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the shareholders of existing companies would not be served by adopting those default arrangements that public officials … between two or more default arrangements and face significant uncertainty as to which one would best serve shareholders, they … should err in favour of the arrangement that is less favourable to managers. Such an approach, we show, would make it most …
Persistent link: https://www.econbiz.de/10005656367
We use extensive hand collected surveys reporting governance practices of Brazilian firms in 2004, 2006, and 2009 to build a broad corporate governance index and analyze the evolution of corporate governance in Brazil and the association between governance and firm value. We find that corporate...
Persistent link: https://www.econbiz.de/10010906945
This paper aims to analyze the relation between business models, quality of governance and performance achieved by banks during the period 2005-2008. Coherently with a substantial literature which has spent its effort on researching for the relation between quality of governance and banks’...
Persistent link: https://www.econbiz.de/10009399131
Corporate Governance relates to mechanisms through which providers of resources to the firm get their share of resources in return. Adequate governance practices help develop capital markets and assist market forces in attaining efficient contracts. Convincing evidence exists that well developed...
Persistent link: https://www.econbiz.de/10005813742
) takeover bids (buying shares only); and (3) a combination of proxy fights and takeover bids in which shareholders vote on … cash or the acquirer’s existing securities, voting shareholders can infer from the pre-vote market trading which outcome …
Persistent link: https://www.econbiz.de/10005123692
decisions, directors’ superior information, bargaining by management, pressures on managers to focus on the short …-run, inferences from IPO charters, interests of long-term share-holders, aggregate shareholder wealth, and protection of stakeholders …. Examining these arguments both at the level of theory and in light of all available empirical evidence, the Paper concludes that …
Persistent link: https://www.econbiz.de/10005124408
The use of equity derivatives to conceal economic ownership of shares (“hidden ownership”) is increasingly drawing attention from the financial community, as is the exercise of voting power without corresponding economic interest (“empty voting”). Market participants and commentators...
Persistent link: https://www.econbiz.de/10005000662
The use of equity derivatives to conceal economic ownership of shares (“hidden ownership”) is increasingly drawing attention from the financial community, as is the exercise of voting power without corresponding economic interest (“empty voting”). Market participants and commentators...
Persistent link: https://www.econbiz.de/10005621423
The correlation between governance indices and abnormal returns documented for 1990–1999 subsequently disappeared. The correlation and its disappearance are both due to market participants' gradually learning to appreciate the difference between good-governance and poor-governance firms....
Persistent link: https://www.econbiz.de/10010664042
In the wake of the financial crisis, shareholders are increasingly relied upon to monitor directors. But while much has … been written about directors' flawed judgments, remarkably little is known about shareholders' ability to make accurate … judgments. What determines whether shareholders make the right decision when asked to vote on, say, a merger? This paper takes a …
Persistent link: https://www.econbiz.de/10010614650