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Corporate Governance Implications of the Growth in Indexing
Brav, Alon; Malenko, Nadya; Malenko, Andrey - National Bureau of Economic Research - 2022
Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the literature on the governance implications of passive fund...
Persistent link: https://www.econbiz.de/10013477210
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Shareholder Power and the Decline of Labor
Falato, Antonio; Kim, Hyunseob; Wachter, Till von - National Bureau of Economic Research - 2022
Shareholder power in the US grew over recent decades due to a steep rise in concentrated institutional ownership. Using establishment-level data from the US Census Bureau's Longitudinal Business Database for 1982-2015, this paper examines the impact of increases in concentrated institutional...
Persistent link: https://www.econbiz.de/10013334421
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The 'Lemons Effect' in Corporate Freeze-Outs
Bebchuk, Lucian Arye - 1999
In a corporate freeze-out, the controller is required to compensate minority shareholders for the no-freezeout value of their shares that are taken from them. This paper seeks to highlight the difficulties involved in determining this no-freezeout value when private information. In particular,...
Persistent link: https://www.econbiz.de/10012471869
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Is There Information in Corporate Acquisition Plans?
Gokkaya, Sinan; Liu, Xi; Stulz, René M. - National Bureau of Economic Research - 2024
. Communication of acquisition plans does not increase takeover premiums but is less common in more competitive industries …
Persistent link: https://www.econbiz.de/10014512055
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Corporate Governance and Merger Activity in the U.S : Making Sense of the 1980s and 1990s
Holmstrom, Bengt - 2001
This paper describes and considers explanations for changes in corporate governance and merger activity in the United … States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence … of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed …
Persistent link: https://www.econbiz.de/10012470504
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Alternative Mechanisms for Corporate Control
Morck, Randall - 1988
change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing … is also weaker evidence that hostile takeover targets underperform their industry peers. We interpret this evidence as … relative to industry, but that an external challenge in the form of a hostile takeover is often required when the whole …
Persistent link: https://www.econbiz.de/10012476534
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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 1995
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...
Persistent link: https://www.econbiz.de/10012473808
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A Shared Interest : Do Bonds Strengthen Equity Monitoring?
Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...
Persistent link: https://www.econbiz.de/10014544807
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Custom Proxy Voting Advice
Hu, Edwin; Malenko, Nadya; Zytnick, Jonathon - National Bureau of Economic Research - 2024
This paper studies institutional investors' decision-making using novel data from a major proxy advisor. We highlight the significant role of customized proxy advice in shaping shareholders' voting decisions. About 80% of funds receive customized advice, and custom recommendations differ...
Persistent link: https://www.econbiz.de/10014576588
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The Politicization of Social Responsibility
Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024
Institutional investors are less likely to support shareholder proposals involving environmental and social issues for firms headquartered in Republican-led states. The lower support concentrates in recent years, when politicians became more vocal about firms' social responsibility activities,...
Persistent link: https://www.econbiz.de/10015056196