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A Governance Solution to Prevent the Destruction of Shareholder Value in M&A Transactions
Weiss, Stephen L. - 2019
Persistent link: https://www.econbiz.de/10012894712
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The Ethics of Shareholder Value : Duty, Rights & Football
Nordberg, Donald - 2011
How does a board of directors decide what is right? The contest over this question is frequently framed as a debate between shareholder value and stakeholder rights, between a utilitarian view of the ethics of corporate governance and a deontological one. This paper uses a case study with...
Persistent link: https://www.econbiz.de/10014176789
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Is a Powerful CEO Good or Bad for Shareholders?
Larcker, David F.; Tayan, Brian - 2013
Americans tend to admire powerful leaders. Powerful leaders are seen as exerting influence over their organizations and shaping outcomes around them. CEO power can be exercised across a wide spectrum of decisions, including those regarding corporate strategy, operations, acquisitions,...
Persistent link: https://www.econbiz.de/10014163835
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Agency Costs of Stakeholders and Capital Structure : International Evidence
Yu, Bing - 2014
This paper explores the relationship between creditor rights and employee rights and capital structure across countries. Using country-level creditor rights index and labor rights index as a proxy for agency costs of creditors and agency costs of employees, respectively, I address the agency...
Persistent link: https://www.econbiz.de/10013068421
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Investor Protection and Foreign Stakeholders
Giofré, Maela - 2014
Different investor classes are endowed with different rights, and conflicting interests among them can make protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have sizeable "cross" effects on foreign portfolio investment and the direction of...
Persistent link: https://www.econbiz.de/10013069664
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Collaborative investor engagement with policymakers : changing the rules of the game?
Yamahaki, Camila; Marchewitz, Catherine - 2023
Although a growing number of investors are engaging with sovereign entities on environmental, social, and governance (ESG) issues, little academic research investigates this new form of investor activism. Applying universal ownership theory and drawing on eleven case studies of policy...
Persistent link: https://www.econbiz.de/10014338086
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Internal Rates of Return and Shareholder Value Creation
Magni, Carlo Alberto - 2021
We propose a genuinely internal approach to project valuation and decision based on the average Return On Investment (ROI), obtained as the ratio of total operating profit (NOPAT) to total invested capital or, equivalently, as the ratio of net cash flow to total invested capital. The approach...
Persistent link: https://www.econbiz.de/10013237114
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Media Coverage and IPO Pricing Around the World
Chen, Yangyang - 2019
We study how media coverage impacts pricing of IPOs around the world. Higher media coverage in the pre-IPO period leads … shareholder rights protection, and more stringent media censorship, and for IPOs “certified” by reputable intermediaries, while it … is amplified in countries with higher levels of media penetration and media trust. Further, IPOs with higher pre …
Persistent link: https://www.econbiz.de/10012900781
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Another viewpoint on investment funds and their opaque governance
Apreda, Rodolfo - 2014
Firstly, this paper brings forth an encompassing definition of investment funds intended to track down some patterns of deviant governance. Secondly, it will focus on three conspicuous types among those funds: banks, mutual funds, and hedge funds. Such approach seeks to reveal deep similarities...
Persistent link: https://www.econbiz.de/10010338607
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Finance and Society : On the Foundations of Corporate Social Responsibility
Liang, Hao - 2014
We investigate the fundamental determinants and value implications of corporate social responsibility (CSR) around the world. We contrast three broad views on CSR: (1) it is a response to government failures; (2) it reflects individual and societal preferences; (3) it is an equilibrium result of...
Persistent link: https://www.econbiz.de/10013040006