This study documents a decline in the levels of corporate ownership concentration between 1996 and 2007. When compared to previous studies, the incidence of ownership stakes of 20% or larger has decreased form 60% to 41% of the total population of publicly listed Canadian firms. Regional...

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

This study answers some elimentary questions about Dutch shareholding structures, such as the structure in the Netherlands in comparison with other countries and the change in investors groups' interests in shares investments. We concentrate on banks. Banks have a particular position in that...

This paper examines cash dividends and share repurchases in Japan - discerning between keiretsu and non-keiretsu groupings of firms - during the period 1990 to 2008, a period of extensive Japanese corporate governance reform. As in the United States, share repurchases in Japan have grown...

This paper studies corporate governance when a firm operates in imperfect markets. We derive firms' decisions from utility maximisation by individuals. This reduces the usual monopoly distortion. Corporate governance can effect the equilibrium in the product (or input) markets. This enables us...

Il lavoro analizza il processo di riallocazione della proprietà nei settori manifatturieri di 16 paesi europei nel biennio 2006-2007, concentrandosi sullo studio dei fattori istituzionali, settoriali e tecnologici alla base di fusioni ed acquisizioni. In particolare si esaminano le determinanti...

We investigate the effects of shareholder governance mechanisms on bondholders and document two new findings. First, the impact of shareholder control (proxied by large institutional blockholders) on credit risk depends on takeover vulnerability. Shareholder control is associated with higher...

Although the enactment of the Sarbanes-Oxley Act (SOX) received nearly unanimous congressional support, only a few years thereafter its wisdom was increasingly questioned and its supporters had to stave off attempts to recraft the legislation. The financial crisis of 2008 has sidelined efforts...

It is well known that cross-listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross-listing on prices and we are able to separate the different sources of...

This chapter reviews the empirical literature, especially the event study literature, as it relates to corporate and securities law. Event studies are among the most successful uses of econometrics in policy analysis. By providing an anchor for measuring the impact of events on investor wealth,...