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Non-voting shares in France: An empirical analysis of the voting premium
Muus, Christian K. - 1998
It is the objective of this paper to determine the voting premium for French shares by comparing the values of voting and non-voting shares, and to analyze the value of the voting rights. The study uses data for 25 French companies which had both types of shares outstanding and traded on the...
Persistent link: https://www.econbiz.de/10005840385
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Stock-Based Incentives in Executive Compensation Packages - Evidence from German Prime Standard Firms (Aktienbasierte Langfristanreize im Rahmen der Vorstandsverguetung - Evidenz a...
Rapp, Marc Steffen; Schaller, Philipp; Wolff, Michael - Center for Entrepreneurial and Financial Studies <München> - 2009
While in the US stock-based incentives are commonly used since the 50s of the last century, in Germany they were invented only some ten years ago. Even in 1996 firms faced considerable regulatory difficulties when willing to grant such incentives. In the meantime the legal environment has...
Persistent link: https://www.econbiz.de/10005870301
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The Impact of Managerial Ownership, Monitoring and Accounting Standard Choice on Accrual Mispricing
Gegenfurtner, Bernhard; Ampenberger, Markus; Kaserer, … - Center for Entrepreneurial and Financial Studies <München> - 2009
We analyse to what extent the accrual anomaly is related to the choice of the accounting system as well as firm-level heterogeneity in corporate governance mechanisms. Using a unique dataset of listed German firms over the period 1995 to 2005 we first corroborate former results indicating that...
Persistent link: https://www.econbiz.de/10005870302
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Private Equity Investors as Corporate Governance Mechanism in Continental Europe
Achleitner, Ann-Kristin; Betzer, André; … - Center for Entrepreneurial and Financial Studies <München> - 2009
This paper investigates the strategy of private equity investors to take public companiesprivate in blockholder-based economies. Drawing on a unique dataset, we providestrong evidence that private equity investors buy companies in order to mitigatepotential agency problems and hence to improve...
Persistent link: https://www.econbiz.de/10005870306
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Family Firms, Agency Costs and Risk Aversion - Empirical Evidence from Diversification and Hedging Decisions
Schmid, Thomas; Ampenberger, Markus; Kaserer, Christoph; … - Center for Entrepreneurial and Financial Studies <München> - 2008
We analyse whether family firms differ from non-family firms in terms of business segment and geographical … differences between family and non-family firms in terms of corporate performance, comparatively little is known about the impact … of family firm dimensions on firm behaviour. We try to fill this research gap with a single country study focusing on …
Persistent link: https://www.econbiz.de/10005870324
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Private Equity Minority Investments in Large Family Firms: What Influences the Attitude of Family Firm Owners?
Achleitner, Ann-Kristin; Schraml, Stephanie C.; … - Center for Entrepreneurial and Financial Studies <München> - 2008
This paper extends research in the field of private equity investments in family firms. It contributes to the … literature by fundamentally analyzing the decision criteria of family firm owners for using minority investments of private … equity investors. This type of financing might be of great interest to family firms, as the family firm owner is able to …
Persistent link: https://www.econbiz.de/10005870327
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ECONOMIC CONSEQUENCES OF PRIVATE EQUITY INVESTMENTS ON THE GERMAN STOCK MARKET
Achleitner, Ann-Kristin; Andres, Christian; Betzer, André - Center for Entrepreneurial and Financial Studies <München> - 2009
This paper investigates the wealth effects of private equity (PE) investor purchases of shares in German quoted companies. It is the first study to analyze these effects for the German market which is particularly interesting due to its distinct characteristics with regard to the ownership...
Persistent link: https://www.econbiz.de/10005870388
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ON THE RELEVANCE OF OWNERSHIP STRUCTURE IN DETERMINING THE MATURITY OF DEBT
Marchica, Maria-Teresa - Manchester Business School - 2008
I show that ownership by blockholding and board composition is an important determinant ofcorporate debt maturity structure. Using GMM methodology to control for the potential endogeneityof all regressors, I find a statistically and economically significant negative relation between...
Persistent link: https://www.econbiz.de/10005870604
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The Adverse Selection Effect of Corporate CashReserve: Evidence from the Acquisitions SolelyFinanced by Stock
Gao, Ning - Manchester Business School - 2008
Rhodes-Kropf and Viswanathan (2004) suggest an adverse selection role of corporate cashreserve. Specifically, if investors know a bidder does not have to issue to invest, an attempt to doso sends a strong pessimistic signal of overvaluation. Despite its intuitiveness, this notion has notbeen...
Persistent link: https://www.econbiz.de/10005870609
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Corporate Financial Constraints, Bank Governance,and Financial System Stability
Behr, Patrick; Norden, Lars; Noth, Felix - Lehrstuhl für Internationales Bank- und Finanzwesen … - 2010
Financial constraints are frictions that prevent firms from funding all desired investments, which might affect firm value and aggregate economic activity. We investigate whether and how bank governance, especially private vs. non-private bank ownership, affects financial constraints of small...
Persistent link: https://www.econbiz.de/10009005132