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Non-voting shares in France: An empirical analysis of the voting premium
Muus, Christian K. - 1998
It is the objective of this paper to determine the voting premium for French shares by comparing the values of voting and non-voting shares, and to analyze the value of the voting rights. The study uses data for 25 French companies which had both types of shares outstanding and traded on the...
Persistent link: https://www.econbiz.de/10005840385
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Stock-Based Incentives in Executive Compensation Packages - Evidence from German Prime Standard Firms (Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung - Evidenz a...
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - Center for Entrepreneurial and Financial Studies <München> - 2009
While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were …
Persistent link: https://www.econbiz.de/10005870301
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The Impact of Managerial Ownership, Monitoring and Accounting Standard Choice on Accrual Mispricing
Gegenfurtner, Bernhard; Ampenberger, Markus; Kaserer, … - Center for Entrepreneurial and Financial Studies <München> - 2009
first corroborate former results indicating that the accrual anomaly is also present in Germany. However, this anomaly seems …
Persistent link: https://www.econbiz.de/10005870302
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Family Firms, Agency Costs and Risk Aversion - Empirical Evidence from Diversification and Hedging Decisions
Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - Center for Entrepreneurial and Financial Studies <München> - 2008
Germany, an economy where family-control traditionally plays a predominant role in corporate governance.We find that family …
Persistent link: https://www.econbiz.de/10005870324
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ECONOMIC CONSEQUENCES OF PRIVATE EQUITY INVESTMENTS ON THE GERMAN STOCK MARKET
Achleitner, Ann-Kristin; Andres, Christian; Betzer, André - Center for Entrepreneurial and Financial Studies <München> - 2009
= -1 to t = 0). In addition, we find that the wealth effects of PE investor involvement in Germany are positively related …
Persistent link: https://www.econbiz.de/10005870388
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ON THE RELEVANCE OF OWNERSHIP STRUCTURE IN DETERMINING THE MATURITY OF DEBT
Marchica, Maria-Teresa - Manchester Business School - 2008
I show that ownership by blockholding and board composition is an important determinant ofcorporate debt maturity structure. Using GMM methodology to control for the potential endogeneityof all regressors, I find a statistically and economically significant negative relation between...
Persistent link: https://www.econbiz.de/10005870604
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Corporate Financial Constraints, Bank Governance,and Financial System Stability
Behr, Patrick; Norden, Lars; Noth, Felix - Lehrstuhl für Internationales Bank- und Finanzwesen … - 2010
Financial constraints are frictions that prevent firms from funding all desired investments, which might affect firm value and aggregate economic activity. We investigate whether and how bank governance, especially private vs. non-private bank ownership, affects financial constraints of small...
Persistent link: https://www.econbiz.de/10009005132
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The Effects of Uncertainty and CorporateGovernance on Firms' Demand for Liquidity
Baum, Christopher F.; Chakraborty, Atreya; Han, Liyan; … - Boston College / Department of Economics - 2009
We find that U.S. corporations' demand for liquidity is sensitive to two importantfactors: uncertainty facing the rm and the quality of corporate governance. Fol-lowing prior research, we find that both factors have important influences on firms'cash holdings. Our results also indicate that the...
Persistent link: https://www.econbiz.de/10009302540
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Controlling shareholders and payout policy: Do founding familieshave a special “taste for dividends”?
Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - Lehrstuhl für Finanzmanagement und Kapitalmärkte - 2010
Around the world (with the U.S. and U.K. as exceptions) concentrated ownershipstructures and controlling shareholders … 1995 to 2006 period from Germany, an economy that is traditionally characterized byconcentrated ownership structures and … strong family capitalism. We find that family firmsexhibit a higher propensity and level for both dividend payments and total …
Persistent link: https://www.econbiz.de/10009302692
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Corporate Governance, Unternehmensbewertung und Wettbewerb - eine Untersuchung für die Schweiz
Beiner, Stefan; Drobetz, Wolfgang; Schmid, Markus M.; … - Wirtschaftswissenschaftliches Zentrum <Basel> - 2004
Einleitung: In der zweiten Hälfte der neunziger Jahre ist die Verbesserung der CorporateGovernance börsennotierter Gesellschaften zu einem intensiv diskutiertenThema geworden. Im Unterschied zu früheren Debatten, wie sie vor etwazwanzig Jahren anlässlich der Arbeit von Jensen/Meckling (1976)...
Persistent link: https://www.econbiz.de/10005862982