Showing 1 - 10 of 88
As domestic sources of outside finance are limited in many countries around the world, it is important to understand factors that influence whether foreign investors provide capital to a country's firms. We study 4,409 firms from 29 countries to assess whether and why concerns about corporate...
Persistent link: https://www.econbiz.de/10012727464
We examine a comprehensive sample of going-dark deregistrations where companies cease SEC reporting, but continue to trade publicly. We document a spike in going dark that is largely attributable to the Sarbanes-Oxley Act. Firms experience large negative abnormal returns when going dark. We find...
Persistent link: https://www.econbiz.de/10012714810
This paper focuses on dominant owners' use of leverage to finance their blockholdings and its relationship to dividend policy. We postulate that blockholder leverage may impact payout policy, in particular when earnings are hit by a negative shock. We use panel data for France where blockholders...
Persistent link: https://www.econbiz.de/10012906198
Over the last few years, national and international regulators have taken conscious steps to make capital markets - especially those based in Europe - more shareholder-oriented. On one side, these are welcome initiatives as the recent spectacular corporate failures and anecdotal evidence suggest...
Persistent link: https://www.econbiz.de/10012726561
This paper uses managerial control rights data for over 5000 firms from 31 countries to examine the net costs and benefits of cash holdings. We find that when external country-level shareholder protection is weak, firm values are lower when controlling managers hold more cash. Further, when...
Persistent link: https://www.econbiz.de/10012735514
Japan's corporate sector has, at different times in recent history, been organized according to every major model. Prior to World War II, wealth Japanese families locked in their control over large corporations by organizing them into pyramidal groups, called zaibatsu, similar to structures...
Persistent link: https://www.econbiz.de/10012712113
By reducing the fear of a hostile takeover, business combination (BC) laws weaken corporate governance and create more opportunity for managerial slack. Using the passage of BC laws as a source of variation in corporate governance, we examine if these laws have a different effect on firms in...
Persistent link: https://www.econbiz.de/10012729450
In this article, we study the choice of issuer location and regulatory competition in the European corporate debt market. We find that, in absolute terms, Germany has by far the highest outflow of debt issues, while the Netherlands, the UK, Luxembourg and Ireland see the most inflows (in that...
Persistent link: https://www.econbiz.de/10013138105
The paper examines the payout policy of UK firms listed on the London Stock Exchange during the 1990s. We complement the existing payout literature studies by analyzing jointly the trends in dividends and share repurchases. Unlike in the US, we find that, in the UK, firms do not demonstrate a...
Persistent link: https://www.econbiz.de/10012736910
This paper reopens the debate on why firms pay lower dividends in the stakeholder-oriented governance regimes of Continental Europe than in the market-oriented Anglo-American world. Previous studies observe the concentrated ownership structures of Continental European firms, and infer that in...
Persistent link: https://www.econbiz.de/10012726947