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Agency Costs, Mispricing, and Ownership Structure
Chernenko, Sergey - 2010
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency 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...
Persistent link: https://www.econbiz.de/10012462742
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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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Top Executives, Turnover and Firm Performance in Germany
Kaplan, Steven N. - 1993
This paper examines executive turnover -- both for management and supervisory boards - - and its relation to firm performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year -- implying that top executives in Germany have...
Persistent link: https://www.econbiz.de/10012474534
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Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance
Himmelberg, Charles P. - 2000
Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) and use panel data to show that managerial ownership is explained by key...
Persistent link: https://www.econbiz.de/10012471259
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Class Struggle Inside the Firm : A Study of German Codetermination
Gorton, Gary - 2000
Who should control the firm? What should be the firm's objective function? If contracts are incomplete, then the group of input providers that most needs their interests protected should be allocated control rights to the firm. Existing theories argue that the suppliers of capital are most in...
Persistent link: https://www.econbiz.de/10012470791
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Universal Banking and the Performance of German Firms
Gorton, Gary - 1996
Universal banking is an alternative mechanism to a stock market for risk-sharing, for providing information for guiding investment, and for contesting corporate governance. In Germany, where the stock market has historically been small, banks hold equity stakes in firms and have proxy voting...
Persistent link: https://www.econbiz.de/10012473409
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Ownership Structure and Corporate Performance in Japan
Lichtenberg, Frank R. - 1992
This paper develops a dynamic continuous-time model in which international risk sharing can yield substantial welfare gains through its positive effect on expected consumption growth. The mechanism linking global diversification to growth is an attendant world portfolio shift from safe, but...
Persistent link: https://www.econbiz.de/10012474883
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Governance and Bank Valuation
Caprio, Gerard - 2003
Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and supervisory/regulatory policies on bank valuations....
Persistent link: https://www.econbiz.de/10012468536
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Price Discovery and Market Segmentation in China's Credit Market
Geng, Zhe - 2019
information content of credit spreads in China. Using Merton's model of default, we construct credit measures of publicly listed … 2014, do credit spreads in China become informative. Compared with the findings in the US credit market, the magnitude of … state-owned enterprises (SOEs) in China results in a market segmentation between SOE and non-SOE issuers that is harmful to …
Persistent link: https://www.econbiz.de/10012480519
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Das (Wasted) Kapital : Firm Ownership and Investment Efficiency in China
Dollar, David - 2007
Based on a survey that we designed and that covers a stratified random sample of 12,400 firms in 120 cities in China … regions and sectors. By our calculation, if China succeeds in allocating its capital more efficiently, it could reduce its …
Persistent link: https://www.econbiz.de/10012465551