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I show that private equity transactions (i) illustrate market-driven reactions to inefficient equity markets that result from the diffusion of equity ownership in the public firm and (ii) form part of a larger market trend to-wards the market oriented blockholder model – a hybrid ownership...
Persistent link: https://www.econbiz.de/10013137230
This article examines the post-financial crisis trends in the private equity industry. Although most research has followed the pre-crisis trends, we show that investors are demanding the inclusion of more investor-favorable compensation terms in limited partnership agreements. Our findings...
Persistent link: https://www.econbiz.de/10013073235
The rise of private equity funds represents a new stage in capitalism. These funds combine financial resources and capital markets expertise with detailed operational knowledge of the operations of takeover targets to maximize the creation and expropriation of value on behalf of investors. Their...
Persistent link: https://www.econbiz.de/10013148403
This paper presents new evidence on the economic role of private equity buyouts by exploiting the staggered adoption of the constructive fraud provision by U.S. state courts. The law unintentionally shifts the credit default risk borne by existing unsecured creditors of the buyout target to the...
Persistent link: https://www.econbiz.de/10013293924
This study investigates the effectiveness of government intervention in rescuing bearish markets in a transition economy. Focusing on a pre- and a post-intervention period, the findings reveal that government intervention successfully rescued bearish markets in China and led to a fundamental...
Persistent link: https://www.econbiz.de/10013036937
ownership network. Exploiting the Regulation SHO Pilot experiment, we find a significant removal of anti-takeover provisions by …
Persistent link: https://www.econbiz.de/10013296044
The spread of minority equity interest by large investors within productive sectors has garnered theattention of major institutions worldwide. This work draws a picture of such “common ownership”in the European energy industry in 2007-2018, by means of novel indicators covering both the...
Persistent link: https://www.econbiz.de/10013295471
Corporate governance scandals inevitably raise concerns about the extent to which corporate directors failed in their responsibility to monitor the corporation and its managers, especially in terms of the latter's' misdeeds. Corporate governance reforms strive to shore up directors' roles by...
Persistent link: https://www.econbiz.de/10013099463
The governance of infrastructure institutions in the financial markets – namely exchanges, central counter-parties (CCPs), and central securities depositories (CSDs) – has become a matter of significant commercial, regulatory, legislative, and even political concern. Such institutions play a...
Persistent link: https://www.econbiz.de/10013148316
franchise contracts to opportunistically take over profitable establishments. This regulation may, however, reduce the total … police franchisee free-riding on the franchised trademark. On the other hand, no such effect is implied if the regulation … empirical evidence on the effects of franchise regulation. Panel data on fast food establishments extracted from uniform …
Persistent link: https://www.econbiz.de/10014053869