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The effects of privatization and corporate governance of soes in transition economy : the case of Kazakhstan
Lee, Keun Jung - 2020
privatization (i.e., IPO) has different effects depending on the types of owners to whom it gives control in corporate governance …
Persistent link: https://www.econbiz.de/10012212672
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The perils of small-minority controllers
Bebchuk, Lucian A.; Kastiel, Kobi - 2018 - Last revised: December 2018
This Article contributes to the long-standing and heated debate over dual-class companies by placing a spotlight on a significant set of dual-class companies whose structures raise especially severe governance concerns: those with controllers holding a small minority of the company's equity...
Persistent link: https://www.econbiz.de/10011972992
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Institutional investors' response to earnings management before initial public offering in poland
Bukalska, Elżbieta; Sosnowski, Tomasz; … - In: Prague economic papers : a bimonthly journal of … 32 (2023) 1, pp. 45-60
offered in initial public offering (IPO). The sample consists of 258 Polish new stock companies over the period 2005-2020. We … find that such companies refrain from massive earnings management in the pre-IPO period: both real and accrual …-based. However, we find evidence that the presence of institutional investors in the IPO is related to earnings inflation (selling …
Persistent link: https://www.econbiz.de/10014516183
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Postprivatization corporate governance : the role of ownership structure and investor protection
Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - 2003
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011591071
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The role of state and foreign owners in corporate risk-taking: Evidence from privatization
Boubakri, Narjess; Cosset, Jean-Claude; Saffar, Walid - In: Journal of Financial Economics 108 (2013) 3, pp. 641-658
Using a unique database of 381 newly privatized firms from 57 countries, we investigate the impact of shareholders' identity on corporate risk-taking behavior. We find strong and robust evidence that state (foreign) ownership is negatively (positively) related to corporate risk-taking. Moreover,...
Persistent link: https://www.econbiz.de/10010665548
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The stock market reaction to the 2005 non-tradable share reform in China
Beltratti, Andrea; Bortolotti, Bernardo; Caccavaio, Marianna - 2011
During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis,...
Persistent link: https://www.econbiz.de/10011605385
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Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection
Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - 2003
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10011325056
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Postprivatization Corporate Governance: the Role of Ownership Structure and Investor Protection
Boubakri, Narjess; Cosset, Jean-Claude; Guedhami, Omrane - Fondazione ENI Enrico Mattei (FEEM) - 2003
We investigate the role of ownership structure and investor protection in postprivatization corporate governance. We find that the government relinquishes control over time, mainly to the benefit of local institutions and foreign investors. We also show that private ownership tends to...
Persistent link: https://www.econbiz.de/10005423064
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Cashing it in : private-company exchanges and employee stock sales prior to IPO
Larcker, David F.; Tayan, Brian; Watts, Edward M. - 2018
unique data sets: a survey of private (pre-IPO) companies and transaction data from SharesPost, a leading private …-company marketplace. We ask:• Should private companies allow their employees to sell equity prior to IPO?• If so, what restrictions should …
Persistent link: https://www.econbiz.de/10011980323
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Blockholder exit threats in the presence of private benefits of control
Hope, Ole-Kristian; Wu, Han; Zhao, Wuyang - 2016
Exit theory predicts a governance role of outside blockholders' exit threats; but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by outside blockholders' exit. We test this prediction using the Split-Share Structure Reform...
Persistent link: https://www.econbiz.de/10011646329