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Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge
Becker, Bo - 2012
We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional...
Persistent link: https://www.econbiz.de/10013111307
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Initial Public Offering and Corporate Governance in China's Transitional Economy
Chen, Chien-Hsun - 2010
that the only industries in which listed companies in China display strong performance are public utilities, transportation …
Persistent link: https://www.econbiz.de/10012762840
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History of American Corporate Governance : Law, Institutions, and Politics
Hilt, Eric - 2014
This paper presents an overview of the history of corporate governance in the United States, emphasizing the period before the advent of federal securities laws and the Securities and Exchange Commission (SEC). Recent research has overturned many widely accepted beliefs about corporate...
Persistent link: https://www.econbiz.de/10013049687
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Corporate Governance and the Plight of Minority Shareholders in the United States Before the Great Depression
Lamoreaux, Naomi R.; Rosenthal, Jean-Laurent - 2022
Legal records indicate that conflicts of interest -- that is, situations in which officers and directors were in a position to benefit themselves at the expense of minority shareholders -- were endemic to corporations in the late-nineteenth and early-twentieth century U.S. Yet investors...
Persistent link: https://www.econbiz.de/10013324108
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What Do Private Equity Firms Say They Do?
Gompers, Paul A. - 2015
We survey 79 private equity investors with combined AUM of over $750B about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on IRR and multiples to evaluate investments. Their LPs focus more on absolute performance. Capital structure...
Persistent link: https://www.econbiz.de/10013023340
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Quality of Public Governance and the Capital Structure of Nations and Firms
Wei, Shang-Jin - 2018
This paper examines the role of public governance quality in determining the composition of a country's external liabilities and the capital structure of firms. In our theory, better institutional quality tends to promote a higher share of foreign direct investment and equity investment in total...
Persistent link: https://www.econbiz.de/10012930847
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Optimal Defaults for Corporate Law Evolution
Bebchuk, Lucian A. - 2009
Public corporations live in a dynamic and ever-changing business environment. This paper examines how courts and legislators should choose default arrangements in the corporate area to address new circumstances. We show that the interests of the shareholders of existing companies would not be...
Persistent link: https://www.econbiz.de/10012767857
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International Organizations and Structural Reforms
Galiani, Sebastian - 2015
Different countries have been following different reform paths since the early 1990s. We develop a simple dynamic model … of policy reform that captures some of the determinants that underlie these differences. The model emphasizes the … interaction between domestic institutions and international organizations that promote reform, on the one hand, and the political …
Persistent link: https://www.econbiz.de/10013021479
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Investor Protection : Origins, Consequences, and Reform
La Porta, Rafael - 2008
differences, summarize their consequences, and assess potential strategies of corporate governance reform. We argue that the legal … approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between …
Persistent link: https://www.econbiz.de/10012774806
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A Framework for Assessing Corporate Governance Reform
Hermalin, Benjamin E.; Weisbach, Michael S. - 2021
the relevant parties. Contract theory provides a set of necessary conditions under which governance reform can be welfare …
Persistent link: https://www.econbiz.de/10013224890