Showing 1 - 10 of 49
for empirical analysis. We measure VC participation in terms of pre IPO share-ownership by VC firms and attempt to … their affiliation in terms of ownership by banks and security companies). In estimating impacts we control for a wide range …-IPO ownership by VCs has an insignificantly negative impact on underpricing in both hot and cold markets. However in cold markets …
Persistent link: https://www.econbiz.de/10005813013
In the wake of the financial crisis, shareholders are increasingly relied upon to monitor directors. But while much has been written about directors' flawed judgments, remarkably little is known about shareholders' ability to make accurate judgments. What determines whether shareholders make the...
Persistent link: https://www.econbiz.de/10010614650
We investigate the relation between long run takeover performance and board share ownership in the acquiring company … board ownership and takeover profitability, and between board ownership and post-takeover share returns. We cast the …
Persistent link: https://www.econbiz.de/10005813050
In this study we provide evidence of cross-sectional dependence of bidder-shareholder wealth and target’s board characteristics. More specifically we provide evidence that the percentage of non-executives, the board size, the stock holdings of executives, and the other directorships held by...
Persistent link: https://www.econbiz.de/10005162855
Core institutions of UK corporate governance, in particular those relating to takeovers, board structure and directors’ duties, are strongly orientated towards a norm of shareholder primacy. Beyond the core, in particular at the intersection of insolvency and employment law, stakeholder...
Persistent link: https://www.econbiz.de/10005687992
The notion of 'ownership of the firm' is central to conventional treatments of corporate governance, yet there is very … the notion of ownership in various disciplinary fields, and then recount and discuss some of the meanings associated with … ownership of the firm that we have found in two empirical studies carried out in the UK and Japan. Our aim is to illuminate and …
Persistent link: https://www.econbiz.de/10005549382
The corporate world today subdivides into rival systems of dispersed and concentrated ownership, with different … tentatively unless there is a legal environment which is hospitable to dispersed share ownership. This paper provides evidence on … orientation and the focus is on the emergence of a separation of ownership and control, characterised by widely dispersed share …
Persistent link: https://www.econbiz.de/10005162856
is delegated to a cohort of full?time executives, there needs to be “good” managers. In Britain, however, ownership … explain how ownership structures were reconfigured when doubts existed about managerial quality. …
Persistent link: https://www.econbiz.de/10005688021
Legal origins theory suggests that law reform, strengthening shareholder and creditor rights, should enhance financial development. We use recently created datasets measuring legal change over time in a sample of 25 developing, developed and transition countries to test this claim. We find that...
Persistent link: https://www.econbiz.de/10010548032
It is argued here that - contrary to current conventional wisdom - an active market for corporate control is not an essential ingredient of either company law reform or financial and economic development. The absence of such a market in coordinated market systems during their modern economic...
Persistent link: https://www.econbiz.de/10005812989