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Access to Public Capital Markets and Employment Growth

Borisov, Alexander; Ellul, Andrew; Sevilir, Merih - C.E.P.R. Discussion Papers - 2015

This paper investigates the importance of accessing public capital markets through an initial public offering (IPO), and the consequent relaxation of firms’ financial constraints, for firm-level long term employment decisions. We find that firms significantly increase post-IPO investment in...

Persistent link: https://www.econbiz.de/10011249379

Monitoring Managers: Does it Matter?

Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - C.E.P.R. Discussion Papers - 2009

with detailed ‘hard’ information about the board’s performance expectations and ‘soft’ information about board and CEO … actions and the board’s beliefs about CEO competence in 473 mostly private-sector companies backed by private equity funds … for making 'honest mistakes.' Following forced CEO turnover, companies see performance improvements and their investors …

Persistent link: https://www.econbiz.de/10008491717

Does the Stock Market Harm Investment Incentives?

Asker, John; Farre-Mensa, Joan; Ljungqvist, Alexander P. - C.E.P.R. Discussion Papers - 2010

We examine whether stock market-listed firms in the U.S. invest suboptimally due to agency costs resulting from separation of ownership and control. We derive testable predictions to distinguish between underinvestment due to rational “short-termism” and overinvestment due to “empire...

Persistent link: https://www.econbiz.de/10008468621

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

Miller, Marcus; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 2009

An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what Richard Koo calls a ‘balance sheet recession’....

Persistent link: https://www.econbiz.de/10008528524

Corporate Governance and Value Creation: Evidence from Private Equity

Acharya, Viral V; Hahn, Moritz; Kehoe, Conor - C.E.P.R. Discussion Papers - 2009

We examine deal-level data on private equity transactions in the UK initiated during the period 1996 to 2004 by mature private equity houses. We un-lever the deal-level equity return and adjust for (un-levered) return to quoted peers to extract a measure of "alpha" or abnormal performance of the...

Persistent link: https://www.econbiz.de/10004980202

The Internal Governance of Firms

Acharya, Viral V; Myers, Stewart C; Rajan, Raghuram G - C.E.P.R. Discussion Papers - 2009

We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates. We find that internal governance can mitigate agency problems and ensure firms have substantial value, even without any external governance. Internal...

Persistent link: https://www.econbiz.de/10004980207

The Structure of Corporate ownership in Privatized Utilities

Trillas, Francesco - C.E.P.R. Discussion Papers - 2002

The purpose of this Paper is to study the determinants of the concentration of ownership in a privatized, regulated firm. The discussion illustrates some aspects of the costs and benefits of different corporate systems. Privatized utilities are large firms with professional management: there is...

Persistent link: https://www.econbiz.de/10005123598

The Origination and Evolution of Ownership and Control

Franks, Julian R; Mayer, Colin; Rossi, Stefano - C.E.P.R. Discussion Papers - 2003

In the first half of the twentieth century, the UK capital markets were marked by an absence of investor protection; by the end of the century, there was more extensive protection there than virtually anywhere else in the world. The UK therefore provides an exceptional laboratory for evaluating...

Persistent link: https://www.econbiz.de/10005123634

Unbundling Ownership and Control

Ferreira, Daniel; Ornelas, Emanuel; Turner, John L. - C.E.P.R. Discussion Papers - 2007

Treating control as an asset that can be bought and sold, we introduce a model of the simultaneous and separable trading of ownership and control in a private information setting. The model provides a novel explanation for the prevalence and persistence of the separation of ownership from...

Persistent link: https://www.econbiz.de/10005123700

Investment Banks as Insiders and the Market for Corporate Control

Bodnaruk, Andriy; Massa, Massimo; Simonov, Andrei - C.E.P.R. Discussion Papers - 2008

We study holdings in M&A targets by financial conglomerates which affiliated investment banks advise the bidders. We show that advisors take positions in the targets before M&A announcements. These stakes are positively related to the probability of observing the bid and to the target premium....

Persistent link: https://www.econbiz.de/10005123703

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