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Foreign Institutional Investors and Corporate Governance in Emerging Markets : Evidence from Split Share Reform in China

Huang, Wei - 2012

We study the benefits of opening up local equity markets to foreign institutional investors using data on Qualified Foreign Institutional Investors (QFIIs) in China around the reform floating non-tradable shares. We find evidence supporting the view (Stulz (1999)) that as “outsiders,”...

Persistent link: https://www.econbiz.de/10013114198

International Corporate Governance : Database for 23 Countries

Aggarwal, Reena - 2012

We are making the firm-level corporate governance index used in Aggarwal, Erel, Ferreira and Matos (2010) available. The data covers 23 countries for the period 2004-2008. Non-U.S. firms in the sample account for approximately 71% of world market capitalization excluding the U.S.; and U.S. firms...

Persistent link: https://www.econbiz.de/10013115545

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge

Becker, Bo - 2012

We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional...

Persistent link: https://www.econbiz.de/10013115570

CEO Compensation and Board Structure Revisited

Guthrie, Katherine - 2012

Chhaochharia and Grinstein (JF, 2009) estimate that CEO pay decreases by 17% more in firms that were not compliant with the recent NYSE/NASDAQ board independence requirement than in firms that were compliant. We document that 74% of this magnitude is attributable to two outliers out of 865...

Persistent link: https://www.econbiz.de/10013115672

Does Governance Travel Around the World? Evidence from Institutional Investors

Aggarwal, Reena - 2012

We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23 countries during the period 2003-2008. We find that firm-level governance is positively associated with international institutional investment. Changes in...

Persistent link: https://www.econbiz.de/10013115965

Considering the Shareholder Perspective : Value-based Management Systems and Stock Market Performance

Rapp, Marc Steffen - 2012

We empirically study the use of value-based management systems in listed German firms and examine implications for firms' stock market performance. Using a novel, hand-collected data set covering 1,083 firm years from 2002 to 2008, we find that value-based management systems become increasingly...

Persistent link: https://www.econbiz.de/10013116109

Minority Shareholders’ Control Rights and the Quality of Corporate Decisions in Weak Investor Protection Countries : A Natural Experiment from China

Chen, Zhihong - 2012

Using a 2004 Chinese securities regulation that requires equity offering proposals to obtain the separate approval of … the regulation deters management from submitting value-decreasing equity offering proposals in firms with higher mutual … offering proposals in firms with higher mutual fund ownership in the post-regulation period. Overall, our evidence suggests …

Persistent link: https://www.econbiz.de/10013116135

How Does Delaware Incorporation Affect the Board of Directors?

Jiraporn, Pornsit - 2012

This study investigates the impact of Delaware law on the composition and size of the board of directors. Our empirical evidence reveals that Delaware firms have smaller and more independent boards than their non-Delaware counterparts. Given that we find no value-premium for firms that...

Persistent link: https://www.econbiz.de/10013116753

The Financial Crisis : Does Good Corporate Governance Matter and How to Achieve it?

Winter, Jaap W. - 2011

Directive IV and related Regulation. It concludes that regulation often is not the best way to deal with the persistent … institutional investor lack of engagement. Regulation may actually worsen the situation in some cases, like remuneration and board …

Persistent link: https://www.econbiz.de/10013117523

Internal Corporate Governance and the Financial Crisis : Lessons for Banks, Regulators and Supervisors

Gualandri, Elisabetta - 2011

Persistent link: https://www.econbiz.de/10013117550