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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

Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings

Bo, Hong; Huang, Zhongnan; Sterken, Elmer - CESifo - 2015

debt and on related party transactions. …

Persistent link: https://www.econbiz.de/10011163062

The Value of the Revolving Door: Political Appointees and the Stock Market

Luechinger, Simon; Moser, Christoph - CESifo - 2012

We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six...

Persistent link: https://www.econbiz.de/10010877749

CEO Preferences and Acquisitions

Jenter, Dirk; Lewellen, Katharina - CESifo - 2011

This paper explores the impact of target CEOs’ retirement preferences on the incidence, the pricing, and the outcomes of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs’ private merger costs are the forgone benefits of staying employed until the planned...

Persistent link: https://www.econbiz.de/10009399662

Taxes do Affect Corporate Financing Decisions: The Case of Belgian ACE

Princen, Savina - CESifo - 2012

In this paper, I use difference-in-differences regressions to measure how the debt tax shield affects the capital … of an equity tax shield, I infer the impact of the tax discrimination between debt and equity. Consistent with the … encourages companies to use on average 2-7% more debt than when there is an equal tax treatment of debt and equity. …

Persistent link: https://www.econbiz.de/10009645632

A Revealed Preference Approach to Understanding Corporate Governance Problems: Evidence from Canada

Chirinko, Robert S.; Schaller, Huntley - CESifo - 2002

By studying the gap between the discount rates used by executives and shareholders, we assess the extent to which governance problems distort firm behavior. The estimation strategy recovers discount rates used by executives from the pattern of their actual investment spending. Our empirical work...

Persistent link: https://www.econbiz.de/10005765749

Firm Performance, Financial Institutions and Corporate Governance in the Netherlands

Chirinko, Robert S.; Ees, Hans van; Garretsen, Harry; … - CESifo - 1999

This paper analyses the impact of share ownership, creditorship and networking by financial institutions on the performance of 94 Dutch non-financial firms in the period 1992-1996. We find a nonlinear relationship between firm performance and ownership by banks. Because of various defense...

Persistent link: https://www.econbiz.de/10005766022

Fundamentals, Misvaluation, and Investment: The Real Story

Chirinko, Robert S.; Schaller, Huntley - CESifo - 2007

Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama-MacBeth regressions to determine whether "overinvestment"...

Persistent link: https://www.econbiz.de/10005766115

State Ownership and Control in the Czech Republic

Kocenda, Evžen; Hanousek, Jan - CESifo - 2009

We analyze the extent of the integrated control of the state over privatized firms during the post-privatization decade (1995–2005) in the Czech Republic. During this period the integrated control potential of the state resembled a corporate pyramid. While pyramidal control was not fully...

Persistent link: https://www.econbiz.de/10008533985

Diversification and Ownership Concentration

Parigi, Bruno Maria; Pelizzon, Loriana - CESifo - 2005

We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects...

Persistent link: https://www.econbiz.de/10005181426