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Bankers on Boards : Monitoring, Conflicts of Interest, and Lender Liability
Kroszner, Randall S. - 1999
This paper investigates what factors determine whether a commercial banker is on the board of a non-financial firm. We consider the tradeoff between the benefits of direct bank monitoring to the firm and the costs of active bank involvement in firm management. Given the different payoff...
Persistent link: https://www.econbiz.de/10012471465
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Corporate Governance and the Plight of Minority Shareholders in the United States Before the Great Depression
Lamoreaux, Naomi - 2004
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/10012467787
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Propping and Tunneling
Friedman, Eric - 2003
In countries with weak legal systems, there is a great deal of tunnelling by the entrepreneurs who control publicly traded firms. However, under some conditions entrepreneurs prop up their firms, i.e., they use their private funds to benefit minority shareholders. We provide evidence and a model...
Persistent link: https://www.econbiz.de/10012468748
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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/10012460861
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Corporate Governance Implications of the Growth in Indexing
Brav, Alon; Malenko, Nadya; Malenko, Andrey - National Bureau of Economic Research - 2022
Passively managed funds have grown to become some of the largest shareholders in publicly traded companies, but there is considerable debate about the effects of this growth on corporate governance. The goal of this paper is to review the literature on the governance implications of passive fund...
Persistent link: https://www.econbiz.de/10013477210
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Share Pledging in China : Funding Listed Firms or Funding Entrepreneurship?
He, Zhiguo; Liu, Bibo; Zhu, Feifei - National Bureau of Economic Research - 2022
This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the …
Persistent link: https://www.econbiz.de/10012938700
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Price Discovery and Market Segmentation in China's Credit Market
Geng, Zhe - 2019
information content of credit spreads in China. Using Merton's model of default, we construct credit measures of publicly listed … 2014, do credit spreads in China become informative. Compared with the findings in the US credit market, the magnitude of … state-owned enterprises (SOEs) in China results in a market segmentation between SOE and non-SOE issuers that is harmful to …
Persistent link: https://www.econbiz.de/10012480519
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Picking Winners? Government Subsidies and Firm Productivity in China
Branstetter, Lee; Li, Guangwei; Ren, Mengjia - National Bureau of Economic Research - 2022
subsidies provided to China's publicly traded firms. We categorize subsidies into different types. We then estimate total … suggest that China's increasingly prescriptive industrial policies may have generated limited effects in promoting …
Persistent link: https://www.econbiz.de/10013477191
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Risk Perceptions, Board Networks, and Directors' Monitoring
Ding, Wenzhi; Chen, Lin; Schmid, Thomas; Weisbach, … - National Bureau of Economic Research - 2021
What makes independent directors perform their monitoring duty? One possible reason is that they are worried about being sanctioned by regulators if they do not monitor sufficiently well. Using unique features of the Chinese financial market, we estimate the extent to which independent...
Persistent link: https://www.econbiz.de/10012585458
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The Global History of Corporate Governance : An Introduction
Morck, Randall K. - 2005
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/10012467625