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Germany as an emerging archipelago economy: On some less obvious implications of corporate takeovers and mergers
Zademach, Hans-Martin - In: CESifo Forum 7 (2006) 1, pp. 40-45
Persistent link: https://www.econbiz.de/10004998594
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Corporate Governance and Firms' Market Values: Time Series Evidence from Russia
Black, Bernard S.; Love, Inessa; Rachinsky, Andrei - Center for Economic and Financial Research (CEFIR), New … - 2005
There is increasing evidence that broad measures of firm-level corporate governance predict higher share prices. However, almost all prior work relies on cross-sectional data. This work leaves open the possibility that endogeneity or omitted firm-level variables explain the observed...
Persistent link: https://www.econbiz.de/10005357267
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The use of fuzzy logic and expert systems for rating and pricing firms: a new perspective on valuation.
Malagoli, Stefano; Mastroleo, Giovanni; Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2005
This paper presents an expert system aimed at evaluating firms and business units. It makes use of fuzzy logic and integrates financial, strategic, managerial aspects, processing both quantitative and qualitative information. Twenty-nine value drivers are explicitly taken into account and...
Persistent link: https://www.econbiz.de/10005260300
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Corporate Diversification and Firm Value: A Survey of Recent Literature
Erdorf, Stefan; Hartmann-Wendels, Thomas; Heinrichs, Nicolas - Cologne Graduate School in Management, Economics and … - 2012
We survey the recent literature on corporate diversification. How does corporate diversification influence firm value? Does it create or destroy value? While, until the beginning of this century, the predominant thinking among researchers and practitioners was that corporate diversification...
Persistent link: https://www.econbiz.de/10010538854
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Takeover defenses and IPO firm value in the Netherlands
Roosenboom, Roosenboom, P.G.J.; van der Goot, T. - Erasmus Research Institute of Management (ERIM), … - 2003
The central question of this study involves the relation between the use of takeover defenses and IPO firm value. We … report that management frequently uses takeover defenses before taking the firm public. The use of takeover defenses is … reduce the price they pay for the IPO shares if takeover defenses are adopted. Although managers internalize this cost of …
Persistent link: https://www.econbiz.de/10010837490
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Do shareholder agreements affect market valuation?
Carvalhal, Andre - In: Journal of Corporate Finance 18 (2012) 4, pp. 919-933
Shareholder agreements are contracts that govern the relationship among different shareholders in a firm. This article uses a unique dataset to analyze shareholder agreements in listed companies and shows how they affect firm valuation. While shareholder agreements may be used to expropriate...
Persistent link: https://www.econbiz.de/10010599408
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How much of the diversification discount can be explained by poor corporate governance?
Hoechle, Daniel; Schmid, Markus; Walter, Ingo; Yermack, … - In: Journal of Financial Economics 103 (2012) 1, pp. 41-60
We investigate whether the diversification discount occurs partly as an artifact of poor corporate governance. In panel data models, we find that the discount narrows by 16% to 21% when we add governance variables as regression controls. We also estimate Heckman selection models that account for...
Persistent link: https://www.econbiz.de/10010702370
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Conglomerate Firms, Internal Capital Markets, and the Theory of the Firm
Maksimovic, Vojislav; Phillips, Gordon M. - In: Annual Review of Financial Economics 5 (2013) 1, pp. 225-244
This article reviews the conglomerate literature, with a focus on recent papers that have cast strong doubt on the hypothesis that conglomerate firms destroy value on average when compared to similar stand-alone firms. Recent work has shown that investment decisions by conglomerate firms are...
Persistent link: https://www.econbiz.de/10010709609
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Leadership Structure and Corporate Governance in Switzerland
Schmid, Markus M.; Zimmermann, Heinz - Wirtschaftswissenschaftliches Zentrum, Universität Basel - 2007
The question of whether the CEO should also serve as chairman of the board is one of themost hotly debated issues in the recent corporate governance discussion. While agencytheoreticarguments advocate a separation of decision and control functions, the empiricalevidence focusing on U.S....
Persistent link: https://www.econbiz.de/10009024976
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Corporate Governance, Unternehmensbewertung und Wettbewerb - eine Untersuchung für die Schweiz
Beiner, Stefan; Drobetz, Wolfgang; Schmid, Markus M.; … - Wirtschaftswissenschaftliches Zentrum, Universität Basel - 2004
Persistent link: https://www.econbiz.de/10009025079