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We contrast the features of the German corporate governance system with those of other systems and discuss the recent regulatory initiatives.For example, the rules on insider trading and anti-trust have been strengthened.The Restructuring Act has been revised to prevent minority shareholders...
Persistent link: https://www.econbiz.de/10011090720
mitigating agency problems between managers and shareholders.We find that both the CEO's industry-adjusted monetary compensation …
Persistent link: https://www.econbiz.de/10011092291
This study investigates how profit redistribution affects the performance of firms affiliated to business groups.It shows that inefficient profit redistribution causes group-affiliated firms to perform poorly relative to independent firms.This underperformance persists even after controlling for...
Persistent link: https://www.econbiz.de/10011090611
firm’s future value to other outside shareholders and reduce the informational asymmetry between the managers and the …
Persistent link: https://www.econbiz.de/10011090281
This paper examines the payout policies of UK firms listed on the London Stock Exchange during the 1990s.It complements the existing literature by analyzing the trends in both dividends and total payouts (including share repurchases).In a dynamic panel data regression setting, we relate target...
Persistent link: https://www.econbiz.de/10011090300
This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent.The relation between corporate...
Persistent link: https://www.econbiz.de/10011090481
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Persistent link: https://www.econbiz.de/10011090561
We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...
Persistent link: https://www.econbiz.de/10011090634
This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...
Persistent link: https://www.econbiz.de/10011090642