(VF)L'objet de ce papier est d'étudier la scission du groupe Eridania-Béghin-Say intervenue en juillet 2001 pour s'interroger sur l'oppor-tunité et la valeur de cette décision à partir d'un modèle formalisé fondé sur les options réelles. Le marché a réagi favorablement et positivement...

This research analyzes the relations between highly concentrated ownership structures, corporate governance mechanisms and firm value for a sample of Latin American firms. With concentrated ownership, the conflict of interest shifts from the principal-agent problem to a dominant-minority...

The aim of this paper is to determine the place and role of corporate governance and performance measures in the efforts of managers to maximize shareholder value, and the attitude of Serbian corporations toward these issues. The paper first analyses the importance of corporate governance and...

The aim of this paper is to determine the place and role of corporate governance and performance measures in the efforts of managers to maximize shareholder value, and the attitude of Serbian corporations toward these issues. The paper first analyses the importance of corporate governance and...

This study visits the role of shareholder proposals in the governance of public corporations by studying withdrawn shareholder proposals. Among all shareholders, unions are the most likely to withdraw proposals. Furthermore, firms with a record of poor performance, lower insider ownership and...

We show that the agency theory of overvalued equity (see Jensen, 2005) rather than investors' fixation on accruals explains the accrual anomaly, i.e., abnormal returns to an accrual trading strategy (see Sloan, 1996).Under the agency theory of overvalued equity, managers of overvalued firms are...

This study examines the applicability of the trade-off theory to explain the valuation effects in response to divestiture announcements of Australian parents. It has been documented in the capital structure literature regarding various industrial and firm characteristics on motivation of the...

Adopting a governance perspective, this clinical study analyses the merger between closely-held Donohue Inc. and widely-held Abitibi-Consolidated Inc. Some key findings emerge. First, the absence of a controlling shareholder and weak board governance at Abitibi might explain both (a) its...

Recent research has revealed a persistent cross-sectional pattern for leverage ratios. This paper argues that growth type captures important differences in market imperfections across firms. We show that growth type, largely revealed early on, parsimoniously explains the persistent dispersion in...

Using a large sample of earnings announcements made by firms belonging to Korean chaebols, we examine propping (i.e., negative tunneling) within a chaebol. Consistent with the market's ex-ante valuation of intra-group propping, we find that the announcement of increased (decreased) earnings over...