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The political economy of dominant investors
Perotti, Enrico C.; Thadden, Ernst-Ludwig von - 2005
We allow the preference of a political majority to determine boththe corporate governance structure and the division of profits betweenhuman and financial capital. In a democratic society where financialwealth is concentrated, a political majority may prefer to restraingovernance by dispersed...
Persistent link: https://www.econbiz.de/10011337975
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Performance benefits of tight control
Gill, Andrej; Visnjic, Nikolai - 2013
This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...
Persistent link: https://www.econbiz.de/10010225758
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Chapter 1. Corporate Governance and Control
Becht, Marco; Bolton, Patrick; Röell, Ailsa - 2003
Corporate governance is concerned with the resolution of collective action problems among dispersed investors and the reconciliation of conflicts of interest between various corporate claimholders. In this survey we review the theoretical and empirical research on the main mechanisms of...
Persistent link: https://www.econbiz.de/10014023875
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10010297800
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Passive shareholders as a takeover defense
Bodnaruk, Andrij; Gao, Pengjie; Östberg, Per; Yun, Hayong - 2011
more passive shareholders (lower ownership per non-institutional shareholder) are less likely to be takeover targets, less … likely to be acquired and command higher premiums. Using the adoption of anti-takeover law in Delaware as an exogenous shock … to anti-takeover protection, we show that the passiveness of shareholder base decreases as the takeover threat subsides …
Persistent link: https://www.econbiz.de/10009009605
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White knights and the corporate governance of hostile takeovers
Calcagno, Riccardo; Falconieri, Sonia - 2008
We analyze the dynamics of takeover contests where hostile raiders compete against white knights involved by a lead … to set a minimum takeover price. We characterize the conditions under which a white knight wins the takeover contest … white knights as an anti-takeover device and the role played by leading minority blockholders in the market for corporate …
Persistent link: https://www.econbiz.de/10011377390
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Corporate governance and the nature of takeover resistance
Carline, Nicholas F.; Linn, Scott C.; Yadav, Pradeep - 2014 - This version: March 23, 2014
We investigate the relation between corporate governance characteristics of hostile takeover targets and the choice to …
Persistent link: https://www.econbiz.de/10010337622
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Private Equity, LBOs, and Corporate Governance : International Evidence
Siegel, Donald S. - 2011
We review the governance role of private equity (PE) firms in companies that have experienced an LBO. We conjecture that PE firms may provide powerful remedies to agency conflicts associated with public and private firms, such as managerial entrenchment and opportunism
Persistent link: https://www.econbiz.de/10013131653
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Multiple Shareholders and Control Contests
Bloch, Francis - 2013
We consider the allocation of corporate control in a company with two large and a continuum of small shareholders. Control is determined in a shareholders' meeting, where the large shareholders submit competing proposals in order to attract the vote of small shareholders. The presence of...
Persistent link: https://www.econbiz.de/10013081207
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Control Corporativo Y Riqueza De Los Accionistas En El Sector Eléctrico Europeo, 2000-2007 (Corporate Control and Shareholder Wealth in the European Power Sector 2000-2007)
Garcia, John - 2014
This paper analyzes how announce changes in the corporate control (takeover) of Endesa, Hidrocantábrico and Scottish … MCO models. Also, the results suggest the announcement of the launching of a takeover positively and significantly affects …
Persistent link: https://www.econbiz.de/10013066666