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From fiction to fact: the impact of CEO social networks
Kirchmaier, Thomas; Stathopoulos, Konstantinos - London School of Economics (LSE) - 2008
This paper investigates the relationship between a CEO’s social network, firm identity, and firm performance. There are two competing theories that predict contradictory outcomes. Following social network theory, one would expect a positive relation between social networks and firm...
Persistent link: https://www.econbiz.de/10010884592
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Corporate ownership structure and performance in Europe
Grant, Jeremy; Kirchmaier, Thomas - London School of Economics (LSE) - 2004
In this paper, we show that ownership structures vary considerably across Europe, and that the dominant form of ownership is not necessarily the most efficient one. These findings are in contradiction to similar research based on US samples. The results also demonstrate that firms without a...
Persistent link: https://www.econbiz.de/10010884735
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Differential merger effects: the case of the personal computer industry
Genakos, Christos D. - London School of Economics (LSE) - 2004
late nineties, I evaluate the welfare effects of the biggest ($25 billion) merger in the history of the PC industry between … compute the welfare effects. I extend previous research by analysing the merger effects not only for the whole market but also … for three customer segments (home, small business and large business). Results from the demand estimation and merger …
Persistent link: https://www.econbiz.de/10010928622
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A general analysis of sequential merger games with an application to cross-border mergers
Salvo, Alberto - London School of Economics (LSE) - 2004
This paper seeks to uncover why the pattern of equilibria in sequential merger games of a certain type is similar …
Persistent link: https://www.econbiz.de/10010745143
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Evolution of decision and control rights in venture capital contracts: an empirical analysis
Bienz, Carsten; Walz, Uwe - London School of Economics (LSE) - 2006
We analyze the structure and evolution of the allocation of decision and control rights in venture capital contracts by using a sample of 464 contracts between venture capitalists (VC) and portfolio firms from Germany. We focus on the evolution of control and decisions rights along three time...
Persistent link: https://www.econbiz.de/10010745436
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What do we know about China's CEO's?: evidence from across the whole economy
Bryson, Alex; Zhou, Minghai - London School of Economics (LSE) - 2012
All that we know about the CEO labour market in China comes from studies of public listed companies and state-owned enterprises (SOEs). This paper is the first to examine the operation of the CEO labour market across all sectors of the Chinese economy. We do so using World Bank enterprise data...
Persistent link: https://www.econbiz.de/10010745536
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What do internal capital markets do?: redistribution vs. incentives
Gautier, Axel; Heider, Florian - London School of Economics (LSE) - 2001
In this paper we explain the apparent diversification discount of conglomerates without assuming inefficent-cross subsidisation through internal capital markets. Instead we assume that an internal capital market efficiently redistributes scare resources across a conglomerates divisions between...
Persistent link: https://www.econbiz.de/10010745870
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The dynamics of venture capital contracts
Bienz, Carsten; Hirsch, Julia - London School of Economics (LSE) - 2005
We analyze the degree of contract completeness with respect to staging of venture capital investments using a hand-collected German data set of contract data from 464 rounds into 290 entrepreneurial firms. We distinguish three forms of staging (pure milestone financing, pure round financing and...
Persistent link: https://www.econbiz.de/10010746202
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Innovation in business groups
Belenzon, Sharon; Berkovitz, Tomer - London School of Economics (LSE) - 2007
Using novel data on European firms, this paper examines the effect of business group affiliation on innovation. We find that business groups foster the scale and novelty of corporate innovation. Group affiliation is particularly important in industries that rely more on external finance and have...
Persistent link: https://www.econbiz.de/10010746363
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The effect of monitoring on CEO pay practices in a matching equilibrium
Chaigneau, Pierre; Sahuguet, Nicolas - London School of Economics (LSE) - 2013
We present a model of efficient contracting with endogenous matching and limited monitoring in which firms compete for CEOs. The model explains the association between limited monitoring and CEO pay practices such as pay-for-luck, high salaries, a low pay-performance sensitivity, and a more...
Persistent link: https://www.econbiz.de/10010746551