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Managerial Remuneration and Disciplining in the UK : A Tale of Two Governance Regimes
Renneboog, Luc - 2010
We simultaneously analyze two mechanisms of the managerial labor market (CEO turnover and remuneration schemes) in two different regulatory regimes, namely before and after the sweeping governance reforms adopted in the UK in the 1990s. We employ sample selection models to examine firms in a...
Persistent link: https://www.econbiz.de/10013135217
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A State-Stewardship View on Executive Compensation
Liang, Hao - 2013
not just professional managers but are also de facto government officials who are directly state-appointed – even in … from what agency theory predicts. We test this state-stewardship view on China and find that Chinese managers are …-steward managers stimulates not the maximization of shareholder value but the preservation of the state's interests …
Persistent link: https://www.econbiz.de/10013078675
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Capital structure and managerial compensation : the effects of remuneration seniority
Calcagno, Riccardo (contributor); Renneboog, Luc (contributor) - 2004 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10002512908
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Insider trading, option exercises and private benefits of control
Cziraki, Peter; Goeij, Peter de; Renneboog, Luc - 2010
We investigate patterns of abnormal stock performance around insider trades and option exercises on the Dutch market. Listed firms in the Netherlands have a long tradition of employing many anti-shareholder mechanisms limiting shareholders rights. Our results imply that insider transactions are...
Persistent link: https://www.econbiz.de/10003986110
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Recent Developments in German Corporate Governance
Goergen, Marc - 2007
This paper provides an overview of the German corporate governance system. We review the governance role of large shareholders, creditors, the product market and the supervisory board. We also discuss the importance of mergers and acquisitions, the market in block trades, and the lack of a...
Persistent link: https://www.econbiz.de/10012732257
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Shareholder Lock-In Contracts : Share Price and Trading Volume Effects at the Lock-In Expiry
Angenendt, Peter-Paul - 2006
This paper unveils the diversity in lock-in agreements of firms listed on the Nouveau Marche stock exchange in France. We give the main economic reasons why shareholders adopt lock-in agreements that are more stringent than legally required. We relate the abnormal returns and the abnormal volume...
Persistent link: https://www.econbiz.de/10012735019
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Public-to-Private Transactions : Lbos, Mbos, Mbis and Ibos
Simons, Tomas - 2005
This paper shows that a vibrant and economically important public-to-private market has reemerged in the US, UK and Continental Europe, since the second half of the 1990s. The paper shows recent trends and investigates the motives for public-to-private and LBO transactions. The reasons for the...
Persistent link: https://www.econbiz.de/10012736115
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Leveraged Buyouts : A Survey of the Literature
Renneboog, Luc - 2017
This paper provides an exhaustive literature review of the motives for public-to-private LBO transactions. First, the paper develops the theoretical framework for the potential sources of value creation from going private: a distinction is made between the reduction in agency costs, stakeholder...
Persistent link: https://www.econbiz.de/10012961176
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Contractual Corporate Governance
Goergen, Marc - 2009
Companies have the choice to deviate from their national corporate governance standards by opting into another system. They can do so via contractual devices - such as cross-border mergers and acquisitions, (re)incorporations, and cross-listings - which enable firms to choose their preferred...
Persistent link: https://www.econbiz.de/10012766465
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Spillover of Corporate Governance Standards in Cross-Border Mergers and Acquisitions
Martynova, Marina - 2009
In cross-border acquisitions, the differences between the bidder and target corporate governance have an important impact on the takeover returns. We measure the difference in the bidder and target corporate governance (in terms of shareholder, minority shareholder, and creditor orientation)...
Persistent link: https://www.econbiz.de/10012766625