Narrow search
Showing 1 - 10 of 5,245
Cover Image
Negative Voting : Why it Destroys Shareholder Value and a Proposal to Prevent it
Cohen, Jonathan - 2008
The expansion of the derivatives and stock loan markets has permitted investors a great deal of flexibility in structuring their voting rights in and economic ownership of corporations. Some investors have used this flexibility to engage in a practice I label quot;negative voting,quot; which...
Persistent link: https://www.econbiz.de/10012770519
Cover Image
GUARANTEE ON ALL THE ASSETS OF THE DEBTOR IN INSOLVENCY PROCEEDINGS
Adam, Roxana Anca - In: "Perspectives of Business Law” Journal 2 (2013) 1, pp. 1-7
Unsecured creditors in the insolvency of the debtor's creditors are those who do not have collateral security against … to persons benefiting from collateral. The secured creditor's secured claim in the insolvency procedure is given by the … value of collateral assessment arising after the opening of insolvency proceedings the debtor. These special legal …
Persistent link: https://www.econbiz.de/10010742491
Cover Image
Legal Form, Growth and Exit of West German Firms - Empirical Results for Manufacturing, Construction, Trade and Service Industries
Harhoff, Dietmar; Stahl, Konrad; Woywode, Michael - C.E.P.R. Discussion Papers - 1996
liquidation, while the propensity to insolvency is not affected by the owner’s age. The basic empirical results hold in pooled … under limited liability should be characterized by higher than average insolvency and employment growth rates. We test these … approximately 11,000 West German firms from all major sectors of the German economy. We distinguish between voluntary liquidation …
Persistent link: https://www.econbiz.de/10005136761
Cover Image
Financial Risk in the Biotechnology Industry
Golec, Joseph H.; Vernon, John A. - National Bureau of Economic Research (NBER) - 2007
The biotechnology industry has been an engine of innovation for the U.S. healthcare system and, more generally, the U.S. economy. It is by far the most research intensive industry in the U.S. In our analyses in the current paper, for example, we find that, over the past 25 years, average R&D...
Persistent link: https://www.econbiz.de/10005050410
Cover Image
Governance Through Exit : Default Penalties and Walkaway Options in Venture Capital Partnership Agreements
Litvak, Kate - 2006
When investors sign venture capital partnership agreements, they do not immediately turn over the entire committed capital. Instead, they contribute capital in stages, as needed by the fund. Typically, investors have at least three years to decide whether to honor their commitment obligations...
Persistent link: https://www.econbiz.de/10012735380
Cover Image
Implications of High Performance Production and Work Practices for Theory of the Firm and Corporate Governance
McInerney, Thomas F. - 2004
Theories of the firm based on agency theory, transaction cost economics, and the nexus of contract conception have gained currency in the past three decades. These theories emphasize the central constitutive role of contracts for firms. Critics have charged that these theories ignore crucial...
Persistent link: https://www.econbiz.de/10012785696
Cover Image
Accounting for Greed : Unraveling the Rogue Trader Mystery
Krawiec, Kimberly D. - 2014
In this article, I analyze the motivations underlying the actions of quot;rogue tradersquot; - market professionals who engage in unauthorized purchases or sales of securities, commodities or derivatives, often for a financial institution's proprietary trading account - and the motivations of...
Persistent link: https://www.econbiz.de/10012710485
Cover Image
Hard Debt, Soft CEOs, and Union Rents
Wilson, Linus - 2012
Bond covenants may constrain managers from acquiescing to union wage demands. Yet, because high wages and high levels of worker discipline are substitutes, unions can win higher wages by raising the cost of detecting slack workers. In this case, shareholders may be better off delegating to a CEO...
Persistent link: https://www.econbiz.de/10012713084
Cover Image
Powerful Independent Directors
Morck, Randall; Fogel, Kathy; Ma, Liping - National Bureau of Economic Research (NBER) - 2014
Shareholder valuations are economically and statistically positively correlated with more powerful independent directors, their power gauged by social network power centrality measures. Sudden deaths of powerful independent directors significantly reduce shareholder value, consistent with...
Persistent link: https://www.econbiz.de/10010951070
Cover Image
Corporate Governance and Financial Stability
Wymeersch, Eddy - 2008
The relationship between corporate governance and financial stability is an intermediate one. Firms have no obligation to take financial stability into account except when the law or the applicable regulation imposes it. In several fields this is the case: regulation of auditors or credit rating...
Persistent link: https://www.econbiz.de/10012722821