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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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Technological Specialization and the Decline of Diversified Firms
Anjos, Fernando - 2018
We document a strong decline in corporate-diversification activity since the late 1970's, and we develop a dynamic …, diversification discount, frequency and returns of diversifying mergers, and frequency of refocusing activity …
Persistent link: https://www.econbiz.de/10012940392
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The Diversification Discount and Takeovers : Some Australian Evidence
Nankervis, Michael; Singh, Harminder - 2011
This paper examines the existence of a diversification discount in the Australian takeover market. A sample of 446 … activity out to one year following the announcement. Our results failed to confirm the existence of a diversification discount … in the diversified segment fared better than in the non-diversified segment, which is contrary to diversification …
Persistent link: https://www.econbiz.de/10014176993
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Apples to Apples : The Economic Benefit of Corporate Diversification
Hund, John - 2012
diversified firms are also the most valuable and as a consequence the value-weighted diversification “discount” is actually a … market value of the S&P 500, so among large firms, they are considered more valuable. We show that the diversification … measure there is no diversification discount …
Persistent link: https://www.econbiz.de/10013109034
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Cross-Industry Product Diversification and Contagion in Risk and Return : The Case of Bank-Insurance Takeovers
Elyasiani, Elyas - 2014
We investigate the impact of domestic and international bank-insurance deals on the risk-return profiles of bidding banks, peer banks and peer insurers within a GARCH framework. We find that both announcing and non-announcing firms experience positive abnormal returns with the effect on insurer...
Persistent link: https://www.econbiz.de/10013065961
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Cash holdings, corporate governance, and acquirer returns
Ahn, Seoungpil; Chung, Jaiho - In: Financial innovation : FIN 1 (2015) 13, pp. 1-31
Background: The wealth effect of limiting shareholder rights via anti-takeover provisions(ATPs) is a contentious issue. By taking the differential effect hypothesis perspective, our study aims to provide additional evidence about the relation between ATPs and acquisition performance. Methods: We...
Persistent link: https://www.econbiz.de/10011541234
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Does CEO fitness matter?
Limbach, Peter; Sonnenburg, Florian - 2015 - This draft: November 2015
This study provides evidence suggesting that CEOs’ physical fitness has a positive impact on firm value, consistent with the beneficial effects of fitness on, e.g., cognitive functions, stress coping and job performance. For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if...
Persistent link: https://www.econbiz.de/10011392655
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CEO fitness and firm value
Limbach, Peter; Sonnenburg, Florian - 2015 - First Draft: September 2014, This Draft: May 2015
We provide evidence for a positive impact of CEO fitness on firm value (Tobin's Q). For each of the years 2001 to 2011, we define S&P 1500 CEOs as fit if they finish a marathon. Fit CEOs are associated with higher firm profitability and M&A announcement returns. Effects on firm value are...
Persistent link: https://www.econbiz.de/10010517150