This article aims to analyze the evolution of private equity over the last decade in terms of valuation (asset prices), determinants of private equity returns and the role that leverage and corporate governance plays in the success of private equity. The years 2005-2007 were characterized by a...

This study investigates the inter-relationship between audit committee effectiveness, bank efficiency and risk-taking in seven ASEAN countries for the period 2010-2019. By using three-stage least squares (3SLS) method, we contribute to literature the relationship between audit committee...

We study the role of Chinese government guidance funds (GGFs) in value creation for investee firms. Using a sample of 2,855 firms that went public during the period of 2010-2021, we show that GGF-backed IPO firms had higher initial returns than non-VC-backed IPO firms and non-GGF VC-backed IPO...

For three academic years (2011-2014), the Harvard Law School's Shareholder Rights Project (SRP) operated a clinical program assisting institutional investors on board declassification proposals. This paper analyzes the SRP as a quasi-natural experiment to examine the value implications of...

Shareholder value maximization has been severely criticized in recent years, but it is not clear what, if anything, is to take its place. In this paper, we review three models of corporate value creation – shareholder value, stakeholder value, and company purpose achievement – and their...

This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows to analyze the performance of French firms and to measure an underperformance of “hard...

This paper analyzes the interaction between shareholder structures and the quality of the corporate governance structure in France using the value creation criterion. Using shareholder structures allows analyzing the performance of French firms and to measure an underperformance of “hard...

We investigate the valuation effects of German firms targeted by hedge funds and by private equity investors. We argue that both types of investors differ from other blockholders by their strong motivation and ability to actively engage and reduce agency costs. Consequently, we find positive...