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model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …
Persistent link: https://www.econbiz.de/10010199748
We study the empirical determinants of corporate ownership dynamics in a market where large shareholders are prevalent … issuance). Dilution does not seem to be followed by higher investment, debt growth, changes in profitability, or turnover in …
Persistent link: https://www.econbiz.de/10013117970
of associations have no major impact on shareholders' engagements. Corporate performance and other governance mechanisms … debate of shareholder empowerment. The agenda and hence the role of shareholders should be restructured. The AGM should be …
Persistent link: https://www.econbiz.de/10013122441
We consider the allocation of corporate control in a company with two large and a continuum of small shareholders …. Control is determined in a shareholders' meeting, where the large shareholders submit competing proposals in order to attract … the vote of small shareholders. The presence of multiple shareholders reduces private benefits through competition for …
Persistent link: https://www.econbiz.de/10013081207
This paper studies the link between the agency costs of equity and the agency costs of debt. Using a unique sample of the ownership structure of single and dual class firms as well as hand-collected data on loan contracts, we find that the agency cost of debt – proxied by various loan...
Persistent link: https://www.econbiz.de/10013091502
I ask why the same large shareholders, i.e. blockholders, have different investment horizons. Using the U.S. data for …
Persistent link: https://www.econbiz.de/10012902081
I investigate whether implementation of the mandatory bid rule – the rule that grants all shareholders the right to …
Persistent link: https://www.econbiz.de/10012904998
-termism in the financial markets, prominent commentators have advocated bolstering the voting rights of long-term shareholders or … preparing a proposal to give 'loyal' shareholders extra voting influence.This commentary discusses the case for departing from …
Persistent link: https://www.econbiz.de/10012857117
information among dispersed shareholders. We identify the two basic means to achieve this goal. First, the outsider must …
Persistent link: https://www.econbiz.de/10013033270
. Some firms are commonly owned by shareholders such as index funds whereas the other firms are owned by independent … shareholders. Under such an asymmetric ownership structure, the common owners have an incentive to coordinate when designing the …
Persistent link: https://www.econbiz.de/10012179257