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Competition for Traders and Risk
boone, jan; Bijlsma, M.; Zwart, G. - Tilburg University, Center for Economic Research - 2012
risk, even if banks fully internalize the costs of negative outcomes. In this way, banks can reduce the surplus they have … unambiguously lead to reduced risk-taking by their top traders. …
Persistent link: https://www.econbiz.de/10011091254
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Public-Private Partnerships : Risk Allocation and Value for Money
Renneboog, Luc; Miranda Sarmento, J. - Tilburg University, Center for Economic Research - 2014
principles of risk allocation and valuation from an academic and public sector perspective. Both the private and public sector … consider risk allocation to be a critical issue with respect to PPPs and VfM generation, although governments adopt a less … complex approach to risk measurement. This paper analyses papers, case-studies, and reports concerning VfM from PPPs and …
Persistent link: https://www.econbiz.de/10011092336
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Dividend Policy of German Firms
Renneboog, Luc; Goergen, M.; Correia Da Silva, L. - Tilburg University, Center for Economic Research - 2004
German firms pay out a lower proportion of their cash flows than UK and US firms.However, on a published profits basis, the pattern is reversed.Company law provisions and accounting policies account for these conflicting results.A partial adjustment model is used to estimate the implicit target...
Persistent link: https://www.econbiz.de/10011092638
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Corporate Governance Structures, Control and Performance in European Markets : A Tale of Two Systems
Renneboog, Luc; Crama, Y.; Leruth, L.; Urbain, J-P. - Tilburg University, Center for Economic Research - 1999
company such as systematic risk, corporate size and P/E ratios or by factors related to the influence of the macro …. Secondly, the impact of ownership structure on the share price performance and corporate risk is empirically nalysed for …
Persistent link: https://www.econbiz.de/10011092775
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Do Corporate Control and Product Market Competition Lead to Stronger Productivity Growth? Evidence from Market-Oriented and Blockholder-Based Governance Regimes
Renneboog, Luc; Koke, J. - Tilburg University, Center for Economic Research - 2003
This study investigates the impact of corporate governance and product market competition on total factor productivity growth for two large samples of German and UK firms. In poorly performing UK firms, the presence of strong outside blockholders lead to substantial increases in productivity....
Persistent link: https://www.econbiz.de/10011092792
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Collateral, Renegotiation and the Value of Diffusely Held Debt
Hege, U.; Mella-Barral, P. - Tilburg University, Center for Economic Research - 1999
a larger debt capacity and bears lower credit risk premia than privately held debt. We derive simple closed …
Persistent link: https://www.econbiz.de/10011092877
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Share Price Reactions to CEO Resignations and Large Shareholder Monitoring in Listed French Companies
Renneboog, Luc; Dherment-Ferere, I. - Tilburg University, Center for Economic Research - 2000
This study has analysed the share price reactions to changes in top management.A distinction was made among different types of CEO turnover: forced resignation, voluntary departures and age-related retirements.The announcement of a forced CEO resignation is hailed favourably by the market with a...
Persistent link: https://www.econbiz.de/10011092880
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How Relevant is Dividend Policy under Low Shareholder Protection?
Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006
This paper reopens the debate on the substitutability of dividends and shareholder control in mitigating free cash flow concerns, by examining dividend behavior when shareholder control is restricted in the firm.We consider the stakeholder-oriented governance regime of the Netherlands, where...
Persistent link: https://www.econbiz.de/10011092883
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A Generalization of the Aumann-Shapley Value for Risk Capital Allocation Problems
De Waegenaere, Anja; Norde, Henk; Boonen, T.J. - Tilburg University, Center for Economic Research - 2012
Abstract: This paper analyzes risk capital allocation problems. For risk capital allocation problems, the aim is to … allocate the risk capital of a firm to its divisions. Risk capital allocation is of central importance in risk …-based performance measurement. We consider a case in which the aggregate risk capital is determined via a coherent risk measure. The …
Persistent link: https://www.econbiz.de/10011092920
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Control Structures and Payout Policy
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005
appear to trade off the agency problems of free cash flow against the risk of underinvestment, and try to enforce payout …
Persistent link: https://www.econbiz.de/10011090300