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Multiple Large Shareholders in Corporate Governance.

Gomes, A.; Novaes, W. - Rodney L. White Center for Financial Research, Wharton … - 1999

Large shareholders of firms with majority blocks are often at the helm of their companies and do not necessarily have … the same interests as minority shareholders. We show that bargaining problems led by the presence of multiple controlling … shareholders protect minority shareholders. The same bargaining problems, however, prevent efficient decisions. By solving this …

Persistent link: https://www.econbiz.de/10005245263

Investment and Finance in De Novo Private Firms: Empirical Results form the Czech Republic, Hungary and Poland.

Bratkowski, A.; Grosfeld, I.; Rostowski, J. - Département et Laboratoire d'Économie Théorique … - 1998

In this paper we use a survey of 281 Czech, Hungarian and Polish newly established small private firms in order to shed some light on the constraints these firms face in the credit market. We show that financial intermediation works reasonably well: it is difficult to find signs of credit...

Persistent link: https://www.econbiz.de/10005256810

CEO Turnover, Firm Performance and Corporate Governance.

Lausten, M. - Nationalökonomisk Institut, Institut for Økonomi - 1998

This paper examines the relationship between the replacement of CEO's and corporate performance in Danish firms. We use a unique longitudinal data set to test the hypothesis that CEO turnover is inversely related to firm performance. Evidence is provided using several measures of corporate...

Persistent link: https://www.econbiz.de/10005671688

Collateral, Renegotiation and the Value of Diffusely Held Debt.

Hege, U.; Mella-Barral, P. - CentER for Economic Research, Universiteit van Tilburg - 1999

Debt with many creditors is analyzed in a continuous-time pricing model of the levered firm. We specifically allow for debtor opportunism vis-a-vis a non-coordinated group of creditors, in form of repeated strategic renegotiation offers and default threats. We show that the creditors' initial...

Persistent link: https://www.econbiz.de/10005775372

Miller's Equilibrium and Uncertainty.

Jones, C. - Research School of Pacific and Asian Studies, College … - 1999

This paper highlights the arbitrage by firms in Miller's (1977) equilibrium when consumers face (short) selling constraints to restrict tax arbitrage. In this competitive equilibrium firms create risky tax-preferred securities that divide investors into strict tax clienteles; any changes in...

Persistent link: https://www.econbiz.de/10005776615

Corporate Vote-Trading as an Instrument of Corporate Governance.

Neeman, Z.; Orosel, G.O. - Olin School of Business, Washington University in St. Louis - 1999

We describe a plausible set of conditions under which the creation of a per-issue market for corporate cotes that is separate from the market for corporate shares can improve upon the way in which managerial adverse selection and moral hazard problems addresses via existing mechanisms for...

Persistent link: https://www.econbiz.de/10005487061

Miller's Equilibrium and Uncertainty.

Jones, C. - College of Business and Economics, Australian National … - 1999

Persistent link: https://www.econbiz.de/10005734295

Capital Structures and Compensation Policies.

Dachraoui, K.; Dionne, G. - Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor. - 1999

We study the interations between leverage, employment structure and compensation policies within firms. Recent works have shown that there exists heterogeneity in compensation policies across firms (Abowd, Kramarz and Margolis, 1999 and Margolis, 1996). We introduce firms' capital structure in...

Persistent link: https://www.econbiz.de/10005618898

Conflicts of Interest, Employment Decisions, and Debt Restructuring: Evidence from Spanish Firms in Financial Distress.

Padilla, A.J.; Requejo, A. - Centro de Estudios Monetarios y Financieros (CEMFI) - 1999

We examine the employment decisions of Spanish manufacturing firms in financial distress. Our sample comprises 4,566 firms operating during 1983-1994. We find that firms in distress reduce their employment significantly. These reductions are positively associated with asset sales, but cannot be...

Persistent link: https://www.econbiz.de/10005625752

Firms' Financial Policy and Labour Demand: Theory and Evidence.

Bergstrom, P.; Lindberg, S. - Nationalekonomiska Institutionen, Uppsala Universitet - 1998

This paper investigates the influence of financial leverage on firms' intertemporal hiring decisions in the context of the hierarchy of finance approach to coporate finance. We derive the Euler equation of employment in the presence of convex adjustment costs, and show the empirical implications...

Persistent link: https://www.econbiz.de/10005634564