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Shareholder Activism through Proxy Proposals : The European Perspective

Renneboog, Luc; Cziraki, P.; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2009

have low leverage. The sponsors also observe the identity of the voting shareholders, because proposal probability …

Persistent link: https://www.econbiz.de/10011091079

Corporate Governance and Bank Insolvency Risk : International Evidence

Huizinga, Harry P.; Anginer, D.; Demirguc-Kunt, Asli; Ma, K. - Tilburg University, Center for Economic Research - 2014

This paper finds that shareholder-friendly corporate governance is positively associated with bank insolvency risk, as proxied by the Z-score and the Merton’s distance to default measure, for an international sample of banks over the 2004-2008 period. Banks are special in that ‘good’...

Persistent link: https://www.econbiz.de/10011091132

Investment Spending in the Netherlands : The Impact of Liquidity and Corporate Governance

Degryse, Hans; de Jong, A. - Tilburg University, Center for Economic Research - 2000

This paper examines the relation between cash flow, corporate governance and fixed-investment spending. In perfect capital markets we expect no systematic relationship. However, Myers and Majluf's (1984) asymmetric information hypothesis and Jensen's (1986) managerial discretion hypothesis...

Persistent link: https://www.econbiz.de/10011091177

The Role of Self-Regulation in Corporate Governance : Evidence from the Netherlands

de Jong, A.; DeJong, D.V.; Mertens, G.M.H.; Wasley, C. - Tilburg University, Center for Economic Research - 2000

The purpose of this paper is to gather evidence on the success of market forces in promoting investor interests through self-regulation.Corporate governance is a complex mechanism design problem that is both economic and legal/political based.As such there is great interest in whether (and when)...

Persistent link: https://www.econbiz.de/10011091306

How does Corporate Governance Affect Bank Capitalization Strategies?

Huizinga, Harry P.; Anginer, D.; Demirgüc-Kunt, A.; Ma, K. - Tilburg University, Center for Economic Research - 2013

taking on more bank risk outweighed the prospect of additional loss. Banks’ tendency to continue payouts to shareholders …

Persistent link: https://www.econbiz.de/10011091523

When do German Firms Change their Dividends?

Renneboog, Luc; Correia Da Silva, L.; Goergen, M. - Tilburg University, Center for Economic Research - 2002

followed by a recession.Consistent with the traditional dividend literature, e.g.Lintner (1956), net earnings are key … (1956) and Miller and Modigliani (1961).First, the level of net earnings is not the only key determinant of the dividend … more likely to reduce their dividend when earnings deteriorate on a permanent basis.Furthermore, the fact that German firms …

Persistent link: https://www.econbiz.de/10011091618

The Dividend Policy of German Firms

Renneboog, Luc; Andres, C.; Betzer, A.; Goergen, M. - Tilburg University, Center for Economic Research - 2008

decisions on cash flows rather than published earnings as (i)published earnings do not correctly reflect performance because … German firms retain parts of their earnings to build up legal reserves, (ii) German accounting is conservative, (iii …) published earnings are subject to more smoothing than cash flows. Second, to the opposite of UK and US firms, German firms have …

Persistent link: https://www.econbiz.de/10011091720

How Insiders Traded before Rules

Braggion, Fabio; Moore, L. - Tilburg University, Center for Economic Research - 2012

Abstract: U.K. company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. We investigate the trading behaviour of directors over the period 1893 to 1907 in the U.K. Although insider trading was profitable, we find...

Persistent link: https://www.econbiz.de/10011092132

Corporate Governance Convergence : Evidence from Takeover Regulation Reforms in Europe

Renneboog, Luc; Goergen, M.; Martynova, M. - Tilburg University, Center for Economic Research - 2005

This paper contributes to the research on corporate governance by predicting the effects of European takeover regulation.In particular, we investigate whether the recent reforms of takeover regulation in Europe are leading to a harmonization of the national legislations.With the help of 150...

Persistent link: https://www.econbiz.de/10011092169

A Corporate Governance Index : Convergence and Diversity of National Corporate Governance Regulations

Renneboog, Luc; Martynova, M. - Tilburg University, Center for Economic Research - 2010

shareholder and managers, between majority and minority shareholders, and between shareholders and bondholders. The analysis of …

Persistent link: https://www.econbiz.de/10011092184