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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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Agency Costs, Mispricing, and Ownership Structure
Chernenko, Sergey - 2010
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity is overvalued, however, mispricing offsets agency costs...
Persistent link: https://www.econbiz.de/10012462742
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Managerial Ownership Dynamics and Firm Value
Fahlenbrach, Rüdiger - 2007
From 1988 to 2003, the average change in managerial ownership is significantly negative every year for American firms. The probability of large decreases in ownership is strongly increasing in contemporaneous and past stock returns but the probability of large increases in ownership through...
Persistent link: https://www.econbiz.de/10012465451
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Does the Market Value R&D Investment by European Firms? Evidence from a Panel of Manufacturing Firms in France, Germany, and Italy
Hall, Bronwyn H. - 2004
Several studies based on US and UK data have used market value as an indicator of the firm''s expected R&D performance. However, there exist no investigations for the continental countries in the European Union, partly because the analysis is complicated by data availability problems. In this...
Persistent link: https://www.econbiz.de/10012468285
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Common Ownership, Competition, and Top Management Incentives
Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022
We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intra-industry and intra-firm cross-market...
Persistent link: https://www.econbiz.de/10013477278
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Governance and Bank Valuation
Caprio, Gerard - 2003
Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and supervisory/regulatory policies on bank valuations....
Persistent link: https://www.econbiz.de/10012468536
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Cash Holdings and Credit Risk
Acharya, Viral V. - 2011
liquidity may be related positively to the longer-term probability of default. Our empirical analysis confirms these predictions …
Persistent link: https://www.econbiz.de/10012461663
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Fundamentals, Market Timing, and Seasoned Equity Offerings
DeAngelo, Harry - 2007
Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities …
Persistent link: https://www.econbiz.de/10012465366
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Pledgeability, Industry Liquidity, and Financing Cycles
Diamond, Douglas W. - 2017
downturn, as well as why industry productivity falls. The paper highlights an adverse consequence of high anticipated liquidity …, working through leverage, on the economy's access to finance and productivity when that liquidity fails to materialize. It … also suggests that higher anticipated liquidity can tighten credit constraints, instead of alleviating them …
Persistent link: https://www.econbiz.de/10012455625
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Investor Protection and Corporate Valuation
Porta, Rafael La - 1999
We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...
Persistent link: https://www.econbiz.de/10012471382