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Blockholders and Corporate Governance
Edmans, Alex - In: Annual Review of Financial Economics 6 (2014) 1, pp. 23-50
consequences of activism. More recent models show that blockholders can govern through an alternative mechanism known as “exit …
Persistent link: https://www.econbiz.de/10011094546
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Blockholders and Corporate Governance
Edmans, Alex - C.E.P.R. Discussion Papers - 2013
consequences of activism. More recent models show that blockholders can govern through the alternative mechanism of “exit …
Persistent link: https://www.econbiz.de/10011084247
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Large Shareholders and Banks: Who Monitors and How?
Yafeh, Yishay; Yosha, Oved - C.E.P.R. Discussion Papers - 1995
We investigate the nature of monitoring by stake holders using data on Japanese manufacturing firms. Shareholders and … advertising, R&D and entertainment expenses. Monitoring of this type takes place even when the monitored firm is not in financial … distress. Although in Japan it is difficult to distinguish empirically between monitoring motivated by debt and monitoring …
Persistent link: https://www.econbiz.de/10005791872
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Excess control, agency costs and the probability of going private in France
Belkhir, Mohamed; Boubaker, Sabri; Rouatbi, Wael - Institut de Préparation à l'Administration et à la … - 2014
The current study investigates the determinants of going private (GP) in France. It contrasts a sample of 161 firms that went private between 1997 and 2009 with a propensity-score-matched sample of firms that remained public during the same period. The results indicate that, unlike for firms...
Persistent link: https://www.econbiz.de/10010930518
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Russian Federation; Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund (IMF); International … - 2012
This assessment reviews the regulatory framework in place for the oversight of the capital markets of the Russian Federation as of June 2011. The Russian securities markets, in particular, have been volatile, reflecting the inflow and outflow of money and the crisis. Foreign investment banks...
Persistent link: https://www.econbiz.de/10011245383
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Rent Extraction by Large Shareholders: Evidence Using Dividend Policy in the Czech Republic
Bena, Jan; Hanousek, Jan - Center for Economic Research and Graduate Education and … - 2006
Using cross-sectional analysis of corporate dividend policy we show that large shareholders extract rents from firms and expropriate minority shareholders in the weak corporate governance environment of an emerging economy. By comparing dividends paid across varying corporate ownership...
Persistent link: https://www.econbiz.de/10005086633
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Excess control, agency costs and the probability of going private in France
Belkhir, Mohamed; Boubaker, Sabri; Rouatbi, Wael - In: Global Finance Journal 24 (2013) 3, pp. 250-265
The current study investigates the determinants of going private (GP) in France. It contrasts a sample of 161 firms that went private between 1997 and 2009 with a propensity-score-matched sample of firms that remained public during the same period. The results indicate that, unlike for firms...
Persistent link: https://www.econbiz.de/10010868608
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How Does Privatization Work? Ownership Concentration and Enterprise Performance in Ukraine
Pivovarsky, Alexander - International Monetary Fund (IMF) - 2001
This paper investigates the relationship between ownership concentration and enterprise performance in Ukraine. Using data on 376 medium and large enterprises, it finds that ownership concentration is positively associated with enterprise performance in Ukraine. The paper also finds that...
Persistent link: https://www.econbiz.de/10005826048
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Monitoring managers: does it matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - European Bank for Reconstruction and Development (EBRD) - 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/10008552479
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Monitoring Managers: Does it Matter?
Cornelli, Francesca; Kominek, Zbigniew; Ljungqvist, … - C.E.P.R. Discussion Papers - 2009
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/10008491717