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Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms
Hubbard, R. Glenn - 2008
This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial … the acquiring firm increases, the interests of managers are more closely aligned with those of shareholders, reducing the … acquisition premium. At sufficiently high levels of managerial ownership, managers value a reduction in the risk of their …
Persistent link: https://www.econbiz.de/10012774941
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Understanding the Determinants of Managerial Ownership and the Link between Ownership and Performance
Himmelberg, Charles P. - 2010
Both managerial ownership and performance are endogenously determined by exogenous (and only partly observed) changes in the firm's contracting environment. We extend the cross-sectional results of Demsetz and Lehn (1985) and use panel data to show that managerial ownership is explained by key...
Persistent link: https://www.econbiz.de/10012763767
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What Do Boards Really Do? Evidence from Minutes of Board Meetings
Schwartz-Ziv, Miriam - 2011
We analyze a unique database from a sample of real-world boardrooms - minutes of board meetings and board-committee meetings of eleven business companies for which the Israeli government holds a substantial equity interest. We use these data to evaluate the underlying assumptions and predictions...
Persistent link: https://www.econbiz.de/10013119600
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Throwing Good Money after Bad? Board Connections and Conflicts in Bank Lending
Kroszner, Randall - 2001
This paper investigates the frequency of connections between banks and non-financial firms through board linkages and whether those connections affect lending and borrowing behavior. Although a board linkages may reduce the costs of information flows between the lender and borrower, a board...
Persistent link: https://www.econbiz.de/10012787534
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The Case Against Board Veto in Corporate Takeovers
Bebchuk, Lucian A. - 2009
decisions, directors' superior information, bargaining by management, pressures on managers to focus on the short …
Persistent link: https://www.econbiz.de/10012767824
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Busy Directors : Strategic Interaction and Monitoring Synergies
Ljungqvist, Alexander - 2017
We derive conditions for when having a “busy” director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their co-directors' choices and to experience positive or negative monitoring synergies across firms....
Persistent link: https://www.econbiz.de/10012946482
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Law and Finance C. 1900
Musacchio, Aldo - 2010
How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world today (La Porta et al, 1998,...
Persistent link: https://www.econbiz.de/10013139896
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Universal Banking and the Performance of German Firms
Gorton, Gary B. - 2011
Universal banking is an alternative mechanism to a stock market for risk-sharing, for providing information for guiding investment, and for contesting corporate governance. In Germany, where the stock market has historically been small, banks hold equity stakes in firms and have proxy voting...
Persistent link: https://www.econbiz.de/10013124511
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The Great Pyramids of America : A Revised History of Us Business Groups, Corporate Ownership and Regulation, 1930-1950
Kandel, Eugene - 2013
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...
Persistent link: https://www.econbiz.de/10013071909
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The 'Lemons Effect' in Corporate Freeze-Outs
Bebchuk, Lucian A. - 2008
In a corporate freeze-out, the controller is required to compensate minority shareholders for the no-freezeout value of their shares that are taken from them. This paper seeks to highlight the difficulties involved in determining this no-freezeout value when private information. In particular,...
Persistent link: https://www.econbiz.de/10012774877