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Ownership concentration and firm performance: Evidence from an emerging market

Grosfeld, Irena - HAL - 2006

The initial view of the advantages of ownership concentration in joint stock companies was determined by the concern about the opportunistic managerial behavior. The growing importance of knowledge and human capital in the operation of firms shifts the focus of concern: excessive ownership...

Persistent link: https://www.econbiz.de/10010738833

Large shareholders and firm value: Are high-tech firms different?

Grosfeld, Irena - HAL - 2009

This paper explores the relationship between ownership structure and firm value in a transition economy. It distinguishes firms belonging to the sector of innovative technologies and firms from more "traditional" industries. For the latter, the results of the estimation of a simultaneous...

Persistent link: https://www.econbiz.de/10010738964

Disclosure and minority expropriation: A study of French listed firms

Chiraz, Ben Ali - HAL - 2009

In this paper we examine the influence of minority expropriation on disclosure level in France where shareholders are … poorly protected and the main agency problem is the one between controlling and minority shareholders (type II conflict … protection where the main agency conflict opposes managers to shareholders (type I conflict). Using a sample of 81 French firms …

Persistent link: https://www.econbiz.de/10008793309

Board structure, Ownership structure, and Firm performance : Evidence from Banking

Belkhir, Mohamed - HAL - 2006

savings-and-loan holding companies. These governance characteristics, designed to reduce agency problems between shareholders … managers and shareholders. These findings suggest that cross-sectional OLS regressions of bank performance on single governance …

Persistent link: https://www.econbiz.de/10008794749

Explaining the Stock Market's Reaction to Macroeconomic Announcements

Belgacem, Aymen - HAL - 2013

This paper aims to study the impact of macroeconomic announcements on stock returns. More specifically, it intends to measure the average response of the French stock market and to provide some theoretical explanations regarding the sources of this reaction. Using intraday data, the study shows...

Persistent link: https://www.econbiz.de/10010929973

The impact of Sovereign Wealth Fund investments on the performance of listed companies

Dinh, Bao Ngoc - HAL - 2011

In this study, we attempt to shed some light on the effects of SWF investment activities by analyzing the short-term impact of SWF investments on the performance of those companies in which they invest. We collect both direct and indirect data on equity investments for each SWF. The sample...

Persistent link: https://www.econbiz.de/10009399192

What drives the market value of firms in the Defense industry ?

Capelle-Blancard, Gunther; Couderc, Nicolas - HAL - 2006

This paper investigates the relative importance of different types of news in driving significant stock price changes of firms in the defense industry. We implement a systematic event study with a sample of the 58 largest publicly listed companies in the defense industry, over the time period...

Persistent link: https://www.econbiz.de/10010750506

How Does the Stock Market Respond to Chemical Disasters?

Laguna, Marie-Aude; Capelle-Blancard, Gunther - HAL - 2010

In this paper, we examine the stock market reaction to industrial disasters. We consider an original sample of 64 explosions in chemical plants and refineries worldwide over the period 1990-2005. A quarter of the accidents resulted in a toxic release, and half of them caused at least one death...

Persistent link: https://www.econbiz.de/10010635087

Energy management systems and market value: Is there a link?

Pham, Thi-Hong-Hanh - HAL - 2014

This paper aims to advance in the knowledge of the economic impacts of ISO 50001 certification on firms' performance. The study hypothesizes that ISO 50001 is associated with improvements in market value of firms. We employ, on one hand, event study methodology for a sample of 40 companies...

Persistent link: https://www.econbiz.de/10010821272

In search of an alternative to shareholder value maximization

Giraud, Gaël; Renouard, Cécile - HAL - 2011

This paper argues that mainstream economic the- ory, far from providing an indisputable plea in favor of shareholder value-maximization, o ers striking arguments showing quite the opposite: pro t maximization cannot be a legitimate prioritar- ian goal for private rms. This opens the door for a...

Persistent link: https://www.econbiz.de/10009207103