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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
Regulation Fair Disclosure …
Persistent link: https://www.econbiz.de/10012757545
This essay reviews the theoretical and empirical literature on quality disclosure and certification. After comparing quality disclosure with other quality assurance mechanisms and describing a brief history of quality disclosure, we address three key theoretical issues: (i) Why don't sellers...
Persistent link: https://www.econbiz.de/10013148872
In a corporate freeze-out, the controller is required to compensate minority shareholders for the no-freezeout value of … that, under a regime in which frozen out minority shareholders receive a compensation equal to the pre-freezeout market …
Persistent link: https://www.econbiz.de/10012774877
their responsible workers, and in turn engage in CSR through self-regulation, provided that regulatory oversight is poor … enough - and hence regulation is loose enough - to make self-regulation worthwhile. The key prediction of the model is a … gas emissions disclosure in all public firms. Consistent with our theory, we find that firms in the UK receive lower CSR …
Persistent link: https://www.econbiz.de/10014090301
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
theory, in countries where private benefits of control are larger capital markets are less developed, ownership is more … 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 … driven by entry and labour market regulation …
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