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We survey 79 private equity (PE) investors with combined assets under management of more than $750 billion about their practices in firm valuation, capital structure, governance, and value creation. Investors rely primarily on internal rates of return and multiples to evaluate investments. Their...
Persistent link: https://www.econbiz.de/10012973133
The sixth annual World Pensions Forum was held on 23-24 February 2017 at the Queen's House in the Royal Borough of Greenwich.Over 120 representatives attended: from pension and sovereign funds, central banks and government agencies including financial regulators. Topics discussed included...
Persistent link: https://www.econbiz.de/10012860338
If a bidder launches a takeover offer for a listed company being part of a stock market index, then index funds and exchange traded funds (ETF) as shareholders of this company cannot easily tender their shares without losing track of the index. This paper analyzes the impact of index fund and...
Persistent link: https://www.econbiz.de/10012864050
This study analyzed activism that leads to a merger or acquisition (M&A) of a firm to see its benefits for the shareholders at the target firm as well as its acquirer. It used over thirty years of data to understand the impact of the activists’ demands of strategic significance for the firms....
Persistent link: https://www.econbiz.de/10014034757
opportunism" and CEO dominance. Also, long-tenured CEOs and post-graduate directors possess contextually enriched latent knowledge …
Persistent link: https://www.econbiz.de/10013463130
The Chief Executive Officer (CEO) is pivotal in firm governance and is tasked with policy implementation and maximizing … shareholder benefit. However, predicting CEO behaviour remains challenging, especially when considering CEO power (CEOP). Hence …. Interestingly, CEO risk aversion increases in state-owned firms’ participants, suggesting heightened supervision. Moreover, each …
Persistent link: https://www.econbiz.de/10014526511
This paper seeks to explain how failures in corporate governance contributed to the global financial crisis. More precisely, it studies how the current corporate governance systems failed to safeguard against aggressive risk taking and to provide the control that companies need in order to...
Persistent link: https://www.econbiz.de/10013123145
Bank holding companies (BHCs) can be complex organizations, conducting multiple lines of business through many distinct legal entities and across a range of geographies. While such complexity raises the costs of bank resolution when organizations fail, the effect of complexity on BHCs' broader...
Persistent link: https://www.econbiz.de/10012234342
While US companies mainly list their board of directors alphabetically, this is not the case for Chinese companies, most of which list their independent directors last. We interpret the listing order of Chinese directors as board hierarchy, reflecting power allocation within the board. Based on...
Persistent link: https://www.econbiz.de/10012971304
In this article, we examine how investor motives affect investment behavior in equity crowdfunding. In particular, we compare the investment behavior of sustainability-oriented with ordinary crowd investors on six leading equity crowdfunding platforms in Austria and Germany and investigate...
Persistent link: https://www.econbiz.de/10012831659