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International cross-listing, firm performance and top management turnover: a test of the bonding hypothesis

Lel, Ugur; Miller, Darius P. - Federal Reserve Board (Board of Governors of the … - 2006

We examine a primary outcome of corporate governance, the ability to identify and terminate poorly performing CEOs, to test the effectiveness of U.S. investor protections in improving the corporate governance of cross-listed firms. We find that firms from weak investor protection regimes that...

Persistent link: https://www.econbiz.de/10005368296

Corporate governance and the shareholder base

Lins, Karl V.; Warnock, Francis E. - Federal Reserve Board (Board of Governors of the … - 2004

This paper uses a sample of 4,410 firms from 29 countries to investigate the relation between corporate governance and the shareholder base. In contrast to previous work, our results strongly support the notion that poor corporate governance, at both the firm and country level, negatively...

Persistent link: https://www.econbiz.de/10005368318

Commencement address : a speech at the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, May 15, 2005

Greenspan, Alan - Federal Reserve Board (Board of Governors of the … - 2005

Persistent link: https://www.econbiz.de/10010725120

Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s

Calomiris, Charles W.; Carlson, Mark A. - Federal Reserve Board (Board of Governors of the … - 2014

Managers' incentives may conflict with those of shareholders or creditors, particularly at leveraged, opaque banks. Bankers may abuse their control rights to give themselves excessive salaries, favored access to credit, or to take excessive risks that benefit themselves at the expense of...

Persistent link: https://www.econbiz.de/10010784155

Currency hedging and corporate governance: a cross-country analysis

Lel, Ugur - Federal Reserve Board (Board of Governors of the … - 2006

Corporate governance can provide mechanisms to effectively monitor the use of derivatives. Using a sample of firms from 34 countries over the period 1990 to 1999, I find that firms with strong governance use currency derivatives for value-maximizing reasons as established by theory. On the other...

Persistent link: https://www.econbiz.de/10005498731

External governance and debt agency costs of family firms

Ellul, Andrew; Guntay, Levent; Lel, Ugur - Federal Reserve Board (Board of Governors of the … - 2007

We investigate the impact of family blockholders on the firm's debt agency costs under different investor protection environments. On one hand, families--through their undiversified investments, inter-generation presence, and reputation concerns--can mitigate debt agency costs. On the other...

Persistent link: https://www.econbiz.de/10005498775

Agency problems in public firms: evidence from corporate jets in leveraged buyouts

Edgerton, Jesse - Federal Reserve Board (Board of Governors of the … - 2011

This paper uses rich, new data to examine the fleets of corporate jets operated by both publicly traded and privately held firms. In the cross-section, firms owned by private equity funds average jet fleets at least 40 percent smaller than observably similar publicly-traded firms. Similar fleet...

Persistent link: https://www.econbiz.de/10008872034

Commencement address : a speech at the Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania, May 15, 2005

Greenspan, Alan - Federal Reserve Board (Board of Governors of the … - 2005

Persistent link: https://www.econbiz.de/10005390215

Political and economic consequences of alternative privatization strategies

Mann, Catherine L.; Lenway, Stefanie; Utter, Derek - Federal Reserve Board (Board of Governors of the … - 1993

The different approaches to large-scale privatization in Hungary, Poland, and the Czech Republic imply somewhat … privatization strategies could affect macroeconomic performance and the development of constituencies in favor of or against …

Persistent link: https://www.econbiz.de/10005498826

Social security privatization: what it can and cannot accomplish

Mariger, Randall P. - Federal Reserve Board (Board of Governors of the … - 1997

This paper assesses the effect of social security privatization on the government budget, economic efficiency, national … savings, and the distribution of resources across generations. It is shown that the benefits of privatization most often … touted by privatization advocates can be achieved by simply altering taxes and social security pensions and leaving the basic …

Persistent link: https://www.econbiz.de/10005393727