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This paper studies the market-level effects of litigation rights in an imperfectly competitive capital market with a market maker, an information-acquiring investor, and liquidity traders. Litigation rights have the following equilibrium effects. (i) The investor acquires more private...
Persistent link: https://www.econbiz.de/10014265520
This study examines the role of media coverage on meritorious shareholder litigation. Asserting a causal effect of the media on litigation is normally difficult due to the endogenous nature of media coverage. However, we use the Wall Street Journal’s backdating coverage to overcome these...
Persistent link: https://www.econbiz.de/10013250378
federal securities regulation. The Shareholders United Act (the “Act”) — passed by the House of Representatives as part of H … political spending, public companies poll shareholders on how they want corporate political dollars to be spent, or not spent ….The Act offers an answer to the question as a matter of corporate democracy, what do shareholders need to know about how …
Persistent link: https://www.econbiz.de/10012890216
.S. But we argue that outside investors in European listed firms with controlling shareholders are poorly protected compared … shareholders rather than shielding passive investors, is not well suited for controlled, listed firms. This approach translates … into a lack of definition and development of specific fiduciary duties of the controlling shareholders towards market …
Persistent link: https://www.econbiz.de/10012940905
sunset after a fixed period of time (such as ten or fifteen years) unless their extension is approved by shareholders …
Persistent link: https://www.econbiz.de/10011674094
A battle is brewing for control of America's most dynamic companies. Entrepreneurs are increasingly seeking protection from interference or dismissal by public investors through the adoption of dual-class stock structures in initial public offerings. Institutional investors are pushing back,...
Persistent link: https://www.econbiz.de/10011721539
。本文以為,我國現行法之規定,可應包括權益交換下相對人有採取以實際持有股票避險之情形,但若相對人未採持有實體股票作為避險時,則可能有漏洞,因此證券交易法第43條之1之揭露制度有必要因應權益交換之存在予以改進,以增進法律明確性並避免將來法律漏洞。Equity swaps are derivative instruments linking to the performance of stocks … or stock indices. In theory, equity swaps would result in the separation of economic interests of shareholders from their …
Persistent link: https://www.econbiz.de/10013125639
academics and market participants, is that entrenchment reduces accountability to shareholders and amplifies agency costs, thus …
Persistent link: https://www.econbiz.de/10013116368
Universal Demand (UD) laws by different states. The UD laws substantially raise the hurdle for shareholders to file derivative … sales, after the passage of UD laws, suggesting derivative litigation serves a disciplinary role in curbing insider trading …. The deterrence effect of derivative litigation complements that of federal securities litigation, as it is effective in …
Persistent link: https://www.econbiz.de/10012853031