations of Chinese firms for issuing Seasoned Equity Offerings (SEO) by examining why firms change the use of SEO proceeds and how they use unspecified SEO proceeds. Using 533 SEOs issued by Chinese firms during 1999-2006, we find that firms do not use unspecified SEO proceeds on...
Persistent link: https://www.econbiz.de/10011163062
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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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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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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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Capital Structure Choice and Company Taxation: A Meta-Study
Feld, Lars P.; Heckemeyer, Jost Henrich; Overesch, Michael - CESifo - 2011
This paper provides a quantitative review of the empirical literature on the tax impact on corporate debt financing. Synthesizing the evidence from 46 previous studies, we find that this impact is substantial. In particular, the tax rate proxy determines the outcome of primary analyses. Measures...
Persistent link: https://www.econbiz.de/10008914267
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Microeconometric Evidence of Financing Frictions and Innovative Activity
Tiwari, Amaresh K.; Mohnen, Pierre; Palm, Franz; Loeff, … - CESifo - 2014
Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...
Persistent link: https://www.econbiz.de/10010743448