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Corporate Governance Convergence Through Cross-Border Mergers: The Case of Aventis
Cabolis, Christos; Bris, Arturo - School of Management, Yale University - 2004
In this paper we illustrate the role of cross-border mergers in the process of corporate governance convergence. We explore in detail the corporate governance provisions in Rhone-Poulenc, a French company, and Hoechst, a German firm, and the resulting structure after the two firms merged in 1999...
Persistent link: https://www.econbiz.de/10008853994
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Family control and expropriation at not-for-profit organizations: evidence from korean private universities
Bae, Kee-Hong; Kim, Seung-Bo; Kim, Woochan - Volkswirtschaftliche Fakultät, … - 2012
the amount of funds they contribute, that is, universities with high expropriation risk, are associated with lower outside …
Persistent link: https://www.econbiz.de/10011258770
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Agency Conflicts, Expropriation and Firm Value: Evidence from Securities-Market Regulation in China
Henk, Berkman; Rebel, Cole; Fu, Lawrence - Volkswirtschaftliche Fakultät, … - 2005
protecting minority shareholders from expropriation by controlling shareholders. Using data from publicly traded Chinese firms …
Persistent link: https://www.econbiz.de/10011260290
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A Survey of Corporate Governance in Russia
Lazareva, Olga; Rachinsky, Andrei; Stepanov, Sergey - Center for Economic and Financial Research (CEFIR), New … - 2007
In this survey, we describe the current state of corporate governance in Russia and discuss its dynamics and prospects. We review the main mechanisms of corporate governance in the country and relate them to firms’ ownership structures, financial market development and government influence....
Persistent link: https://www.econbiz.de/10005086543
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Corporate Governance, Business Group Affiliation, and Firm Performance : Descriptive Evidence from Pakistan
Ghani, Waqar I.; Ashraf, Junaid - East Asian Bureau of Economic Research (EABER) - 2005
each year and over all five-years combined. In contrast, Tobins Q results (a market valuation measure) show that the mean …
Persistent link: https://www.econbiz.de/10009363288
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Legal Environment, Firm-level Corporate Governance and Expropriation of Minority Shareholders in Asia
Krishnamurti, Chandrasekhar; Sěvić, Aleksandar; … - In: Economic Change and Restructuring 38 (2005) 1, pp. 85-111
Working Paper; 2002, Journal of Finance 57(2), 2741–2771) provide empirical evidence regarding expropriation arising from the … separation of cash flow from voting rights in Asian firms. Their analysis suggests a high degree of expropriation in Hong Kong …, Indonesia, Malaysia, and Thailand. We re-examine the problem of expropriation in Asian firms reported by earlier research. We …
Persistent link: https://www.econbiz.de/10005674068
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Expropriation: Evidence from Rights Issues in China
Pan, Hongbo; Xia, Xinping; Yu, Minggui - In: Emerging Markets Finance and Trade 44 (2008) 1, pp. 5-20
This paper examines the expropriation of tradable shareholders in rightsissuing firms with the split share structure in … negatively correlated with the change in wealth of nontradable shareholders, consistent with an expropriation effect. Additional … evidence indicates that the expropriation effect in rights issues is exacerbated when the firm is not ultimately controlled by …
Persistent link: https://www.econbiz.de/10005753641
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Investor Protection and the Coasian View
Bergman, Nittai; Nicolaievsky, Daniel - Sloan School of Management, Massachusetts Institute of … - 2004
call precisely filtering contracts, namely, contracts that provide protection only in those cases where expropriation can …
Persistent link: https://www.econbiz.de/10005587461
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Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence
Bae, Kee-Hong; Baek, Jae-Seung; Kang, Jun-Koo; Liu, Wei-Lin - In: Journal of Financial Economics 105 (2012) 2, pp. 412-435
We develop and test a model that investigates how controlling shareholders' expropriation incentives affect firm values … shareholders' expropriation incentives imply a link between corporate governance and firm value. …
Persistent link: https://www.econbiz.de/10010617599
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Why are shareholders not paid to give up their voting privileges? Unique evidence from Italy
Bigelli, Marco; Mehrotra, Vikas; Rau, P. Raghavendra - In: Journal of Corporate Finance 17 (2011) 5, pp. 1619-1635
Dual-class share unifications have typically been argued to be beneficial for voting shareholders, who are usually compensated for the loss of their superior voting privileges. However, no covenants exist that make this compensation mandatory for voting shareholders. In this paper, we examine a...
Persistent link: https://www.econbiz.de/10010574243