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Disciplining and Screening Top Executives

Martinez, Silvia Dominguez; Swank, Otto H.; Visser, Bauke - Tinbergen Institute - 2006

Boards of directors face the twin task of disciplining and screening executives. To perform these tasks directors do not have detailed information about executives' behaviour, and only infrequently have information about the success or failure of initiated strategies, reorganizations, mergers...

Persistent link: https://www.econbiz.de/10005016271

The Political Economy of Bank- and Market Dominance

Perotti, Enrico; Thadden, Ernst Ludwig von - Tinbergen Institute - 2004

Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...

Persistent link: https://www.econbiz.de/10005795583

Blockholder Dispersion and Firm Value

Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - Tinbergen Institute - 2009

This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...

Persistent link: https://www.econbiz.de/10008513240

The Political Economy of Dominant Investors

Perotti, Enrico C.; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2004

We allow the preference of a political majority to determine both the corporate governance structure and the division of profits between human and financial capital. In a democratic society where financial wealth is concentrated, a political majority may prefer to restrain governance by...

Persistent link: https://www.econbiz.de/10005137317

The Political Economy of Corporate Control

Perotti, Enrico; Thadden, Ernst-Ludwig von - Tinbergen Institute - 2005

In a democracy, a political majority can influence both the corporate

Persistent link: https://www.econbiz.de/10005042222

Rhineland exit?

Bovenberg, Lans; Teulings, Coen - Tinbergen Institute - 2007

We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...

Persistent link: https://www.econbiz.de/10005450728

Did the Sarbanes-Oxley Act of 2002 make Firms less Opaque? Evidence from Analyst Earnings Forecasts

Arping, Stefan; Sautner, Zacharias - Tinbergen Institute - 2010

We study whether the Sarbanes-Oxley Act (SOX) of 2002 made firms less opaque. For identification, we use a difference-in-differences estimation approach and compare EU firms that are cross-listed in the US—and therefore subject to SOX—with comparable EU firms that are not cross-listed. We...

Persistent link: https://www.econbiz.de/10008765731

Corporate Governance and Leverage: Evidence from a Natural Experiment

Arping, Stefan; Sautner, Zacharias - Tinbergen Institute - 2010

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

Persistent link: https://www.econbiz.de/10008838637

Optimal Diversity in Investments with Recombinant Innovation

Bergh, Jeroen C.J.M. van den; Zeppini-Rossi, Paolo - Tinbergen Institute - 2008

We address the notion of dynamic, endogenous diversity and its role in theories of investment and technological … optimize the net benefits of diversity. The model takes into account increasing returns to scale and the effect of different … dimensions of diversity on the probability of emergence of a third option. We obtain analytical solutions describing the dynamic …

Persistent link: https://www.econbiz.de/10005144531

The Impact of Mixed Land Use on Residential Property Values

Koster, Hans R.A.; Rouwendal, Jan - Tinbergen Institute - 2010

willingness to pay for mixed land use. For example, apartment occupiers are willing to pay almost 25 percent more for diversity …

Persistent link: https://www.econbiz.de/10008679880