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Offshore jurisdictions (including Cyprus), corruption money laundering and Russian round-trip investment
Ledyaeva, Svetlana - 2013
investors in Russia. We further study the determinants of the fraction of round-trip investment in total foreign investment in … large fraction of round-trip investment in Russia is concentrated in real estate and financial sectors, our results point to …In this paper we analyze the link between corruption money laundering and round-trip investment via offshore …
Persistent link: https://www.econbiz.de/10012459644
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Contractibility and Asset Ownership : On-Board Computers and Governance in U.S. Trucking
Baker, George P. - 2000
We investigate how the contractibility of actions affecting the value of an asset affects asset ownership. We examine this by testing how on-board computer (OBC) adoption affects truck ownership. We develop and test the proposition that adoption should lead to less ownership by drivers,...
Persistent link: https://www.econbiz.de/10012471133
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Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance
Himmelberg, Charles P. - 2000
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/10012471259
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A Rent-Protection Theory of Corporate Ownership and Control
Bebchuk, Lucian Arye - 1999
This paper develops a rent-protection theory of corporate ownership structure - and in particular, of the choice between concentrated and dispersed ownership of corporate shares and votes. The paper analyzes the decision of a company's initial owner whether to maintain a lock on control when the...
Persistent link: https://www.econbiz.de/10012471585
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Emerging Market Business Groups, Foreign Investors, and Corporate Governance
Khanna, Tarun - 1999
good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to … monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment … transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign …
Persistent link: https://www.econbiz.de/10012471852
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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/10012462439
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Agency Conflicts, Investment, and Asset Pricing
Albuquerque, Rui - 2007
The separation of ownership and control allows controlling shareholders to pursue private benefits. We develop an analytically tractable dynamic stochastic general equilibrium model to study asset pricing and welfare implications of imperfect investor protection. Consistent with empirical...
Persistent link: https://www.econbiz.de/10012465401
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When did Ownership Separate from Control? Corporate Governance in the Early Nineteenth Century
Hilt, Eric - 2007
This paper analyzes the ownership and governance of the business corporations of New York State in the 1820s. Using a new dataset collected from the manuscript records of New York's 1823 capital tax, and from the charters of the corporations, I analyze the ownership structures of the firms, and...
Persistent link: https://www.econbiz.de/10012465561
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Complex Ownership Structures and Corporate Valuations
Laeven, Luc - 2006
The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures: 100 percent small shareholders or one large, controlling owner combined with small shareholders. In this paper, we question the empirical validity of this dichotomy. In fact,...
Persistent link: https://www.econbiz.de/10012465986
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Taxation and the Evolution of Aggregate Corporate Ownership Concentration
Desai, Mihir A. - 2005
Legal rules, politics and behavioral factors have all been emphasized as explanatory factors in analyses of the determinants of the concentration of corporate ownership and stock market participation. An extension of standard tax clientele arguments demonstrates that changes in the progressivity...
Persistent link: https://www.econbiz.de/10012467211