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Governance as a source of managerial discipline

Franks, Julian; Mayer, Colin - 2002

Anglo-American stock markets are much larger than their continental counterparts. Does investor protection and governance explain these differences? Using UK data, we examine four different forms of intervention which are suppose to promote good governance: takeovers, independent directors,...

Persistent link: https://www.econbiz.de/10011506553

Strong Managers and Passive Institutional Investors in the UK

Goergen, Marc; Renneboog, Luc - 1999

The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership, the reader should bear in mind that there are about...

Persistent link: https://www.econbiz.de/10011608485

Economic Costs and Benefits of Imposing Short-Horizon Value-at-Risk Type Regulation

Shi, Zhen; Werker, Bas J.M. - 2011

Regulators often set value-at-risk (VaR) constraints to limit the portfolio risk of institutional investors. For some …

Persistent link: https://www.econbiz.de/10010325677

Country portfolios with imperfect corporate governance

Mukherjeey, Rahul - 2010

towards home assets to hedge their labor income risk. Calibrating the model to match existing estimates of private benefits of …

Persistent link: https://www.econbiz.de/10010316723

Diversification and ownership concentration

Parigi, Bruno Maria; Pelizzon, Loriana - 2005

We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects...

Persistent link: https://www.econbiz.de/10010261366

The Influence of Pension Funds on Corporate Governance

von Arx, Urs; Schäfer, Andreas - 2007

Although pension funds have gained importance in the last two decades, their role has not been described in detail by economic models. This paper focusses on the scope of these institutional investors when they are not satisfied with a management team of a company in which the pension fund holds...

Persistent link: https://www.econbiz.de/10011753127

Product market competition, corporate governance and firm performance: an empirical analysis for Germany

Januszewski, Silke I.; Köke, Jens; Winter, Joachim K. - 1999

Productivity growth has been slow in many continental European countries over the last few decades, especially in comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are two of the main reasons for this phenomenon. However,...

Persistent link: https://www.econbiz.de/10010297660

The evolution of bank boards of directors in New York, 1840-1950

White, Eugene N.; Bodenhorn, Howard - 2014

Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that...

Persistent link: https://www.econbiz.de/10011396829

Rhineland exit?

Bovenberg, Lans; Teulings, Coen N. - 2007

of firm-specific risks. Whereas globalisation has increased firm-specific risk by intensifying competition, globalisation … of capital markets has also greatly increased the scope for diversification of firm-specific risk. Diversification of … this risk on the capital market is an efficient form of social insurance. Reducing the claims of workers on the surplus of …

Persistent link: https://www.econbiz.de/10010325305

Blockholder Dispersion and Firm Value

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

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/10010325997

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