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Using a sample of non-U.S. firms from 43 countries, we investigate whether laws and regulations as well as votes cast by U.S. institutional investors are consistent with an effective shareholder voting process. We find that laws and regulations allow for meaningful votes to be cast as...
Persistent link: https://www.econbiz.de/10013011773
Using a sample of non-U.S. firms from 43 countries, we investigate whether laws and regulations as well as votes cast by U.S. institutional investors are consistent with an effective shareholder voting process. We find that laws and regulations allow for meaningful votes to be cast as...
Persistent link: https://www.econbiz.de/10013038476
shareholders can sue for compensation on behalf of the company. In some legal systems such derivative actions have been in place … considerable diversity around the world. In this paper I explore how the availability of derivative actions is related to other … account for the differences and similarities in the law of derivative actions across countries. However, a quantitative …
Persistent link: https://www.econbiz.de/10013094191
Environment, social and governance (ESG) policies have become important to many investors. We model the interaction between ESG policy proposals and shareholder trading and voting under different sets of preferences, and we test the predictions of our model in a laboratory experiment. In a first...
Persistent link: https://www.econbiz.de/10014254991
Financial Derivatives have established themselves as a major driving force in the international monetary sphere in the recent past. Financial Derivatives were originally used as an effective monetary instrument to multiply the wealth through ripple effect, of late, these instruments are also...
Persistent link: https://www.econbiz.de/10012947392
This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Two politicoeconomic equilibria arise from our model, one with little protection of insiders on capital and labor markets, and another one with...
Persistent link: https://www.econbiz.de/10011477241
Institutional investors' role in shareholder voting is among the most hotly debated subjects in corporate governance. Some argue that institutions lack adequate incentives to effectively monitor managers; others contend that the largest institutions have developed analytical resources that...
Persistent link: https://www.econbiz.de/10012825704
This is a Chapter contributing to the Research Handbook on Executive Compensation. In the quest for possible causes of the recent financial crisis, commentators often argue that bank executives had poor incentives. Critics claim, in particular, that executive compensation was not properly...
Persistent link: https://www.econbiz.de/10013127091
This study identifies how country differences on a key cultural dimension - egalitarianism - influence the direction of different types of international investment flows. A society's cultural orientation toward egalitarianism is manifested by intolerance for abuses of market and political power...
Persistent link: https://www.econbiz.de/10013131551
This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Two politicoeconomic equilibria arise from our model, one with little protection of insiders on capital and labor markets, and another one with...
Persistent link: https://www.econbiz.de/10010265445