Managers promises of future synergies are a common means to convince shareholders that an intended merger will raise shareholder value. The paper argues that those arguments should be well grounded, as shareholders regularly lose if the merger remains non-synergetic, and will not necessarily...

As a first approximation, asset and liability management issues faced by life insurance companies originate from the sale of with-profits contracts. These contracts are bond-type products with several rate guarantees and other interestsensitive embedded options. Benefits paid out to...

Using data from real estate corporations, we report that related diversification over different property types is associated with a discount while geographical diversification has no significant effect on shareholder value. Related diversification in order to exploit potential synergistic gains...

Contrary to the prognosis derived from the variety of capitalism literature, since the mid-90s the significant restructuring of large German corporations in the direction of shareholder value seems to have been compatible with the persistence of a genuine configuration of industrial relations,...

(VF)Les médias jouent un rôle important dans les crises, en particulier, celles touchant à la création et à la répartition de la valeur. L’objectif de cet article est de proposer un cadre conceptuel expliquant le rôle des médias en tant que mécanisme de gouvernance partenarial. Leur...

(VF)Les médias jouent un rôle important dans les crises, en particulier, celles touchant à la création et à la répartition de la valeur de l’entreprise. L’objectif de cet article est d’analyser le rôle de la presse en tant que mécanisme de gouvernance partenariale. Ce rôle est...

The global financial crisis has brought discussion of financialization to the fore. Yet, what is notable is the extent to which the dysfunctional micro-economic consequences of financialization at firm level have gone largely unremarked and unchanged. By revisiting and renewing the disconnected...

This research analyzes the relations between highly concentrated ownership structures, corporate governance mechanisms and firm value for a sample of Latin American firms. With concentrated ownership, the conflict of interest shifts from the principal-agent problem to a dominant-minority...

This will give an overview of the German corporate governance framework which is an important factor in the relationship with institutional investors. The corporate governance codex gives guidelines how the different stakeholder can interact together. In respect to German corporate governance it...