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We study the consequences of weakening shareholder primacy using Nevada Senate Bill 203 as a quasi-natural experiment. A difference-in-differences analysis shows that, instead of improving their governance in response to the Bill to reassure capital providers, affected firms experience a...
Persistent link: https://www.econbiz.de/10015409860
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...
Persistent link: https://www.econbiz.de/10014544807
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
Shareholder power in the US grew over recent decades due to a steep rise in concentrated institutional ownership. Using … shareholder returns but no improvements in labor productivity, suggesting that shareholder power mainly reallocates rents away …
Persistent link: https://www.econbiz.de/10013334421
. These new entrants are twice as likely to create power plants as incumbents. They owned 58% of wind, 47% of solar, and 34 … power plants with a lower heat rate and improve the efficiency of acquired plants. Our results also highlight an important …
Persistent link: https://www.econbiz.de/10014635696
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...
Persistent link: https://www.econbiz.de/10012458971
, and show that bank risk taking varies positively with the comparative power of shareholders within the corporate … actual sign of the marginal effect of regulation on risk varies with ownership concentration. These findings have important … policy implications as they imply that the same regulation will have different effects on bank risk taking depending on the …
Persistent link: https://www.econbiz.de/10012464532
We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international...
Persistent link: https://www.econbiz.de/10012471852
One of the most consequential events in any firm's lifetime is a major acquisition. Because of their importance, mergers and acquisitions (M&As) have been an enormous area of research. However, the vast majority of this research and survey papers summarizing this research have focused on...
Persistent link: https://www.econbiz.de/10013435159
In recent years, international capital flows of all types have increased dramatically and most governments have been actively encouraging inflows of direct investment. However, concerns remain that reliance on foreign multinationals may be a risky development strategy as foreign firms are likely...
Persistent link: https://www.econbiz.de/10012468657