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Rhineland exit?
Bovenberg, Ary Lans; Teulings, Coen N. - 2007
We argue in favour of the shareholder model of the firm for three main reasons. First, serving multiple stakeholders leads to ill-defined property rights. What sounds like a fair compromise between stakeholders can easily evolve in a permanent struggle between the stakeholders about the ultimate...
Persistent link: https://www.econbiz.de/10011373820
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The political economy of dominant investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10011337975
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Disciplining and screening top executives
Dominguez-Martinez, Silvia; Swank, Otto H.; Visser, Bauke - 2006
Boards of directors face the twin task of disciplining and screening executives. To perform these tasks directors do not have detailed information about executives' behaviour, and only infrequently have information about the success or failure of initiated strategies, reorganizations, mergers...
Persistent link: https://www.econbiz.de/10011349199
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Corporate governance and leverage : evidence from a natural experiment
Arping, Stefan; Sautner, Zacharias - 2009
We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...
Persistent link: https://www.econbiz.de/10011380020
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The political origin of pension funding
Perotti, Enrico C.; Schwienbacher, Armin - 2006 - Date: 20 December 2006
The paper seeks to explain the huge cross country variation in private pension funding,shaped by historical choice made when universal pension systems were created after theGreat Depression. According to Perotti and von Thadden (2006), large inflationaryshocks due to war damage devastated middle...
Persistent link: https://www.econbiz.de/10011350371
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The economic value of flexibility when there is disagreement
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
We develop an economic theory of “flexibility”, which we interpret as the discretion orability to make a decision that …
Persistent link: https://www.econbiz.de/10011332819
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Disagreement and flexibility : a theory of optimal security issuance and capital structure
Boot, Arnoud W. A.; Thakor, Anjan V. - 2002
ofthis theory of capital structure evolution is that optimal capital structure is essentiallydynamic, and depends on the firm …’s stock price, implying that firms issue equity when stockprices are high and debt when stock prices are low. The theory … testablepredictions. Moreover, the theory can rationalize the use of debt in the absence of taxes,agency costs or signaling considerations. …
Persistent link: https://www.econbiz.de/10011332820
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The political economy of bank- and market dominance
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2003
Legislation affects corporate governance and the return to human and financial capital. We allow the preference of a political majority to determine both the governance structure and the extent of labor rents. In a society where median voters have relatively more at stake in the form of human...
Persistent link: https://www.econbiz.de/10011334863
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Possibly ill-behaved posteriors in econometric models
Hoogerheide, Lennart; Dijk, Herman K. van - 2008
Highly non-elliptical posterior distributions may occur in several econometric models, in particular, when the likelihood information is allowed to dominate and data information is weak. We explain the issue of highly non-elliptical posteriors in a model for the effect of education on income...
Persistent link: https://www.econbiz.de/10011374406