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Corporate Ownership in France : The Importance of History
Murphy, Antoin E. - 2004
This paper attempts to show the importance of history in influencing the structure of corporate ownership in France. The strong concentration of family ownership in France is traced to historical weaknesses in the money and capital markets that forced families to have recourse to self-financing....
Persistent link: https://www.econbiz.de/10012467974
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Voting Rights, Share Concentration, and Leverage at Nineteenth-Century US Banks
Bodenhorn, Howard - 2012
. Second, did diffuse ownership systematically alter bank risk taking? It did. Banks with less concentrated ownership followed …
Persistent link: https://www.econbiz.de/10012460850
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Do Real Estate Brokers Add Value When Listing Services Are Unbundled?
Bernheim, B. Douglas - 2008
costs exceed the benefits of brokers' knowledge and expertise. Thus, quantification of the net value of brokerage services … indicates that agency costs exceed the advantages of brokers' knowledge and expertise by a wide margin …
Persistent link: https://www.econbiz.de/10012464850
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Financial Expertise of Directors
Güner, A. Burak - 2006
(e.g. bank profits) and the incentive to maximize firm value. Requiring financial expertise on boards, as mandated by …
Persistent link: https://www.econbiz.de/10012466757
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Who’s Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives
Gilje, Erik P. - 2019
We derive a measure that captures the extent to which overlapping ownership structures shift managers' incentives to internalize externalities. A key feature of the measure is that it allows for the possibility that not all investors are attentive to whether a manager's actions benefit the...
Persistent link: https://www.econbiz.de/10012479596
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Agency Costs, Mispricing, and Ownership Structure
Chernenko, Sergey - 2010
costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity … is overvalued, however, mispricing offsets agency costs and can induce a controlling shareholder to list equity. Higher … valuations support listings associated with greater agency costs. We test the predictions that follow from this idea on a sample …
Persistent link: https://www.econbiz.de/10012462742
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Agency Conflicts, Investment, and Asset Pricing
Albuquerque, Rui - 2007
The separation of ownership and control allows controlling shareholders to pursue private benefits. We develop an analytically tractable dynamic stochastic general equilibrium model to study asset pricing and welfare implications of imperfect investor protection. Consistent with empirical...
Persistent link: https://www.econbiz.de/10012465401
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 2006
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...
Persistent link: https://www.econbiz.de/10012465986
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Family Firms
Burkart, Mike - 2002
We present a model of succession in a firm controlled and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on how much, if any, of the shares to float on the stock exchange. We assume that a professional is a better...
Persistent link: https://www.econbiz.de/10012469939
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Power in a Theory of the Firm
Rajan, Raghuram G. - 1997
Transactions take place in the firm rather than in the market because the firm offers agents" who make specific investments power. Past literature emphasizes the allocation of ownership as the" primary mechanism by which the firm does this. Within the contractibility assumptions of this"...
Persistent link: https://www.econbiz.de/10012472538