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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

Monitoring managers : does it matter?

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

We test under what circumstances boards discipline managers and whether such interventions improve performance. We …

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

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

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

Family firms

Burkart, Mike; Panunzi, Fausto; Shleifer, Andrei - 2002

We present a model of succession in a firm owned and managed by its founder. The founder decides between hiring a professional manager or leaving management to his heir, as well as on how much, if any, of the shares to float on the stock exchange. We assume that a professional is a better...

Persistent link: https://www.econbiz.de/10011597776

Do CEOs know best? : evidence from China

Bloom, Nicholas; Cheng, Hong; Duggan, Mark G.; Li, Hongbin - 2018

unique aspect of this survey is it collected management data from the CEO, a random sample of senior managers and workers. We … poorly managed firms. This distribution of management scores is similar for CEOs, senior managers and workers management, and …, we find that the CEO's management scores are the most predictive of firm performance, followed by the senior managers and …

Persistent link: https://www.econbiz.de/10011895781

The effectiveness of management training programs : a meta-analytic review

Busso, Matias; Park, Kyunglin; Irazoque, Nicolás - 2023

entrepreneurs and managers in specifically targeted sectors such as agriculture, manufacturing, or services was more likely to …

Persistent link: https://www.econbiz.de/10014460796

Corporate governance, favoritism and careers

Pagano, Marco; Picariello, Luca - 2022

Persistent link: https://www.econbiz.de/10013206269

Monitoring the governance of state-owned enterprises : assessing the impact of corporate governance reforms in Brazil

Coelho, Daphne; Teodorovicz, Thomaz; Fritscher, André … - 2024

State-owned enterprises (SOEs) are often justified for correcting market failures, providing essential public services, and fulfilling social objectives. Yet, SOEs face unique governance challenges as agency conflicts usually increase with state ownership. This paper examines Brazil's efforts to...

Persistent link: https://www.econbiz.de/10015054007

Merger mechanisms

Brusco, Sandro; Lopomo, Giuseppe; Viswanathan, S. - 2004

A firm can merge with one of n potential partners. The owner of each firm has private information about both his firm's stand-alone value and a component of the synergies that would be realized by the merger involving his firm. We characterize incentive-efficient mechanisms in two cases. First,...

Persistent link: https://www.econbiz.de/10011599056

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