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. Using c. 500 articles of association and ownership records of publicly-traded Victorian corporations, we find that … shareholder protection had more diffuse ownership. …
Persistent link: https://www.econbiz.de/10011521411
. Using c.500 articles of association and ownership records of publicly-traded Victorian corporations, we find that … shareholder protection had more diffuse ownership. …
Persistent link: https://www.econbiz.de/10011523499
findings, it can be expected that after a time lag ownership concentration would decrease in continental Europe. However, our … evidence is mixed. The analysis of the development of shareholder structures from different perspectives - ownership … concentration, shareholder classes and ownership distribution - revealed only limited support for the Law and Finance arguments. The …
Persistent link: https://www.econbiz.de/10014197939
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 … comparable public companies. These performance differences come from the increase in ownership concentration after the leveraged …
Persistent link: https://www.econbiz.de/10010225758
This paper studies the role of activist investors in the M&A market. Our theory proposes that activist investors have an inherent advantage relative to bidders in pressuring entrenched incumbents to sell. As counterparties to the acquisition, bidders have a fundamental conflict of interests with...
Persistent link: https://www.econbiz.de/10012937295
Persistent link: https://www.econbiz.de/10012958396
performance. Consistent with our aggravated expropriation hypothesis, we find that pledging firms in China initiate more takeovers … expropriate minority shareholders through self-serving corporate takeovers after the stock pledge …
Persistent link: https://www.econbiz.de/10012832661
participate in a takeover transaction at equal terms – affects target announcement returns. I use a difference …
Persistent link: https://www.econbiz.de/10012904998
control. In the optimal ownership structure, the more efficient blockholder will hold just enough shares to gain control, but …
Persistent link: https://www.econbiz.de/10013081207
Direct experience of a peer's punishment might make non-punished peers reassess the probability and consequences of facing punishment and hence induce a change in their behavior. We test this mechanism in a setting, China, in which we observe the reactions to the same peer's punishment by listed...
Persistent link: https://www.econbiz.de/10011973941