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Defensive and Strategic Restructuring in Central European Enterprises
Grosfeld, Irena; Roland, Gérard - C.E.P.R. Discussion Papers - 1995
This paper interprets the existing evidence on enterprise restructuring in Poland, Hungary and the Czech Republic. Despite differences in restructuring policies, the pattern of observed restructuring appears similar in the three countries. Contrary to initial expectations, managers of SOEs have...
Persistent link: https://www.econbiz.de/10005662184
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The Determinants of Privatized Enterprise Performance in Russia
Angelucci, Manuela; Bevan, Alan; Estrin, Saul; Fennema, … - C.E.P.R. Discussion Papers - 2002
Using data from a large enterprise-level panel designed to address this issue, we account for enterprise performance in Russia. We link performance to four aspects of the economic environment outlined in the literature: enterprise ownership; corporate governance; market structures and competition;...
Persistent link: https://www.econbiz.de/10005666814
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Fire the Manager to Improve Performance? Managerial Turnover and Incentives After Privatization in the Czech Republic
Fidrmuc, Jan; Fidrmuc, Jana - C.E.P.R. Discussion Papers - 2004
performance after privatization in the Czech Republic. We find weak evidence for the presence of managerial incentives: only in … 1997, three to four years after privatization, does poor performance significantly increase the probability of managerial …
Persistent link: https://www.econbiz.de/10005792419
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The Structure of Corporate ownership in Privatized Utilities
Trillas, Francesco - C.E.P.R. Discussion Papers - 2002
how deregulation affects corporate structure. In the benchmark case where the government maximizes privatization proceeds …
Persistent link: https://www.econbiz.de/10005123598
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The Political Economy of Finance
Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2002
The regulations that shape the design and the operations of corporations, credit and securities markets differ vastly from country to country. In addition, similar regulations are often unequally enforced in different countries. Economists still have an imperfect understanding of why these...
Persistent link: https://www.econbiz.de/10005124338
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After Voucher Privatization: The Structure of Corporate Ownership in Russian Manufacturing Industry
Earle, John S; Estrin, Saul - C.E.P.R. Discussion Papers - 1997
This paper analyses the ownership structure emerging from the Russian privatization process, using information from a … privatization methods for ownership structure, on the incidence of non-voting and voting shares, and on the extent of concentration …) estimates, suggesting that the privatization process may have contained a negative selection bias with respect to ownership by …
Persistent link: https://www.econbiz.de/10005136416
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Ownership and Corporate Control in Poland: Why State Firms Defied the Odds
Pinto, Brian; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1995
We present evidence of major adjustment efforts in the State sector in Poland well before privatization. Extensive …
Persistent link: https://www.econbiz.de/10005497734
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Ambiguity, Disagreement, and Allocation of Control in Firms
Dicks, David L.; Fulghieri, Paolo - C.E.P.R. Discussion Papers - 2015
We present a novel source of disagreement grounded in decision theory: ambiguity aversion. We show that ambiguity aversion generates endogenous disagreement between a firm's insider and outside shareholders, creating a new rationale for corporate governance systems. In our paper, optimal...
Persistent link: https://www.econbiz.de/10011213312
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Managerial Incentives and Stock Price Manipulation
Peng, Lin; Röell, Ailsa A - C.E.P.R. Discussion Papers - 2009
This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock-based incentives elicit not only productive effort, but also costly...
Persistent link: https://www.econbiz.de/10005014567
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Delegated Activism and Disclosure
Dasgupta, Amil; Zachariadis, Konstantinos - C.E.P.R. Discussion Papers - 2011
Mutual funds are significant blockholders in many corporations. Concerns that funds vote in a pro-management manner to garner lucrative pensions contracts led the SEC to mandate the disclosure of proxy votes. We present a model of mutual fund voting in the presence of potential business ties. We...
Persistent link: https://www.econbiz.de/10009321841