Showing 1 - 10 of 195
We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority shareholders, can play only a limited role in corporate...
Persistent link: https://www.econbiz.de/10008554240
incentives for activism and engendering procyclicality. Our model thus provides a theoretical explanation that links the …
Persistent link: https://www.econbiz.de/10011084491
Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and empirically. We solve a model consisting of an optimal IPO followed by a dynamic Kyle market in which the large investor's private information concerns her own plans for taking an...
Persistent link: https://www.econbiz.de/10011084717
This Paper analyses the effect of the introduction of managerial incentives and new human capital on enterprise … performance after privatization in the Czech Republic. We find weak evidence for the presence of managerial incentives: only in …
Persistent link: https://www.econbiz.de/10005792419
This paper provides evidence that returns to hedge fund activism are driven by engagement outcomes. We use a sample of 1,740 activist engagements from 23 countries to estimate performance of activism across North America, Europe and Asia. Striking differences emerge across countries in outcomes...
Persistent link: https://www.econbiz.de/10011207399
is high, funds with identical incentives employ heterogeneous trading strategies. A group of managers borrows to take on …
Persistent link: https://www.econbiz.de/10009322979
This paper develops an agency model in which firms can influence their own incentives to provide a non …
Persistent link: https://www.econbiz.de/10005067540
We study economies of scale in banking by viewing banks as combinations of financial and human capital that create rents which accrue to investors and bankers. Applying this approach to annual data of US bank holding companies since 1990, we find much stronger evidence of economies of scale in...
Persistent link: https://www.econbiz.de/10011083300
We study managerial incentive provision under moral hazard in a firm subject to stochastic growth opportunities. In our model, managers are dismissed after poor performance, but also when an alternative manager is more capable of growing the firm. The optimal contract may involve managerial...
Persistent link: https://www.econbiz.de/10011083381
Using an agency model, we show how delegation, by generating additional private information, improves dynamic … incentives under limited commitment. It circumvents ratchet effects and facilitates the revelation of persistent private …
Persistent link: https://www.econbiz.de/10011083436