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Joint-stock companies dynamics, legal institutions and regional economic disparities in Italy (1858-1914)
Toninelli, Pierangelo; Pavese, Claudio - Dipartimento di Economia, Metodi Quantitativi e … - 2014
The paper represents the outcome of an ongoing research program on the dynamics of joint stock companies in Italy between the 1861 Unification of the country and World War 1. It is based on a considerable quantity of data, the bulk of which is constituted by the very detailed set covering the...
Persistent link: https://www.econbiz.de/10010937273
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Institutional Investors as Minority Shareholders: Do They Matter When Ownership Is Concentrated?
Hamdani, Assaf; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2010
We shed new light on the corporate governance role of institutional investors in markets where concentrated ownership and business groups are prevalent. When companies have controlling shareholders, institutional investors, as minority shareholders, can play only a limited role in corporate...
Persistent link: https://www.econbiz.de/10008554240
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Regulatory Competition Versus Harmonisation in European Company Law
Deakin, Simon - ESRC Centre for Business Research - 2000
, the prospects of US-style regulatory competition emerging in the near future are remote, since this would also require …
Persistent link: https://www.econbiz.de/10005687998
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Business judgement rule in Czech Corporations Act
Kožiak, Jaromír - In: Juridical Tribune (Tribuna Juridica) 3 (2013) 2, pp. 126-135
Czech private law is currently undergoing a thorough transformation. This inclundes adoption of a brand new Corporations Act, which is to supersede the current Commercial Code. The new legislation introduces several new rules governing liability of company executive officers. One of these is...
Persistent link: https://www.econbiz.de/10010739848
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Regulatory Sanctions and Reputational Damage in Financial Markets
Armour, John; Mayer, Colin; Polo, Andrea - C.E.P.R. Discussion Papers - 2010
We study the impact of the announcement of enforcement of financial and securities regulation by the UK’s Financial Services Authority and London Stock Exchange on the market price of penalized firms. Since these agencies do not announce enforcement until a penalty is levied, their actions...
Persistent link: https://www.econbiz.de/10008682887
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Do VCs use inside rounds to dilute founders? Some evidence from Silicon Valley
Broughman, Brian J.; Fried, Jesse M. - In: Journal of Corporate Finance 18 (2012) 5, pp. 1104-1120
In the bank-borrower setting, a firm's existing lender may exploit its positional advantage to extract rents from the firm in subsequent financings. Analogously, a startup's existing venture capital investors (VCs) may dilute the founder through a follow-on financing from these same VCs (an...
Persistent link: https://www.econbiz.de/10011052898
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The Market for Corporate Law
Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2002
This Paper develops a model of the competition among states in providing corporate law rules. The analysis provides a … full characterization of the equilibrium in this market. Competition among states is shown to produce optimal rules with … explain, existing empirical evidence; they also indicate that the performance of state competition cannot be evaluated on the …
Persistent link: https://www.econbiz.de/10005114390
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Creditor rights and capital structure: Evidence from international data
Cho, Seong-Soon; El Ghoul, Sadok; Guedhami, Omrane; … - In: Journal of Corporate Finance 25 (2014) C, pp. 40-60
For a large sample of 48 countries, we find robust evidence that strong creditor rights are associated with low long-term leverage across countries. We further find that strong creditor protection lowers long-term debt issuance, the extent to which investments are financed with long-term debt,...
Persistent link: https://www.econbiz.de/10010753539
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Control of Mergers and Defense of Enterprises during Financial Crisis
BANULESCU, Viorel; POPESCU-CRUCERU, Anca Sorina; … - In: Romanian Statistical Review Supplement 60 (2012) 3, pp. 15-19
market, as default of a perfect competition. The main purpose of the merger control aims to ensure a regulation of the …
Persistent link: https://www.econbiz.de/10010859969
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SOCIO-ECONOMIC IMPLICATIONS OF COMBRAINS
DR.VSR.SUBRAMANIAM - EconWPA - 2005
Human brain has invented the Computer&upgraded it to a level of Combrains. With Artificial Chemical Memory, these may grow to function as independent Iintellects, Master/Sponsor representatives and self- decision workers with autonomy&supreme capability. Like any human society learn and function...
Persistent link: https://www.econbiz.de/10005118844