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The political economy of dominant investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10011337975
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Performance benefits of tight control
Gill, Andrej; Visnjic, Nikolai - 2013
This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...
Persistent link: https://www.econbiz.de/10010225758
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Chapter 1. Corporate Governance and Control
Becht, Marco; Bolton, Patrick; Röell, Ailsa - 2003
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...
Persistent link: https://www.econbiz.de/10014023875
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Technological Specialization and the Decline of Diversified Firms
Anjos, Fernando - 2018
We document a strong decline in corporate-diversification activity since the late 1970's, and we develop a dynamic …, diversification discount, frequency and returns of diversifying mergers, and frequency of refocusing activity …
Persistent link: https://www.econbiz.de/10012940392
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The Diversification Discount and Takeovers : Some Australian Evidence
Nankervis, Michael; Singh, Harminder - 2011
This paper examines the existence of a diversification discount in the Australian takeover market. A sample of 446 … activity out to one year following the announcement. Our results failed to confirm the existence of a diversification discount … in the diversified segment fared better than in the non-diversified segment, which is contrary to diversification …
Persistent link: https://www.econbiz.de/10014176993
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Apples to Apples : The Economic Benefit of Corporate Diversification
Hund, John - 2012
diversified firms are also the most valuable and as a consequence the value-weighted diversification “discount” is actually a … market value of the S&P 500, so among large firms, they are considered more valuable. We show that the diversification … measure there is no diversification discount …
Persistent link: https://www.econbiz.de/10013109034
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Cross-Industry Product Diversification and Contagion in Risk and Return : The Case of Bank-Insurance Takeovers
Elyasiani, Elyas - 2014
We investigate the impact of domestic and international bank-insurance deals on the risk-return profiles of bidding banks, peer banks and peer insurers within a GARCH framework. We find that both announcing and non-announcing firms experience positive abnormal returns with the effect on insurer...
Persistent link: https://www.econbiz.de/10013065961
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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
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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10010297767
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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