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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
Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...
Persistent link: https://www.econbiz.de/10012955820
Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...
Persistent link: https://www.econbiz.de/10012955910
Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...
Persistent link: https://www.econbiz.de/10014023372
Shareholder valuations are economically and statistically positively correlated with independent directors' power, gauged by social network power centrality. Powerful independent directors' sudden deaths reduce shareholder value significantly; other independent directors' deaths do not. More...
Persistent link: https://www.econbiz.de/10013034429
The remote inland province of Shanxi was late Qing dynasty China’s paramount banking center. Itsremoteness and China’s almost complete isolation from foreign influence at the time lead historiansto posit a Chinese invention of modern banking. However, Shanxi merchants ran a tea trade...
Persistent link: https://www.econbiz.de/10005870325
Persistent link: https://www.econbiz.de/10005489863
Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1)...
Persistent link: https://www.econbiz.de/10011234895
Many seemingly discordant results are reconciled if firm-specific return volatility is characterized as the intensity with which firm-specific events occur. A functionally efficient stock market allocates capital to its highest value uses, which often amounts to financing Schumpeterian creative...
Persistent link: https://www.econbiz.de/10010951344
We find inherited family firms more important in postwar Japan than generally realized, and also performing well on average. Non-consanguineous heir-run firms outperform blood heirs' firms, and roughly match founder-run listed firms, while blood heirs surpass professional managers at running...
Persistent link: https://www.econbiz.de/10011039234