This paper examines whether star-analysts have better forecasting abilities than non-star-analysts. Our results reveal that star-analysts' earnings forecasts outperform their peers' forecasts. Because the level of corporate governance plays an important role for the general level of forecast...

The objective of this paper is to analyze the voting premium and its interaction with the specific corporate governance structures in France. Besides determining the level of voting premium in France through a stock-market and a public transaction based analysis, the paper also analyzes the...

The underlying premise of this study is that when private firms go public there is separation of ownership and control, which creates an agency problem. The board of directors is a tool that mitigates agency problems and a characteristic that determines the effectiveness of the board is board...

In this paper, we design a multi-dimensional index to measure the quality of Corporate Governance systems adopted by firms and use it to investigate the correlation between Corporate Governance quality and firm value.Unlike most studies that examine the relationship between only one dimension of...

This study examines whether auditors are employed as a monitoring mechanism to mitigate agency problems arising from different types of controlling shareholders. In a context of ownership concentration and poor investor protection, controlling shareholders can easily expropriate minority...

Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French...

This paper deals with the problem of asymmetrical information's concerning the moral hazard linked with the behavior of corporate managers (leaders). The stockholders (shareholders) can not control ex ante the corporate managers because the action is unobservable and the stockholders can not...