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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

Effects of tax depreciation on optimal firm investments

Kort, Peter; De Waegenaere, Anja; Wielhouwer, J.L. - Tilburg University, Center for Economic Research - 1999

This paper studies how the difference between technical depreciation and tax depreciation affects the firm's optimal investment strategy. The objective is maximization of shareholder value. When tax depreciation differs from technical depreciation, an additional investment not only generates...

Persistent link: https://www.econbiz.de/10011091493

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

Control Structures and Payout Policy

Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005

weakens the relationship between corporate earnings and payout dynamics.While the impact of the voting power of shareholders … block holders (i.e. industrial firms, outside individuals, directors, financial institutions).The controlling shareholders …

Persistent link: https://www.econbiz.de/10011090300

Investment Policy, Internal Financing and ownership Concentration in the UK

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2000

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

Econometric Modelling in Blockholder Systems of Corporate Governance

Manjon, M.C. - Tilburg University, Center for Economic Research - 2004

Persistent link: https://www.econbiz.de/10011090535

A Managed Service Economy With an Equilibrium for Marketable Services

Ruys, Pieter H.M. - Tilburg University, Center for Economic Research - 2002

Persistent link: https://www.econbiz.de/10011090561

Business Groups and Profit Redistribution : A Boon or Bane for Firms

George, R.; Kabir, M.R.; Douma, S.W. - Tilburg University, Center for Economic Research - 2004

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

What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence

Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008

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

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