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Debt Contracts, Collapse and Regulation as Competition Phenomena
Gersbach, H.; Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 1998
We study a credit market with adverse selection and moral hazard where sufficient sorting is impossible. The crucial novel feature is the competition between lenders in their choice of contracts offered. Qualities of investment projects are not observable by banks and investment decisions of...
Persistent link: https://www.econbiz.de/10011092395
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Internal and External Discipline Following Securities Class Actions
Humphery-Jenner, M. - Tilburg University, Center for Economic Research - 2011
Companies are sometimes accused of misleading the market. The SEC can punish this with enforcement actions. Alternatively, shareholders can seek redress through a shareholder class action (SCA). While some literature has examined SEC actions, it has not examined SCAs, and has not examined...
Persistent link: https://www.econbiz.de/10011092569
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Bank Activity and Funding Strategies : The Impact on Risk and Return
Huizinga, Harry P.; Demirgüc-Kunt, A. - Tilburg University, Center for Economic Research - 2009
This paper examines the implications of bank activity and short-term funding strategies for bank risk and return using …-interest income generating activities such as trading increases the rate of return on assets, and it may offer some risk … can offer some risk reduction at commonly observed low levels of non-deposit funding. A sizeable proportion of banks …
Persistent link: https://www.econbiz.de/10011092794
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Liquidity Hoarding and Interbank Market Spreads : The Role of Counterparty Risk
Heider, F.; Hoerova, M.; Holthausen, C. - Tilburg University, Center for Economic Research - 2009
counterparty risk. We allow for privately observed shocks to the distribution of asset risk across banks after the initial … rate spread and full participation; 2) elevated spread and adverse selection; and 3) liquidity hoarding leading to a market …
Persistent link: https://www.econbiz.de/10011092152
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Royal Ahold : A Failure of Corporate Governance and an Accounting Scandal
de Jong, A.; DeJong, D.V.; Mertens, G.M.H.; Roosenboom, … - Tilburg University, Center for Economic Research - 2005
of a fully specified theory but also by data availability. Our clinical study overcomes these problems by providing an in … downfall.We provide insights into these relationships and their complexity that present theory and empirical studies cannot …
Persistent link: https://www.econbiz.de/10011091014
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The Role of Self-Regulation in Corporate Governance : Evidence from the Netherlands
de Jong, A.; DeJong, D.V.; Mertens, G.M.H.; Wasley, C. - Tilburg University, Center for Economic Research - 2000
The purpose of this paper is to gather evidence on the success of market forces in promoting investor interests through self-regulation.Corporate governance is a complex mechanism design problem that is both economic and legal/political based.As such there is great interest in whether (and when)...
Persistent link: https://www.econbiz.de/10011091306
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Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe
Renneboog, Luc; Goergen, M.; Martynova, M. - Tilburg University, Center for Economic Research - 2005
This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation.In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations.With the help of 150...
Persistent link: https://www.econbiz.de/10011092169
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A Corporate Governance Index : Convergence and Diversity of National Corporate Governance Regulations
Renneboog, Luc; Martynova, M. - Tilburg University, Center for Economic Research - 2010
The issue of appropriate corporate governance framework has been a focal point of recent reforms in many countries. This study provides a comprehensive comparative analysis of corporate governance regulatory systems and their evolution over the last 15 years in 30 European countries and the US....
Persistent link: https://www.econbiz.de/10011092184
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Taxes, Earnings Payout, and Payout Channel Choice
Renneboog, Luc; Geiler, P.H.M. - Tilburg University, Center for Economic Research - 2014
We study the tax regulations in relation to dividends and capital gains over the last two decades for the UK in order to determine whether changes in tax regimes affect corporate payout policy (dividends, share repurchases, or a combination). While we can identify investors’ tax-driven...
Persistent link: https://www.econbiz.de/10011090939
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An Empirical Analysis of Legal Insider Trading in the Netherlands
Degryse, Hans; de Jong, Frank C. J. M.; Lefebvre, J.J.G. - Tilburg University, Center for Economic Research - 2009
In this paper, we employ a registry of legal insider trading for Dutch listed firms to investigate the information content of trades by corporate insiders. Using a standard event-study methodology, we examine short-term stock price behavior around trades. We find that purchases are followed by...
Persistent link: https://www.econbiz.de/10011090406