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How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards
Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006
redistributes wealth from shareholders to bondholders.Finally, we document that bondholder wealth changes are subject to changes in …
Persistent link: https://www.econbiz.de/10011090642
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The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2002
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
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Recent Developments in German Corporate Governance
Renneboog, Luc; Goergen, M.; Manjon, M.C. - Tilburg University, Center for Economic Research - 2004
been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now …
Persistent link: https://www.econbiz.de/10011090720
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Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005
that, in the UK, firms do not demonstrate a decreasing propensity to distribute funds to shareholders.The role of share … shareholders. …
Persistent link: https://www.econbiz.de/10011092560
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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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The Convertible Arbitrage Strategy Analyzed
ter Horst, Jenke; Loncarski, I.; Veld, C.H. - Tilburg University, Center for Economic Research - 2006
This paper analyzes convertible bond arbitrage on the Canadian market for the period 1998 to 2004.Convertible bond arbitrage is the combination of a long position in convertible bonds and a short position in the underlying stocks. Convertible arbitrage has been one of the most successful...
Persistent link: https://www.econbiz.de/10011090992
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Can the Stock Market anticipate Future Operating Performance? Evidence from Equity Rights Issues
Kabir, M.R.; Roosenboom, P.G.J. - Tilburg University, Center for Economic Research - 2000
This paper examines whether the stock market valuation impact of rights issues is consistent with subsequent operating performance of issuing firms. Analysing a sample of rights issues in the Netherlands, we find that a significant stock price decline takes place with the announcement of rights...
Persistent link: https://www.econbiz.de/10011091674
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Why do Companies issue Convertible Bond Loans? An Empirical Analysis for the Canadian Market
ter Horst, Jenke; Loncarski, I.; Veld, C.H. - Tilburg University, Center for Economic Research - 2006
We examine the wealth effects associated with the announcements of convertible debt offerings in the Canadian market for the period between 1991 and 2004.The average wealth effect for the three day event window is a significantly negative -2.7%.This result is in line with previous studies on...
Persistent link: https://www.econbiz.de/10011092219
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Do UK Institutional Shareholders Monitor their Investee Firms?
Renneboog, Luc; Goergen, M.; Zhang, C. - Tilburg University, Center for Economic Research - 2008
As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms … directors’ trades. If institutional shareholders act as monitors, their monitoring activities convey new information about a … 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
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How Insiders Traded before Rules
Braggion, Fabio; Moore, L. - Tilburg University, Center for Economic Research - 2012
Abstract: U.K. company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. We investigate the trading behaviour of directors over the period 1893 to 1907 in the U.K. Although insider trading was profitable, we find...
Persistent link: https://www.econbiz.de/10011092132