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All in the family or public? : law and appropriative costs as determinants of ownership structure
Castillo C., Ramón; Skaperdas, Stergios - 2003
We examine how the legal protection of outside shareholders and the appropriative costs that they induce influence the incentives for private firms to go public. A higher degree of protection of shareholders can increase the appropriative costs associated with the conflict between managers and...
Persistent link: https://www.econbiz.de/10011507775
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Acquisition for sleep
Norbäck, Pehr-Johan; Olofsson, Charlotta; Persson, Lars - 2020
are not used in the market. We show that such "acquisitions for sleep" can occur if and only if the quality of a process …
Persistent link: https://www.econbiz.de/10012162423
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Worker-plant matching and ownership change
Balsvik, Ragnhild; Haller, Stefanie - 2019
matched employeremployee data. We observe above average separations of workers around domestic acquisitions. This is … associated with a decline in unobserved worker quality in the plant. Foreign acquisitions are not associated with above average …
Persistent link: https://www.econbiz.de/10012120372
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Market competition or family ties : which prevails on Italian CEOs pay?
Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015
The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed firms from 2000 to 2011 and tests the impact of the 2007-08 financial crisis on pay-performance sensitivity. We argue that important differences both in the level of compensation...
Persistent link: https://www.econbiz.de/10011280832
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Ownership concentration and share valuation : evidence from Germany
Edwards, Jeremy S. S.; Weichenrieder, Alfons J. - 1999
Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The...
Persistent link: https://www.econbiz.de/10009781688
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CEO preferences and acquisitions
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/10009412377
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Optimal ownership and firm performance : an analysis of China's FDI liberalization
Eppinger, Peter S.; Ma, Hong - 2023
Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within...
Persistent link: https://www.econbiz.de/10014312548
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The bright side of the GDPR : welfare-improving privacy management
Choe, Chongwoo; Matsushima, Noriaki; Shekhar, Shiva - 2023
We study the GDPR's opt-in requirement in a model with a firm that provides a digital service and consumers who are heterogeneous in their valuations of the firm's service as well as the privacy costs incurred when sharing personal data with the firm. We show that the GDPR boosts demand for the...
Persistent link: https://www.econbiz.de/10014334058
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Expatriate managers : effects on firm performance
Koren, Miklós; Telegdy, Álmos - 2024
expatriate CEOs. By examining foreign acquisitions where the new owner replaces the incumbent CEO with an expatriate or a local …
Persistent link: https://www.econbiz.de/10014556622
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Corporate governance reforms, interlocking directorship networks and company value in Italy (1998-2007)
Drago, Carlo; Millo, Francesco; Ricciuti, Roberto; … - 2011
In this paper we contribute to the literature on the structure of interlocking directorship networks and to the literature on the relationship between corporate governance and performance. We use a unique dataset made of corporate governance variables related to the board size and interlocking...
Persistent link: https://www.econbiz.de/10009009693