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This paper investigates interactions between two central corporate governance mechanisms: shareholder rights and managerial ownership. I find that the effect of managerial ownership on firm value crucially depends on shareholder rights. Managerial ownership enhances firm value when shareholder...
Persistent link: https://www.econbiz.de/10013068483
There are several measures of equity compensation that may provide shareholders with distinct and useful information … for evaluating CEO pay. We examine whether shareholders consider additional disclosures of equity compensation measures … outcomes remain significantly related to abnormal equity compensation expense. Consistent with shareholders considering the …
Persistent link: https://www.econbiz.de/10012903909
This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in …
Persistent link: https://www.econbiz.de/10014023374
Horizontal shareholding exists when significant shareholders have stock in horizontal competitors. (It is often … imprecisely called "common shareholding," but that term can also apply when shareholders own stock in two noncompeting …
Persistent link: https://www.econbiz.de/10011685455
horizontal shareholders individually have minority stakes, horizontal shareholding in concentrated markets often has … shareholding will cause corporate managers to lessen competition to the extent they care about their vote share or re-election odds … were the core target of antitrust law were horizontal shareholders. I further show that anticompetitive horizontal …
Persistent link: https://www.econbiz.de/10011810808
reduce the conflicts between shareholders and management but may at the same time give rise to other agency problems … follows is whether executives are extracting additional compensation from shareholders using dividend equivalents or are … shareholders in the form of a dividend. I will also look at some of the criticisms that have been asserted by shareholder activist …
Persistent link: https://www.econbiz.de/10014176345
who free-ride off the monitor. We test this prediction in the setting where large shareholders contractually bind …
Persistent link: https://www.econbiz.de/10012584426
, then investors rely less on costly unbiased research. Managers are tempted to manipulate the firm stock price more, as a …, firm owners grant investors more access to managers that manipulate more strongly. An implication is that the firm cost of …
Persistent link: https://www.econbiz.de/10012826268
This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...
Persistent link: https://www.econbiz.de/10012970504
shareholders avoid by delegating control to managers and voluntarily restricting their own control rights. This Essay introduces … would reduce agency costs by forcing firms to allocate more control to shareholders. Such proposals disregard the costs that … principal-cost theory, which posits that each firm's optimal governance structure minimizes the sum of principal costs, produced …
Persistent link: https://www.econbiz.de/10012972091