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Monitoring managers : does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - 2010
that they are incompetent and when board power has increased following corporate governance reforms. In contrast, CEOs are …
Persistent link: https://www.econbiz.de/10008702077
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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
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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
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European takeover law : the case for a neutral approach
Enriques, Luca - 2010
for a takeover-neutral intervention of the EC in the area of takeover regulation (pre-emption of “takeover …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 …
Persistent link: https://www.econbiz.de/10008728815
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The private sector advances in China : the evolving ownership structures of the largest companies in the Xi Jinping era
Huang, Tianlei; Véron, Nicolas - 2022
This paper documents recent structural changes in China's corporate landscape, based on company level data, providing a complementary perspective to that of official Chinese statistics. We classify China's largest companies by revenue since 2004 (based on Fortune Global 500 rankings), and...
Persistent link: https://www.econbiz.de/10013184745
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Long term changes in voting power and control structure following the unification of dual class shares
Lauterbach, Beni; Yāfe, Yišay - 2009
afterwards; by the end of the sample period their voting power was only marginally lower than in the control sample. This …
Persistent link: https://www.econbiz.de/10008840054
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Postprivatization corporate governance : the role of ownership structure and investor protection
Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - 2003
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011591071
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The balance of power in closely held corporations
Bennedsen, Morten; Wolfenzon, Daniel - 1999
having several significant shareholders. The founder of the firm may optimally choose to distribute voting power to several …
Persistent link: https://www.econbiz.de/10012142222
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The Principle of Proportionality: Separating the Impact of Dual Class Shares, Pyramids and Cross-ownership on Firm Value Across Legal Regimes in Western Europe
Bennedsen, Morten; Meisner, Kasper, Nielsen - 2006
Recent policy initiatives within the harmonization of European company laws have promoted a so-called "principle of proportionality" through proposals that regulate mechanisms opposing a proportional distribution of ownership and control. We scrutinize the foundation for these initiatives by...
Persistent link: https://www.econbiz.de/10012142316
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Mergers and acquisitions in Germany
Schmid, Frank A. (contributor); Wahrenburg, Mark (contributor) - 2002 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001974753