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We analyze a hand-collected dataset of 1682 executive compensation packages at 34 firms included in the main German stock market index (DAX) for the years 2009-2017 in order to investigate the impact of the 2009 say on pay legislation. The findings provide important insights beyond the German...
Persistent link: https://www.econbiz.de/10012061896
In this paper we reexamine the findings of Gompers, Ishii, and Metrick (2003) and Bebchuk, Cohen, and Ferrell (2009) and find the link between corporate governance (as measured by the G index and E index) and firm stock returns is much weaker than previously suggested. We extend the sample...
Persistent link: https://www.econbiz.de/10013095149
The results of academic and practitioners' event studies are often translated from excess log returns into excess dollar returns. The prior literature argues for a difference between the statistical significance of excess log returns and that of excess dollar returns. In contrast, we show...
Persistent link: https://www.econbiz.de/10013056336
This paper revisits the performance of frequently used risk forecasting methods, such as the Value-at-Risk models. The aim is to analyze its performance, and mitigate its pitfalls by incorporating conditional variance estimates, as generated by a GARCH model. Notably, this paper tests several...
Persistent link: https://www.econbiz.de/10012925488
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What legal, political and economic institutions are shaping privatisations processes in the world? This paper addresses the issue presenting new evidence for a sample of 49 countries. From an empirical analysis for the period 1977-1996, the decision to privatise appears to be related to...
Persistent link: https://www.econbiz.de/10011608340
Which legal, political, and economic institutions are shaping privatization processes in the world? This paper addresses the issue, presenting new evidence for a sample of 49 countries. From an empirical analysis for the period 1977-96, the decision to privatize appears to be influenced by...
Persistent link: https://www.econbiz.de/10014071605
Different investor classes are endowed with different rights, and conflicting interests among them can make protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have sizeable 'cross' effects on foreign portfolio investment and the direction of...
Persistent link: https://www.econbiz.de/10010270453