In all the defensive measures against takeover bids, those based on rules limiting voting rights are generally cited as the most effective. Ironically, the supposed efficacy seems to have never been tested or modeled. This is precisely the subject of our article that focuses in terms of...

The under-representation of female directors in the boardroom where corporate strategic decisions are made has recently become not only an ethical business case but also a public pressure to improve this gender imbalance. While there is some practical evidence to suggest that gender-diverse...

Institutional investors are predominant on the financial markets and are becoming more active in their portfolio management. This article attempts to enhance our understanding of the incidence of shareholder activism on market reaction in the wake of seve

We extend the research on private equity by studying the drivers of LBO operating performance in Asia. We consider a large set of candidate drivers (financial, governance, macroeconomic, cultural, microeconomic and industry variables) and study their effects on performance over the short- and...

The current study investigates the determinants of going private (GP) in France. It contrasts a sample of 161 firms that went private between 1997 and 2009 with a propensity-score-matched sample of firms that remained public during the same period. The results indicate that, unlike for firms...

This article contributes to the financial literature by investigating the motivations of Public to Private transactions in an international perspective (Europe, USA and Asia). We consider seven main possible motivations: tax savings, incentive realignment, control, free cash-flow, growth of...

Fund managers compensation is a particular problem area in terms of its tax treatment in the United States and some European countries. This problem originates in the difficulty of defining these particular forms of incentive and therefore their estimated fair value. Based on the literature,...

The present study investigates the sources of shareholder wealth gains –as measured by cumulative abnormal returns and premiums– from going private transactions (GPTs). Using data for 314 GPTs from 18 Western European countries, we find that the announcements of GPTs generate a cumulative...

This paper studies the rules that limit voting rights as a defensive measure against hostile takeovers. We consider atomistic shareholders and a small group of united minority shareholders, the hard core, that wants to block any hostile takeovers. This group constructs a device based on a...

In the last few years, small firms have had difficulties to finance their projects via the traditional bank system. A new type of financing has recently appeared in Europe and in particular in France: the crowdfunding. It is a method for funding a variety of new ventures, allowing individual...