Similar Search Results

Participation in and Compliance with Public Voluntary Environmental Programs: An Evolutionary Approach

Passa, Constadina; Xepapadeas, Anastasios - Fondazione ENI Enrico Mattei (FEEM) - 2004

stock is examined. Replicator dynamics modeling participation and compliance are combined with pollution stock dynamics … auditing probability. Partial participation and partial compliance can be ES equilibria, with possible multiplicities, in … addition to the monomorphic equilibria of full (non) compliance. Convergence to these equilibria could be monotonic or …

Persistent link: https://www.econbiz.de/10005385499

Thirteen Plus One: A Comparison of Global Climate Policy Architectures

Aldy, Joseph E.; Barrett, Scott; Stavins, Robert N. - Fondazione ENI Enrico Mattei (FEEM) - 2003

, cost effectiveness, equity, flexibility in the presence of new information, and incentives for participation and compliance … market-based approaches, especially those with price mechanisms; and participation and compliance incentives are inadequately … environmental outcome and efficiency, and between cost-effectiveness and incentives for participation and compliance. …

Persistent link: https://www.econbiz.de/10005423122

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

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

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

Reluctant Privatization

Bortolotti, Bernardo; Faccio, Mara - Fondazione ENI Enrico Mattei (FEEM) - 2004

We study the evolution of the control structure of 141 privatized firms from OECD countries over the period from 1996 through 2000. We find that governments do not relinquish control after “privatization.” We show that the market-to-book ratios of privatized firms converge through time to...

Persistent link: https://www.econbiz.de/10005423081

Ownership or Performance: What Determines Board of Directors' Turnover in Italy?

Brunello, Giorgio; Graziano, Clara; Parigi, Bruno - Fondazione ENI Enrico Mattei (FEEM) - 1999

This paper analyses the turnover of board of directors members on a sample of companies listed on the Milan Stock Exchange in the period 1988-1996. Our aim is to investigate if board members change more frequently when company performance is poor, as the literature suggests, if this relationship...

Persistent link: https://www.econbiz.de/10005423209

Business Groups, Bank Control and Large Shareholders: An Analysis of German Takeovers

Boehmer, Ekkehart - Fondazione ENI Enrico Mattei (FEEM) - 1999

I analyse the effect of ownership structure and bank control on performance. I employ a unique data set of 715 German takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I find that takeovers increase bidder value, but...

Persistent link: https://www.econbiz.de/10005423210

The Missing Shock: The Macroeconomic Impact of British Privatisation

Florio, Massimo; Grasseni, Mara - Fondazione ENI Enrico Mattei (FEEM) - 2004

The privatisation policy pursued in the UK by Mrs Thatcher's government (1979-1990) and subsequently by Mr Major's government (1990-1997) was the largest experiment in public divestitures among capitalist economies. It had a deep impact on economic policy-making world wide, and was vastly...

Persistent link: https://www.econbiz.de/10005423235