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Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010

We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed ‘hard’ information about the...

Persistent link: https://www.econbiz.de/10008702077

European takeover law : the case for a neutral approach

Enriques, Luca - 2010

This paper argues that in revising the Takeover Bid Directive, EU policymakers should adopt a neutral approach toward … kind. Unfortunately, takeover rules cannot be crafted so as to hinder all the bad takeovers while at the same time … current EC legal framework for takeovers overall hinders takeover activity in the EU, the paper identifies three rationales …

Persistent link: https://www.econbiz.de/10008728815

Disentangling the effect of private and public cash flows on firm value

Scherrer, Cristina Mabel; Fernandes, Marcelo - 2016

This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class...

Persistent link: https://www.econbiz.de/10011523988

Are there waves in merger activity after all?

Gärtner, Dennis (contributor); Halbheer, Daniel (contributor) - 2004 - September 2004, revised February 2006

This paper investigates the merger wave hypothesis for the US and the UK employing a Markov regime switching model. Using quarterly data covering the last thirty years, for the US, we identify the beginning of a merger wave in the mid 1990s but not the much-discussed 1980s merger wave. We argue...

Persistent link: https://www.econbiz.de/10002521615

The government as a large shareholder : impact on firm value and corporate governance

Fernandes, Marcelo; Novaes, Walter - 2015

The subprime crisis led to a wave of government interventions in the private sector that has been particularly strong in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense, the subprime crisis induced these governments to behave as...

Persistent link: https://www.econbiz.de/10011405286

Long term changes in voting power and control structure following the unification of dual class shares

Lauterbach, Beni; Yāfe, Yišay - 2009

We follow the evolution of ownership structure in a sample of 80 Israeli companies that unified their dual-class shares in the 1990s, and compare it with a control sample of firms that maintained their dual share structure at least until 2000. Our main findings are as follows. First, controlling...

Persistent link: https://www.econbiz.de/10008840054

Reluctant privatization

Bortolotti, Bernardo; Faccio, Mara - 2004

We study the evolution of the control structure of 141 privatized firms from OECD countries over the period from 1996 through 2000. We find that governments do not relinquish control after privatization. We show that the market-to-book ratios of privatized firms converge through time to those of...

Persistent link: https://www.econbiz.de/10011606983

Corporate governance practices and companies' R&D orientation : evidence from European countries

Honoré, Florence; Munari, Federico; Van Pottelsberghe … - 2011

include the equal treatment of shareholders, the absence of anti-takeover devices and severance pay. -- R&D intensity …

Persistent link: https://www.econbiz.de/10008907733

Endogenous ownership structure : factors affecting the post-privatisation equity in largest Hungarian firms

Bishop, Kate; Filatotchev, Igor; Mickiewicz, Tomasz - 2002

Using a data set for 162 largest Hungarian firms during the period of 1994-1999 this paper explores the determinants of equity shares held by both foreign investors and by Hungarian corporations. We find evidence of a post-privatisation evolution towards more homogeneous equity structures, where...

Persistent link: https://www.econbiz.de/10011597686

An attempt to disperse the Italian interlocking directorship network : analyzing the effects of the 2011 reform

Drago, Carlo; Ricciuti, Roberto; Santella, Paolo - 2015

The purpose of this paper is to analyze the effects on the Italian directorship network of the corporate governance reform that was introduced in Italy in 2011 to prevent interlocking directorships in the financial sector. Interlocking directorships are important communication channels among...

Persistent link: https://www.econbiz.de/10011348901

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