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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
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
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
shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences …
Persistent link: https://www.econbiz.de/10012966589
position to benefit themselves at the expense of minority shareholders -- were endemic to corporations in the late …, however, was to give controlling shareholders the power to extract more than their fair share of their enterprise's profits …
Persistent link: https://www.econbiz.de/10013324108
work on shareholders and shareholder activism, directors, executives and their compensation, controlling shareholders …
Persistent link: https://www.econbiz.de/10013134144
an information ea between management and outside shareholders. In the presence of such a gap, maximizing short-run and … actions that will reduce long-run value. In such a case, management faces the dilemma of which shareholders to please: those …
Persistent link: https://www.econbiz.de/10013115409
This paper presents a synopsis of recent NBER studies of the history of corporate governance in Canada, China, France …
Persistent link: https://www.econbiz.de/10012754560
agency and entrenchment problem simultaneously. In addition, controlling shareholders can divert corporate resources for …
Persistent link: https://www.econbiz.de/10012754592
We examine performance and management characteristics of Fortune 500 firms experiencing one of three types of control change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing internally precipitated management turnover perform...
Persistent link: https://www.econbiz.de/10012754746