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Does Classical Liberalism Imply Democracy?
Ellerman, David - 2015
There is a fault line running through classical liberalism as to whether or not democratic self-governance is a necessary part of a liberal social order. The democratic and non-democratic strains of classical liberalism are both present today — particularly in America. Many contemporary...
Persistent link: https://www.econbiz.de/10014144101
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The Complementary Roles of Board Incentives and Market Monitoring : Theory and Evidence
Swan, Peter L. - 2017
In this paper I rectify the market governance model of Holmstrom and Tirole (1993) to develop and test a number of hypotheses concerning company board structure and incentives. Exogeneity stems from the forced departure of "non-independent" directors with substantial shareholdings from boards...
Persistent link: https://www.econbiz.de/10012970238
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Keeping It Real or Keeping It Simple? Ownership Concentration Measures Compared
Mavruk, Taylan - 2019
We analyze the distributional properties of ownership concentration measures and find that measures come from different underlying statistical distributions. Consistent with theory, some measures that are classified to represent a monitoring dimension have a positive influence on firm performance;...
Persistent link: https://www.econbiz.de/10012858262
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The Complementary Roles of Board Incentives and Market Monitoring : Theory and Evidence
Swan, Peter L. - 2016
In this paper I rectify the market governance model of Holmstrom and Tirole (1993) to develop and test a number of hypotheses concerning company board structure and incentives. Exogeneity stems from the forced departure of "non-independent" directors with substantial shareholdings from boards...
Persistent link: https://www.econbiz.de/10012984920
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The Complementary Roles of Board Incentives and Market Monitoring : Theory and Evidence
Swan, Peter L. - 2016
In this paper I rectify the market governance model of Holmstrom and Tirole (1993) to develop and test a number of hypotheses concerning company board structure and incentives. Exogeneity stems from the forced departure of "non-independent" directors with substantial shareholdings from boards...
Persistent link: https://www.econbiz.de/10012994357
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Shareholders, Not Politicians, Should Decide on Takeovers
Jessop, Julian - 2021
The ongoing controversy over Melrose’s purchase of engineering company GKN illustrates many common misunderstandings about how free markets can work to the benefit of all. Shareholders, not politicians, should decide how to run their businesses, including whether a new management team could do...
Persistent link: https://www.econbiz.de/10013224806
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The Complementary Roles of Board Incentives and Market Monitoring : Theory and Evidence
Swan, Peter L. - 2016
In this paper I rectify the market governance model of Holmstrom and Tirole (1993) to develop and test a number of hypotheses concerning company board structure and incentives. Exogeneity stems from the forced departure of "non-independent" directors with substantial shareholdings from boards...
Persistent link: https://www.econbiz.de/10012982159
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Mergers, Accountants and Economic Efficiency
Meeks, Geoff - 2013
This paper explores some consequences for economic efficiency of creative accounting practices by merging companies. It … assumes semi-strong information efficiency in the markets for capital and for corporate control; and/or the use of executive …, enhancing their own apparent performance.The consequences for economic efficiency can include: allocating control of a business …
Persistent link: https://www.econbiz.de/10013071332
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Takeover Defenses : Entrenchment and Efficiency
Bhojraj, Sanjeev - 2014
This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using multiple research designs, we find that long-term focused (innovative) firms benefit from takeover protection. We also find that the protected innovative firms are less likely to engage...
Persistent link: https://www.econbiz.de/10013049867
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Blockholder voting
Bar-Isaac, Heski; Shapiro, Joel Andrew - 2017
prohibiting abstention, strategic behavior, and/or coordination may reduce efficiency …
Persistent link: https://www.econbiz.de/10011646416