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Corporate Governance, Business Groups, and Market Value : Time-Series Evidence from Turkey
Ararat, Melsa - 2014
Business groups play a large, sometimes dominant economic role in many countries. A number of studies find an association between firm-level corporate governance and market value, but none study the role of business group identity in firm level corporate governance or the value of “group...
Persistent link: https://www.econbiz.de/10013063726
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Friendly Takeover Offers for Public Corporations : Interim Uncertainty, Reserve Prices, and Bustup Fees
Black, Bernard S. - 2012
deal's final approval by target shareholders: a month for a takeover with a first step cash tender offer, longer for a … merger. During this time target values may change, perhaps dramatically. While a target can accept new bids if its value … significant premium to the target's prior market price. Prior models of takeover bidding ignore the law-induced delay and …
Persistent link: https://www.econbiz.de/10013109025
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Bidder Overpayment in Takeovers
Black, Bernard S. - 2014
An important portion of shareholder gains likely reflects bidders overpaying for targets. The overpayment is not fully reflected in bidders' share prices, to the extent that investors already expected the bidder to waste money, on acquisitions or other investments
Persistent link: https://www.econbiz.de/10013052891
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Venture Capital and the Structure of Capital Markets : Banks Versus Stock Markets
Gilson, Ronald J. - 2000
The United States has many banks that are small relative to large corporations and play a limited role in corporate governance, and a well developed stock market with an associated market for corporate control. In contrast, Japanese and German banks are fewer in number but larger in relative...
Persistent link: https://www.econbiz.de/10012743625
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Corporate governance indices and construct validity
Black, Bernard S.; Carvalho, Antonio Gledson de; … - In: Corporate governance : an international review 25 (2017) 6, pp. 397-410
Persistent link: https://www.econbiz.de/10011848222
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How corporate governance affect firm value? Evidence on a self-dealing channel from a natural experiment in Korea
Black, Bernard S.; Kim, Woochan; Jang, Hasung; Park, … - In: Journal of Banking & Finance 51 (2015) C, pp. 131-150
Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little evidence on the specific channels through which governance can increase value. We provide evidence, from a natural experiment in Korea, that reduced tunneling is an...
Persistent link: https://www.econbiz.de/10011194180
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The evolution of corporate governance in Brazil
Black, Bernard S.; Carvalho, Antonio Gledson de; … - In: Emerging Markets Review 20 (2014) C, pp. 176-195
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
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Outside Director Liability: A Policy Analysis
Black, Bernard S.; Cheffins, Brian R.; Klausner, Michael - In: Journal of Institutional and Theoretical Economics (JITE) 162 (2006) 1, pp. 5-20
Outside directors of public companies play a central role in overseeing management. Nonetheless, they have rarely incurred personal, out-of-pocket liability for failing to carry out their assigned tasks, either in the litigation-prone United States or other countries. Historically, as threats to...
Persistent link: https://www.econbiz.de/10005823409
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Corporate Governance and Firms' Market Values: Time Series Evidence from Russia
Black, Bernard S.; Love, Inessa; Rachinsky, Andrei - Center for Economic and Financial Research (CEFIR), New … - 2005
There is increasing evidence that broad measures of firm-level corporate governance predict higher share prices. However, almost all prior work relies on cross-sectional data. This work leaves open the possibility that endogeneity or omitted firm-level variables explain the observed...
Persistent link: https://www.econbiz.de/10005357267