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Disclosure of beneficial ownership is a powerful mechanism for protection of the investors on the capital markets. Through the duty to disclose beneficial ownership issuers, being listed companies, and other participants on capital market (individual investors, institutional investors, competent...
Persistent link: https://www.econbiz.de/10013084512
governance quality. We show that when only earnings are disclosed, shareholders intervene in firms with intermediate performance … are jointly disclosed with earnings, shareholders target intermediately and well-performing firms with a high pay …
Persistent link: https://www.econbiz.de/10012839787
shareholders are not expected to have much influence, my findings show that the activists enhance company value both in the short … the disclosure of substantial shareholders' intention, demand, and proposals on public companies, which would provide …
Persistent link: https://www.econbiz.de/10012903642
Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue...
Persistent link: https://www.econbiz.de/10012898618
Motivated by a growing interest in the governance role of large shareholders with diversified equity portfolios, we … examine the effect of diversified large shareholders on voluntary corporate disclosures. With substantial equity stakes, large … shareholders generally have more access to private information about portfolio firms relative to small shareholders. We suggest …
Persistent link: https://www.econbiz.de/10012935043
In this study, we investigate whether and to what extent institutional shareholders' political values influence their … find that firms led by institutional shareholders with a more Republican-oriented political ideology are less likely to … issue environmental reports. Such a negative effect is more pronounced for firms with institutional shareholders with long …
Persistent link: https://www.econbiz.de/10012826094
We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms...
Persistent link: https://www.econbiz.de/10012970911
Demand for disclosures on environmental, social and governance (ESG) issues has increased dramatically. Using corporate political spending disclosures as our setting, we conduct a detailed inquiry of 541 political spending-related shareholder proposals from 2004 to 2012 to highlight the role of...
Persistent link: https://www.econbiz.de/10012975212
of bond interest rates. Just as shareholders, bondholders can play an important role in corporate governance. They can …
Persistent link: https://www.econbiz.de/10013024182
This article will analyse the different duties to disclose imposed on shareholders. The focus is on public limited … companies, mainly listed companies and the regulation found in EU law. It is shown that there are several such disclosure duties … normally held by shareholders, and increasingly it is also extended to those who are associated with the shareholders in …
Persistent link: https://www.econbiz.de/10012993091