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The Efficient Allocation of Proceeds from a Utility's Sale of Assets

MacAvoy, Paul W.; Sidak, J. Gregory - School of Management, Yale University - 2001

This Article evaluates the regulatory treatment of windfall proceeds from a utility's purchase and subsequent sale of important assets. For service to be sustained, regulatory treatment of proceeds from all jurisdictional activities is such that expected returns to equity investment will equal...

Persistent link: https://www.econbiz.de/10005586944

What is Wrong with American Telecommunications?

Sidak, J. Gregory; MacAvoy, Paul W. - School of Management, Yale University - 2001

After nearly six years of telecommunications "deregulation" in the United States, centering on the Telecommunications Act of 1996, there is little to which regulatory officials in charge of such deregulation can point in terms of benefits in the form of lower prices or innovative services. It is...

Persistent link: https://www.econbiz.de/10005587187

Ethical Finance: An Agenda for Consolidation or for Radical Change?

Dempsey, Michael J. - School of Management, Yale University - 2002

The article considers that conceptual frameworks exist not to portray truth as an absolute, but rather to provide order and guidance to actions and behavior. From such perspective, the article considers that ethical frameworks assist in our attempt to balance the instinct that we have to look...

Persistent link: https://www.econbiz.de/10005368981

Corporate Governance Convergence by Contract: Evidence from Cross-Border Mergers

Bris, Arturo; Cabolis, Christos - School of Management, Yale University - 2002

Cross-border mergers allow firms to alter the level of protection they provide to their investors, because target firms usually import the corporate governance system of the acquiring company. This article extends the existing literature by evaluating the effect of changes in corporate...

Persistent link: https://www.econbiz.de/10005368992

Does Confidential Proxy Voting Matter?

Romano, Roberta - School of Management, Yale University - 2002

proposal outcomes through a panel data set of shareholder and management proposals submitted from 1986-98 to the 130 firms that … institutions have conflicts of interest that prevent them from voting against management even though to do so would maximize the … thereby anticipate reduced support for management proposals and increased support for shareholder proposals. The paper finds …

Persistent link: https://www.econbiz.de/10005586869

What Makes Autonomous Management Do Well?: Corporate Governance without External Controls

Hirota, Shin'ichi; Kawamura, Kohei - School of Management, Yale University - 2002

We propose a model of the widely held firm where management may behave on behalf of shareholders even without external … managers, which may substitute control by shareholders. If this mechanism works fairly well, it is optimal for shareholders to …

Persistent link: https://www.econbiz.de/10005586913

Which Institutional Investors Monitor? Evidence from Acquisition Activity

Qiu, Lily - School of Management, Yale University - 2004

This paper shows that the presence of large public pension fund shareholders particularly reduces acquisitions by cash-rich and low-q firms, and by firms seeking to ``buy growth'', after controlling for ownership endogeneity, firm-level governance structure, and other firm characteristics. When...

Persistent link: https://www.econbiz.de/10008853991

Corporate Governance Convergence Through Cross-Border Mergers: The Case of Aventis

Cabolis, Christos; Bris, Arturo - School of Management, Yale University - 2004

In this paper we illustrate the role of cross-border mergers in the process of corporate governance convergence. We explore in detail the corporate governance provisions in Rhone-Poulenc, a French company, and Hoechst, a German firm, and the resulting structure after the two firms merged in 1999...

Persistent link: https://www.econbiz.de/10008853994

Governance Mechanisms and Bond Prices

Cremers, Martijn; Nair, Vinay; Wei, Chenyang - School of Management, Yale University - 2004

We investigate the effects of shareholder governance mechanisms on bondholders and document two new findings. First, the impact of shareholder control (proxied by large institutional blockholders) on credit risk depends on takeover vulnerability. Shareholder control is associated with higher...

Persistent link: https://www.econbiz.de/10008852926

Does the Sarbanes-Oxley Act Have a Future?

Romano, Roberta - School of Management, Yale University - 2009

Although the enactment of the Sarbanes-Oxley Act (SOX) received nearly unanimous congressional support, only a few years thereafter its wisdom was increasingly questioned and its supporters had to stave off attempts to recraft the legislation. The financial crisis of 2008 has sidelined efforts...

Persistent link: https://www.econbiz.de/10008852964