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Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection

Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - Fondazione ENI Enrico Mattei (FEEM) - 2003

We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...

Persistent link: https://www.econbiz.de/10005423064

Abnormal Returns in Privatization Public Offerings: The Case of Portuguese Firms

Vieira, Carla; Serra, Ana Paula - Fondazione ENI Enrico Mattei (FEEM) - 2005

This paper provides evidence on abnormal returns of Portuguese privatization public offerings for the period from 1989 … privatization transactions and investigates the determinants of the observed price behavior. Our results are not supportive of the … underpricing phenomenon except if we exclude the very extreme observations. The results show further that privatization IPOs …

Persistent link: https://www.econbiz.de/10005423242

Strong Managers and Passive Institutional Investors in the UK

Goergen, Marc; Renneboog, Luc - Fondazione ENI Enrico Mattei (FEEM) - 1999

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/10005385447

Monitoring Managers: Does it Matter?

Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - Fondazione ENI Enrico Mattei (FEEM) - 2010

We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...

Persistent link: https://www.econbiz.de/10008540409

The Deep-Pocket Effect of Internal Capital Markets

Boutin, Xavier; Cestone, Giacinta; Fumagalli, Chiara; … - Fondazione ENI Enrico Mattei (FEEM) - 2009

We provide evidence suggesting that incumbents' access to group deep pockets has a negative impact on entry in product markets. Relying on a unique French data set on business groups, our paper presents three major findings. First, the amount of cash holdings owned by incumbent-affiliated groups...

Persistent link: https://www.econbiz.de/10008502107

Long Term Changes in Voting Power and Control Structure following the Unification of Dual Class Shares

Yafeh, Yishay; Lauterbach, Beni - Fondazione ENI Enrico Mattei (FEEM) - 2009

We follow the evolution of ownership structure in a sample of 80 Israeli companies that unified their dual-class shares in the 1990s, and compare it with a control sample of firms that maintained their dual share structure at least until 2000. Our main findings are as follows. First, controlling...

Persistent link: https://www.econbiz.de/10008502115

Sovereign Wealth Fund Investment Patterns and Performance

Megginson, William L.; Bortolotti, Bernardo; Fotak, Veljko - Fondazione ENI Enrico Mattei (FEEM) - 2009

This study describes the newly created Monitor-FEEM Sovereign Wealth Fund Database and discusses the investment patterns and performance of 1,216 individual investments, worth over $357 billion, made by 35 sovereign wealth funds (SWFs) between January 1986 and September 2008. Approximately half...

Persistent link: https://www.econbiz.de/10005012141

Inheritance Law and Investment in Family Firms

Panunzi, Fausto; Ellul, Andrew; Pagano, Marco - Fondazione ENI Enrico Mattei (FEEM) - 2009

Entrepreneurs may be constrained by the law to bequeath a minimal stake to non-controlling heirs. The size of this stake can reduce investment in family firms, by reducing the future income they can pledge to external financiers. Using a purpose-built indicator of the permissiveness of...

Persistent link: https://www.econbiz.de/10005012147

Capital Structure and Regulation: Does Ownership Matter?

Cambini, Carlo; Bortolotti, Bernardo; Rondi, Laura; … - Fondazione ENI Enrico Mattei (FEEM) - 2007

We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership...

Persistent link: https://www.econbiz.de/10005423078

Bidding among Friends and Enemies

Ettinger, David - Fondazione ENI Enrico Mattei (FEEM) - 2003

We consider an auction setting in which potential buyers, even if they fail to obtain the good, care about the price paid by the winner. We study the impact of these price-externalities on the first-price auction and the second-price auction in a symmetric information framework. First, we...

Persistent link: https://www.econbiz.de/10005423117