Similar Search Results

Jenter, Dirk; Lewellen, Katharina - 2011

of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover … in takeover activity appears discretely at the age-65 threshold, with no gradual increase as CEOs approach retirement age …

Persistent link: https://www.econbiz.de/10010280635

Corporate Acquisitions and Firm-Level Uncertainty : Domestic versus Cross-Border Deals

Bai, Ye - 2020

-level uncertainty is characterized by a pecking order: the announcement of a domestic takeover leads to a reduction in the uncertainty …

Persistent link: https://www.econbiz.de/10012841927

Distressed Acquisitions : Evidence from European Emerging Markets

Iwasaki, Ichiro; Kočenda, Evžen; Shida, Yoshisada - 2021

We analyze factors behind 23,213 distressed acquisitions in European emerging markets from 2007–2019. Besides the impact of financial ratios, legal form, ownership structure, firm size, and age, we emphasize the role of institutions and channels of their propagation. We show that the quality...

Persistent link: https://www.econbiz.de/10013231968

Multiproduct Mergers and the Product Mix in Domestic and Foreign Markets

Chan, Jackie M.L; Irlacher, Michael; Koch, Michael - 2022

This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal mergers in a theoretical model where oligopolistic...

Persistent link: https://www.econbiz.de/10013290783

Yes, managers should be paid like bureaucrats

Frey, Bruno S.; Osterloh, Margit - 2005

Corporate scandals, reflected in excessive management compensation and fraudulent accounts, cause considerable damage. Agency theory's insistence on linking the compensation of managers and directors as closely as possible to firm performance is a major reason for these scandals. They cannot be...

Persistent link: https://www.econbiz.de/10010261124

Stock Market Returns, Corporate Governance and Capital Market Equilibrium

Parigi, Bruno Maria; Pelizzon, Loriana; von Thadden, … - 2013

This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms' stock returns...

Persistent link: https://www.econbiz.de/10010328866

Estimating the Compliance Costs of Securities Regulation: A Bunching Analysis of Sarbanes-Oxley Section 404(b)

Dharmapala, Dhammika - 2016

An extensive literature has analyzed the Sarbanes-Oxley (SOX) legislation enacted in 2002, but its social welfare consequences remain controversial. One of the most significant provisions of SOX – auditor attestation of internal controls under Section 404(b) – has been applied only to firms...

Persistent link: https://www.econbiz.de/10011584879

Protecting Investors in Equity Crowdfunding: An Empirical Analysis of the Small Investor Protection Act

Goethner, Maximilian; Hornuf, Lars; Regner, Tobias - 2020

During the past decade, equity crowdfunding (ECF) has emerged as an alternative funding channel for startup firms. In Germany, the Small Investor Protection Act became binding in July 2015, with the legislative goal to protect investors engaging in this new asset class. Since then, investors...

Persistent link: https://www.econbiz.de/10012227691

Embedded Supervision: How to Build Regulation into Decentralised Finance

Auer, Raphael A. - 2022

The emergence of so-called "decentralised finance" (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...

Persistent link: https://www.econbiz.de/10013353383

Embedded Supervision : How to Build Regulation into Decentralised Finance

Auer, Raphael - 2022

The emergence of so-called “decentralised finance” (DeFi) and a shadow financial system of cryptocurrency exchanges and stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the same rules. This paper makes the case for...

Persistent link: https://www.econbiz.de/10013405970

1
2
3
4
5
6
7
8
9
10
Next
Last