Showing 1 - 10 of 15,686
a greater likelihood of goodwill impairment. Overall, our findings indicate that controlling shareholders increasingly … expropriate minority shareholders through self-serving corporate takeovers after the stock pledge …
Persistent link: https://www.econbiz.de/10012832661
This paper analyses lawsuits against shareholders' resolutions according to the German Stock Corporation Act (AktG) and … lawsuit is pending with a court. In particular, mergers have to be implemented without any delay. The minority shareholders … voting power of minority shareholders and create incentives to use the real option inefficiently. Therefore, the majority …
Persistent link: https://www.econbiz.de/10013058808
The paper examines the returns to shareholders of acquiring companies in India during the period 2003-08. The abnormal … or unlisted) acquired on the stock returns of the acquiring companies' shareholders.The results indicate that M …&A generate statistically significant abnormal returns on the announcement as well as higher post M&A returns for shareholders of …
Persistent link: https://www.econbiz.de/10013099698
It is a ubiquitous corporate governance phenomenon in many countries that shareholders pledge their ownership as … shareholders. With a sample consisted of 21,921 firm-year observations from 2007 to 2018, we find a significant casual negative …
Persistent link: https://www.econbiz.de/10012837696
This paper examines empirically the announcement effect of commercial corporate governance ratings on share returns. Rating downgrades by Institutional Shareholder Services (ISS) are associated with negative returns of –1.14% over a 3-day announcement window. The returns are highly correlated...
Persistent link: https://www.econbiz.de/10012861805
I collect 1,186 reported estimates of long-run value creation from 49 studies and present the first meta-analysis of the literature on shareholder activism and its effect on firm value in the longrun. This synthesis is necessary because shareholder activism is increasing over time and across...
Persistent link: https://www.econbiz.de/10014505919
shareholders by initiating perks raises advantage in reduction of risks as well as .disadvantage in increase of stock price crash …
Persistent link: https://www.econbiz.de/10012949702
In recent years, stock pledge financing has prevailed in China. Individual shareholders’ stock-pledge announcements … individual controlling shareholders between 2006 and 2020 and investigates, through event study (ES) analysis, the market …
Persistent link: https://www.econbiz.de/10013294092
This paper analyzes why corporate governance matters for stock returns if the stock market prices the underlying managerial agency problem correctly. Our theory assumes that strict corporate governance prevents managers from diverting cash flows, but reduces incentives for managerial effort. In...
Persistent link: https://www.econbiz.de/10013063851
This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that corporate governance affects firms’ stock...
Persistent link: https://www.econbiz.de/10013315674