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This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from … world. In particular, it documents the growth in dispersion in ownership that took place in many countries from the early …
Persistent link: https://www.econbiz.de/10012958435
Most pre-crisis explanations of the various corporate governance systems have considered the separation between ownership and control to be an advantage of the Anglo-American economies. They have also attributed the failure of other countries to achieve these efficient arrangements to their...
Persistent link: https://www.econbiz.de/10003923223
This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from … world. In particular, it documents the growth in dispersion in ownership that took place in many countries from the early …
Persistent link: https://www.econbiz.de/10014023371
We analyze the relation between capital structure, ownership structure, and corporate value for a sample of 1,216 firms from 15 European countries. Our results stress two different conflicts of interest and show the differential role played by the mechanisms of corporate control depending on the...
Persistent link: https://www.econbiz.de/10014058241
This paper examines the effect of ownership structure of a controlling shareholder on the financial constraints of non-financial firms in 22 economies for the 1982-2009 period. We find that the overinvestment propensity of a controlling shareholder becomes less severe with an increase in...
Persistent link: https://www.econbiz.de/10013098983
This paper examines the origins of investor protection under the common law by analysing the development of shareholder protection in Victorian Britain, the home of the common law. In this era, very little was codified, with corporate law simply suggesting a default template of rules....
Persistent link: https://www.econbiz.de/10011521411
This paper examines the origins of investor protection under the common law by analysing the development of shareholder protection in Victorian Britain, the home of the common law. In this era, very little was codified, with corporate law simply suggesting a default template of rules....
Persistent link: https://www.econbiz.de/10011523499
In this contribution, at first, we introduce a basic network framework to study pyramidal structures and wedges between ownership and control of companies. Then, we apply it to a dataset of 53.5 million of companies operating in 208 countries. Among others, we detect a strong concentration of...
Persistent link: https://www.econbiz.de/10012901128
This paper investigates whether foreign institutional investors affect the global convergence of financial reporting practices. Using several measures of reporting convergence, we show that U.S. institutional ownership is positively associated with subsequent changes in emerging market firms'...
Persistent link: https://www.econbiz.de/10013007835
We show that it is a signal of deal quality in cross-border M&A if acquirers have private equity firms as owners (‘PE backing'). As such, announcements of cross-border M&A deals by PE-backed acquirers are associated with positive stock price reactions, but only if targets are in poor...
Persistent link: https://www.econbiz.de/10013008279