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Tiroley, Jean - Center for Economic Institutions, Institute of Economic … - 2000

The paper first develops an economic analysis of the concept of shareholder value, describes its approach and discusses some open questions. It emphasizes the relationship between pledgeable income, monitoring and control rights using a unifying and simple framework. The paper then provides a...

Persistent link: https://www.econbiz.de/10005045132

Founder Succession and Accounting Properties

Fan, Joseph P.H.; Wong, T.J.; Zhang, Tianyu - Center for Economic Institutions, Institute of Economic … - 2009

Using a sample of 231 entrepreneurial firm successions in Hong Kong, Singapore, and Taiwan, we find that firms' unsigned discretionary accruals decrease while timely loss recognition increases subsequent to successions, suggesting a shift in accounting toward a less insider-based system. We...

Persistent link: https://www.econbiz.de/10008548297

The Effectiveness of Corporate Boards: Evidence from Bank Loan Contracting

Francis, Bill; Hasan, Iftekhar; Koetter, Michael; Wu, Qiang - Center for Economic Institutions, Institute of Economic … - 2009

This paper investigates the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and non-price loan terms (e.g., interest rates, collateral, covenants and performance pricing) are more favorable and syndicated loans comprise more...

Persistent link: https://www.econbiz.de/10008548298

Reluctant privatization

Bortolotti, Bernardo; Faccio, Mara - Center for Economic Institutions, Institute of Economic … - 2006

We study the evolution of the control structure for a large sample of privatized firms in OECD countries and find evidence broadly consistent with the concept of "reluctant privatization", defined as the transfer of ownership rights in State-owned enterprises without a corresponding transfer of...

Persistent link: https://www.econbiz.de/10005045083

Allocating Risk Across Pyramidal Tiers: Evidence from Thai Business Groups

Bunkanwanicha, Pramuan; Wiwattanakantang, Yupana - Center for Economic Institutions, Institute of Economic … - 2008

This paper shows that pyramidal ownership can be used to control downside risk. The research setting is Thailand before and after the 1997 Asian crisis. The focus is on family business groups that owned banks. The results show that the controlling family pursues different investment strategies...

Persistent link: https://www.econbiz.de/10005045112

役員持株は企業業績に影響を与えるか？

久保, 克行 - Center for Economic Institutions, Institute of Economic … - 2001

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Persistent link: https://www.econbiz.de/10005045121

The Equity Ownership Structure of Thai Firms

Wiwattanakantang, Yupana - Center for Economic Institutions, Institute of Economic … - 2001

82.59 percent of the firms in the sample, the largest shareholders are also controlling shareholders. The controlling … shareholders are mainly families. Foreign investors form the second largest group of controlling shareholders. More of the … controlling shareholders use a simple ownership pattern to control the firms. Only in 21.27 percent of the firms, the controlling …

Persistent link: https://www.econbiz.de/10005045133

The Determinants of Executive Compensation in Japan and the UK: Agency Hypothesis or Joint Determination Hypothesis?

Kubo, Katsuyuki - Center for Economic Institutions, Institute of Economic … - 2001

Although there are many studies on executive compensation, many of these studies often take for granted the 'Anglo-American style of corporate governance'. This paper seeks to contrast the effect of corporate governance on the directors' incentive, by comparing the UK and Japan. There is a...

Persistent link: https://www.econbiz.de/10005045134

The Financing and Governance of New Technologies

Mayer, Colin - Center for Economic Institutions, Institute of Economic … - 2001

This paper examines the financial sector preconditions for the successful development of high technology sectors. It argues that there is a close relation between types of activities undertaken in different countries and their institutional structures. A distinguishing characteristic of the...

Persistent link: https://www.econbiz.de/10005045165

Behavioural Biases of Japanese Institutional Investors; Fund management and Corporate Governance

Suto, Megumi; Toshino, Masashi - Center for Economic Institutions, Institute of Economic … - 2004

. We conclude that institutional investors' behaviour contradicts their role as shareholders. …

Persistent link: https://www.econbiz.de/10005045166