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Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?

Blouin, Jennifer - 2012

increasing in the percentage of the company owned by individual investors, the only shareholders affected by the legislation …

Persistent link: https://www.econbiz.de/10012755294

Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholder and Manager Perspectives

Ju, Nengjiu - 2010

This paper examines optimal capital structure choice using a dynamic capital structure model that is calibrated to reflect actual firm characteristics. The model uses contingent-claim methods to value interest tax shields, allows for reorganization in bankruptcy, and maintains a long-run target...

Persistent link: https://www.econbiz.de/10012762899

Inside the Mind of a Stock Market Crash

Giglio, Stefano - 2020

We analyze how investor expectations about economic growth and stock returns changed during the February-March 2020 stock market crash induced by the COVID-19 pandemic, as well as during the subsequent partial stock market recovery. We surveyed retail investors who are clients of Vanguard at...

Persistent link: https://www.econbiz.de/10012832459

Imperfect Financial Markets and Shareholder Incentives in Partial and General Equilibrium

Albagli, Elias - 2017

aggregation for corporate risk-taking and investment. Market imperfections cause controlling shareholders to invest too much in … shareholders' collective attempts to boost shareholder value of individual firms leads to a novel pecuniary externality that … excess leverage, agency conflicts between shareholders and managers, negative welfare effects of transparency, excess …

Persistent link: https://www.econbiz.de/10012955940

Are the Seeds of Bad Governance Sown in Good Times?

Schoar, Antoinette - 2015

GIM Index or the proportion of activist shareholders. Following these special meetings, we find that the next quarter …

Persistent link: https://www.econbiz.de/10013037964

The Private Ordering Solution to Multiforum Shareholder Litigation

Romano, Roberta - 2015

This paper analyzes a private ordering solution to multiforum shareholder litigation: exclusive forum provisions in corporate charters and bylaws. We examine what drives the growth in these provisions and whether, as some critics contend, their adoption reflects managerial opportunism. We find...

Persistent link: https://www.econbiz.de/10013019122

Governance and Comovement Under Common Ownership

Edmans, Alex - 2014

This paper studies the corporate governance and asset pricing implications of investors owning blocks in multiple firms. Common wisdom is that multi-firm ownership weakens governance because the blockholder is spread too thinly. We show that this need not be the case. In a single-firm benchmark,...

Persistent link: https://www.econbiz.de/10013048056

The Costs of Entrenched Boards

Bebchuk, Lucian A. - 2004

staggered boards established in the corporate charter (which shareholders cannot amend) than for staggered boards established in … the company's bylaws (which can be amended by shareholders) …

Persistent link: https://www.econbiz.de/10012785603

Private Benefits of Control : An International Comparison

Dyck, I. J. Alexander - 2002

important in curbing these private benefits. A high degree of statutory protection of minority shareholders and high degree of …

Persistent link: https://www.econbiz.de/10012787369

Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures

Comment, Robert - 2008

poison pills and control share statutes are reliably associated with higher takeover premiums for selling shareholders, both …

Persistent link: https://www.econbiz.de/10012774568

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