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Demutualization, Outsider Ownership and Stock Exchange Performance - Empirical Evidence

Serifsoy, Baris - 2005

shed light on this topic by comparing the efficiency and productivity of exchanges with differing governance arrangements …. For this purpose we calculate in a first step individual efficiency and productivity values via DEA. In a second step we … order to determine efficiency and productivity differences between (1) mutuals (2) demutualized but customer-owned exchanges …

Persistent link: https://www.econbiz.de/10010265524

Bank owners or bank managers: who is keen on risk? Evidence from the financial crisis

Gropp, Reint E.; Köhler, Matthias - 2010

In this paper, we analyse whether bank owners or bank managers were the driving force behind the risks incurred in the wake of the financial crisis of 2007/2008. We show that owner controlled banks had higher profits in the years before the crisis, and incurred larger losses and were more likely...

Persistent link: https://www.econbiz.de/10010299988

Estimating Managers' Utility Maximizing Demand for Agency Goods

Hughes, Joseph P.; Moon, Choon-Geol - 2003

An empirical model of managers' demand for agency goods is derived and estimated using the Almost Ideal Demand System of Deaton and Muellbauer (AER 1980). As in Jensen and Meckling (JFE 1976), we derive managers' demand for agency goods by maximizing a managerial utility function where managers...

Persistent link: https://www.econbiz.de/10010274320

New evidence on ownership structures in Germany

Köke, Jens - 1999

Ownership structures are an important element of the theory explaining corporate governance. This study presents detailed descriptive evidence on the ownership structures of German manufacturing firms. It addresses several shortcomings of the previous German empirical literature: First, we study...

Persistent link: https://www.econbiz.de/10010297658

Control transfers in corporate Germany: their frequency, causes and consequences

Köke, Jens - 2000

This study examines changes in block ownership for a large sample of listed and non-listed German firms. The frequency of block trading is similar to other countries, and the vast majority of block trades leads to changes in ultimate ownership (control transfers). Such changes are more likely...

Persistent link: https://www.econbiz.de/10010297730

Corporate governance, market discipline, and productivity growth

Köke, Jens - 2001

Using a large panel of German manufacturing firms over the years 1986?1996, this study examines the impact of corporate governance and market discipline on productivity growth. We find that firms under concentrated ownership tend to show significantly higher productivity growth. Financial...

Persistent link: https://www.econbiz.de/10010297792

Dynamics in ownership and firm survival: evidence from corporate Germany

Heiss, Florian; Köke, Jens - 2001

This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...

Persistent link: https://www.econbiz.de/10010297800

Blockholder dispersion and firm value

Konijn, Sander J. J.; Kräussl, Roman; Lucas, André - 2010

This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...

Persistent link: https://www.econbiz.de/10010303754

Blockholder Dispersion and Firm Value

Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - 2009

Persistent link: https://www.econbiz.de/10010325997

Post-Privatisation Ownership Structure and Productivity in Russian Industrial Enterprises

Earle, John S. - 1999

This paper investigates the impact of ownership structure on the productivity performance of Russian industrial enterprises. The analysis compares the effects of several types of new private owners - insiders (managers and other employees) and outsiders (individual and institutional investors) -...

Persistent link: https://www.econbiz.de/10011608483

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