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Agency Costs of Bail-In
Hori, Kenjiro - 2014
This paper investigates two elements of agency costs, namely the wealth transfer and the value destruction problems, associated with the equity-conversion and writedown CoCo bonds. By focussing on the costs as those stemming from the deviation from absolute priority rule (DAPR), we derive the...
Persistent link: https://www.econbiz.de/10013051574
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Challenges in securities markets regulation : investor protection and corporate governance : a joint publication with the CNMV The Comisión Nacional del Mercado de Valores
Gasos, Pablo (ed., introduction);  … - Challenges in Securities Markets Regulation: Investor …; … - 2015
On November 14th, 2014, SUERF – The European Money and Finance Forum – and CNMV, Comisión Nacional del Mercado de Valores – the Spanish Authority for supervision of securities markets – jointly organized a conference in Madrid: Challenges in Securities Markets Regulation: Investor...
Persistent link: https://www.econbiz.de/10011712118
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Bank Relations and Borrower Corporate Governance and Incentive Structures
Gallimberti, Carlo Maria - 2017
This paper examines the use of governance and incentive mechanisms beyond loan contract provisions that borrowers use to reduce contracting costs with lenders. We show that as the strength of the relationship between a borrower and a lender intensifies over time, borrowing firms are more likely...
Persistent link: https://www.econbiz.de/10012948597
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The role of bank monitoring in borrowers׳ discretionary disclosure: Evidence from covenant violations
Vashishtha, Rahul - In: Journal of Accounting and Economics 57 (2014) 2, pp. 176-195
This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series of analyses suggest that part of this...
Persistent link: https://www.econbiz.de/10011043069
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The corporate complexity of global systemically important banks
Carmassi, Jacopo; Herring, Richard J. - 2016 - Published online: 9 June 2016
Persistent link: https://www.econbiz.de/10011692493
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The corporate complexity of global systemically important banks
Carmassi, Jacopo; Herring, Richard J. - In: Journal of financial services research : JFSR 49 (2016) 2/3, pp. 175-201
Persistent link: https://www.econbiz.de/10011592072
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The Digital Shareholder
Schwartz, Andrew A. - 2015
Crowdfunding, a new Internet-based securities market, was recently authorized by federal and state law in order to create a vibrant, diverse, and inclusive system of entrepreneurial finance. But will people really send their money to strangers on the Internet in exchange for unregistered...
Persistent link: https://www.econbiz.de/10013009706
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Explaining Preferences for Control Rights in Strategic Alliances : A Property Rights and Capabilities Perspective Approach
Häussler, Carolin; Higgins, Matthew J. - 2015
Increases in alliance activity between research-intensive firms and incumbents is puzzling since it is challenging to contract upon highly uncertain R&D activities. Our paper extends prior research by exploring the relationship between firm capabilities and preferences for control rights. This...
Persistent link: https://www.econbiz.de/10014044438
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Corporate Governance in the Mexican SMEs Competitive Strategy
Vargas-Hernández, José G. - 2014
enterprises (SMEs) are more vulnerable to change, what comes the interest of "Analyze corporate governance as a competitive … strategy in SMEs of Mexico" under the assumption that SMEs are more competitive by adopting management as corporate governance … long term, this strategy aims to create social and economic welfare of SMEs, being labor strength in Mexico …
Persistent link: https://www.econbiz.de/10013046926
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Managerial ownership, entrenchment and innovation
Beyer, Mila; Czarnitzki, Dirk; Kraft, Kornelius - 2011
Principle-agent theory suggests managers might under-invest into R&D for reasons of risk tied to project failure, such as reduced remuneration and job loss. However, managers might over-invest into innovation for reasons of growth implying higher remuneration, power and prestige. Using a sample...
Persistent link: https://www.econbiz.de/10008938024