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Agency Conflicts, Expropriation and Firm Value: Evidence from Securities-Market Regulation in China
Henk, Berkman; Rebel, Cole; Fu, Lawrence - Volkswirtschaftliche Fakultät, … - 2005
In this study, we examine the wealth effects of regulatory changes intended to improve corporate governance by protecting minority shareholders from expropriation by controlling shareholders. Using data from publicly traded Chinese firms, we find that these new regulations significantly...
Persistent link: https://www.econbiz.de/10011260290
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SPACs with focus on China
Shachmurove, Yochanan; Vulanovic, Milos - Volkswirtschaftliche Fakultät, … - 2014
for companies from China in period 2004-2011. We offer the evidence that, similarly to evidence from studies on reverse … mergers focusing on China, SPACs that focus on China are not different in their characteristics from other SPACs. We test for … the performance of the SPACs focused on China and show that their performance is not inferior to the performance of other …
Persistent link: https://www.econbiz.de/10011113827
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Improving corporate governance where the State is the controlling block holder: Evidence from China
Berkman, Henk; Cole, Rebel; Fu, Lawrence - Volkswirtschaftliche Fakultät, … - 2007
We examine changes in market values and accounting returns for a sample of publicly traded Chinese firms around announcements of block-share transfers among government agencies (“State Bureaucrats”), market-oriented State-owned enterprises (“MOSOEs”) and private investors (“Private...
Persistent link: https://www.econbiz.de/10005619712
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Political connections and minority-shareholder protection: Evidence from securities-market regulation in China
Berkman, Henk; Cole, Rebel; Fu, Lawrence - Volkswirtschaftliche Fakultät, … - 2008
We examine the wealth effects of three regulatory changes designed to improve minorityshareholder protection in the Chinese stock markets. Using the value of a firm’s related-party transactions as an inverse proxy for the quality of corporate governance, we find that firms with weaker...
Persistent link: https://www.econbiz.de/10005622187
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بحران مالی جهانی و شکست الگوی سرمایه‌داری نئو لیبرال یا آمریکائی
Vahabi, Mehrdad - Volkswirtschaftliche Fakultät, … - 2008
The paper first investigates the causes of the recent financial and liquidity crisis in the US and all over the world as a preliminary phase of the imminent recession. It then questions Paulson-Bernanke’s plan as a solution to the crisis and ponders over the differences between EU plan and the...
Persistent link: https://www.econbiz.de/10005835450
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¿Puede el gobierno corporativo aprender del gobierno público?
Jakob, Brugger; Immanuel, Samuel - Volkswirtschaftliche Fakultät, … - 2007
In view of recent corporate scandals, it is argued that corporate governance can learn from public governance. Institutions devised to control and discipline the behaviour of executives in the political sphere can give new insights into how to improve the governance of firms. Some proposal such...
Persistent link: https://www.econbiz.de/10005835562
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The Undervaluation of Distressed Company's Equity
Schmidt, Frederik - Volkswirtschaftliche Fakultät, … - 2009
In a simple firm value model we consider the impact of the insolvency probability on the valuation of equity and debt, which are assumed to be not publicly traded. For the case of a distressed company, which usually has high debt and low equity, we can show that the impact becomes increasingly...
Persistent link: https://www.econbiz.de/10005837082
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Horizontal and Vertical Firm Networks, Corporate Performance and Product Market Competition
Bischoff, Oliver; Buchwald, Achim - Volkswirtschaftliche Fakultät, … - 2015
This paper sheds new light on the assessment of firm networks via multiple directorships in terms of corporate firm performance. Using a large sample of European listed firms in the period from 2003 to 2011 and system GMM we find a significant compensation effect on corporate firm performance...
Persistent link: https://www.econbiz.de/10011240255
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On the fundamentals of winning virtuous strategies creation toward leveraged buyout transactions implementation during private equity investment in conditions of resonant absorptio...
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2014
The authors perform an original research on the fundamentals of winning virtuous strategies creation toward the leveraged buyout transactions implementation during the private equity investment in the conditions of the resonant absorption of discrete information in the diffusion - type financial...
Persistent link: https://www.econbiz.de/10011156987
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Strategies on initial public offering of company equity at stock exchanges in imperfect highly volatile global capital markets with induced nonlinearities
Ledenyov, Dimitri O.; Ledenyov, Viktor O. - Volkswirtschaftliche Fakultät, … - 2014
This research considers the strategies on the initial public offering of company equity at the stock exchanges in the imperfect highly volatile global capital markets with the nonlinearities. We provide the IPO definition and compare the initial listing requirements on the various markets. We...
Persistent link: https://www.econbiz.de/10011258000