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of foreign block ownership, at a broad set of publicly traded corporations. Disclosed institutional blockholders of every …This short technical report provides an empirical analysis of the level of institutional block ownership overall, and … company in the Standard & Poor's 500 index are analyzed, and the distribution of blockholders is presented. Blockholders are …
Persistent link: https://www.econbiz.de/10011581995
equity owned firms. Among public companies, purpose is lower for firms with high hedge fund ownership and higher for firms …
Persistent link: https://www.econbiz.de/10012109293
This paper outlines the foundations of corporate governance. The discussion includes a review on the modern corporation, transaction costs theory, agency costs theory, legal investor protection, investor protection by corporate governance and its various mechanisms, as well as an overview of the...
Persistent link: https://www.econbiz.de/10009565384
This paper develops a model of banking to study the risk-taking consequences of contingent capital (CC). It begins with the observation that partial conversion of CC provides its owners with a portfolio of equity and debt. Since the former (latter) asset typically induces a preference for risk...
Persistent link: https://www.econbiz.de/10011921926
-financial blockholder or insider as their largest shareholder. Blockholders and insiders tend to be less diversified than institutional … investors. Measures of "universal" and "common" ownership of firms are therefore lower than previously believed based on … analyses of institutional investors' holdings alone, and the heterogeneity in ownership structures across firms is greater …
Persistent link: https://www.econbiz.de/10013365123
allows us to classify M&As into four categories, depending on the ownership of the acquirer and the target: 1) public re …
Persistent link: https://www.econbiz.de/10011299494
describe the post-privatization ownership structure and to test the effect of alternative privatization policies on firm … significant effect of private ownership share on the level and growth of labor productivity, the estimates ranging from 13 to 32 … and domestic blockholders, but insider and mass privatization are also estimated to have positive, although smaller …
Persistent link: https://www.econbiz.de/10011402871
Ceding ownership to outside investors provides a control dilemma for founders. In less developed capital markets with … weaker formal institutions, we argue that retained founder director ownership can lower the transaction costs of external … ownership reduces information asymmetry vis-à-vis outside minority investors. The reduced information asymmetry is even stronger …
Persistent link: https://www.econbiz.de/10012695363
We examine the incentive effects of private equity (PE) professionals' ownership in the funds they manage. In a simple … model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these … risk decreases and leverage increases with the manager's ownership in the fund, but largely only when scaled with her …
Persistent link: https://www.econbiz.de/10012303223
We exploit a U.S. Supreme Court ruling on diversity of citizenship in legal disputes to estimate the contribution of the court system to firm value. In an event study, we find that an increase in state court quality from bottom to top tercile is associated with an average increase in equity...
Persistent link: https://www.econbiz.de/10011435820