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Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004

German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target...

Persistent link: https://www.econbiz.de/10011092638

Do UK Institutional Shareholders Monitor their Investee Firms?

Renneboog, Luc; Goergen, M.; Zhang, C. - Tilburg University, Center for Economic Research - 2008

As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests that they do not perform any monitoring. This paper provides a new test on whether UK institutional...

Persistent link: https://www.econbiz.de/10011090281

Investment Policy, Internal Financing and ownership Concentration in the UK

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2000

investigate whether ownership concentration by class of shareholder creates or mitigates liquidity constraints.Control is expected … liquidity and investment could be a symptom of underinvestment.Firms pass up some projects with positive net present values … concentration reduces the liquidity constraints induced by agency costs, high insider shareholding concentration increases the …

Persistent link: https://www.econbiz.de/10011090481

Recent Developments in German Corporate Governance

Renneboog, Luc; Goergen, M.; Manjon, M.C. - Tilburg University, Center for Economic Research - 2004

We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives.For example, the rules on insider trading and anti-trust have been strengthened.The Restructuring Act has been revised to prevent minority shareholders...

Persistent link: https://www.econbiz.de/10011090720

When do German Firms Change their Dividends?

Renneboog, Luc; Correia Da Silva, L.; Goergen, M. - Tilburg University, Center for Economic Research - 2002

Anecdotal evidence suggests that the dividend policy of German firms is more flexible than the one of their Anglo-American counterparts.This paper analyses the decision to change the dividend for a panel of 221 German firms from 1984 to 1994.The choice of the period of study is motivated by the...

Persistent link: https://www.econbiz.de/10011091618

The Dividend Policy of German Firms

Renneboog, Luc; Andres, C.; Betzer, A.; Goergen, M. - Tilburg University, Center for Economic Research - 2008

German firms pay out a lower proportion of their cash flows, but a higher proportion of their published profits than UK and US firms. We estimate partial adjustment models and report two major findings. First, German firms base their dividend decisions on cash flows rather than published...

Persistent link: https://www.econbiz.de/10011091720

Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe

Renneboog, Luc; Goergen, M.; Martynova, M. - Tilburg University, Center for Economic Research - 2005

This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation.In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations.With the help of 150...

Persistent link: https://www.econbiz.de/10011092169

Strong Managers and Passive Institutional Investors in the UK : Stylized Facts

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 1998

The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership, the reader should bear in mind that there are about...

Persistent link: https://www.econbiz.de/10011092297

Insider Trading, News Releases and Ownership Concentration

Renneboog, Luc; Fidrmucova, J.; Goergen, M. - Tilburg University, Center for Economic Research - 2005

This paper investigates the market's reaction to UK insider transactions and analyzes whether the reaction depends on the firm's ownership.There are three major findings.First, differences in regulation between the UK and US, in particular the speedier reporting of trades in the UK, may explain...

Persistent link: https://www.econbiz.de/10011092326