SEBI, the Indian securities market regulator has set a unique example for the entire world by introducing IPO grading in India 2006 on optional basis and further mandating it from May, 2007. The purpose of this grading was to provide retail investors with a ready-made assessment of the...

Despite vast majority corporate governance and firm performance literature in recent years, there is none on Botswana's corporate sector. This study investigates the relationship between ownership structure, board characteristics and financial performance to determine the role of corporate...

This paper examines the effect of controlling shareholders on stock price synchronicity by focusing on two salient corporate governance features in a concentrated ownership setting, namely, ultimate cash flow rights and the separation of voting and cash flow rights (i.e., excess control). Using...

Whereas the agency theory predicts that dual-class shares decrease firm performance, the stewardship theory predicts that dual-class shares increase firm performance. The cumulative findings on the performance consequences of dual-class shares have been weak and/or inconclusive. Because...

This is an empirical study that examines the underpricing and aftermarket long-term performance of IPOs in China and IPO underpricing. Corporate governance aspects that may play a role in IPOs, such as ownership structure and external directors, are studied.The study show that firms with higher...

Firms operating in innovative, technology-based environments account for an increasingly significant portion of all recent dual-class IPOs. Shedding new light on the determinants of dual-class structure among such firms, this article contributes to the long-standing debate over the desirability...

This paper examines the effect of the benefits of corporate control to managers on the relationship between managerial ownership and the stock returns of acquiring firms in corporate control transactions. At low levels of managerial ownership, agency costs of equity (such as perquisite...

We find that the presence of independent directors who are blockholders (IDBs) in firms promotes better CEO contracting and monitoring, and higher firm valuation. Using a panel of about 11,500 firm-years with a unique, hand-collected dataset on IDB-identity and a novel instrument, we find that...

Securities regulation has a way of crossing into other lanes. What public companies do is subject to substantive law and regulation. How they govern themselves while doing it — or more importantly, how they disclose it — is securities regulation. So it's no surprise that the perennial...