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On the Non-Exclusivity of Loan Contracts : An Empirical Investigation

Degryse, Hans; Ioannidou, Vasso; von Schedvin, E.L. - Tilburg University, Center for Economic Research - 2011

Credit contracts are non-exclusive. A string of theoretical papers shows that nonexclusivity generates important negative contractual externalities. Employing a unique dataset, we identify how the contractual externality stemming from the non-exclusivity of credit contracts affects credit...

Persistent link: https://www.econbiz.de/10011090539

Director Networks and Takeovers

Renneboog, Luc; Zhao, Y. - Tilburg University, Center for Economic Research - 2013

Abstract: We study the impact of corporate networks on the takeover process. We find that better connected companies … takeover transaction will be successfully completed augments, and the duration of the negotiations is shorter. Connected … takeover strategy and process, we do not find evidence that the market acknowledges connections between bidders and targets as …

Persistent link: https://www.econbiz.de/10011090596

Contractual Corporate Governance

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2008

Companies have the choice to deviate from their national corporate governance standards by opting into another system. They can do so via contractual devices – such as cross-border mergers and acquisitions, (re)incorporations, and cross-listings – which enable firms to choose their preferred...

Persistent link: https://www.econbiz.de/10011090647

The Importance of Trust for Investment : Evidence From Venture Capital (Revision of DP 2009-43)

Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2010

We examine the effect of trust on financial investment and contracting decisions in a micro-economic environment where trust is exogenous. Using hand-collected data on European venture capital, we show that the Eurobarometer measure of trust among nations significantly affects investment...

Persistent link: https://www.econbiz.de/10011090711

Recent Developments in German Corporate Governance

Renneboog, Luc; Goergen, M.; Manjon, M.C. - Tilburg University, Center for Economic Research - 2004

been revised to prevent minority shareholders from stalling corporate restructuring via legal actions.The Takeover Act now … prescribes a tender offer as soon as an investor acquires at least 30% of a firm's equity.However, the Act also allows anti-takeover …

Persistent link: https://www.econbiz.de/10011090720

Institutional Investor Preferences and Executive Compensation (replaced by CentER DP 2012-004)

McCahery, J.A.; Sautner, Z. - Tilburg University, Center for Economic Research - 2011

In this paper, we investigate the attitudes of institutional investors, such as hedge funds, insurance companies, mutual funds and pension funds, towards a key corporate governance mechanism, namely executive compensation. The purpose of this study is to document the preferences they have about...

Persistent link: https://www.econbiz.de/10011090742

Shareholder Activism through the Proxy Process

Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2009

This paper provides evidence on the corporate governance role of shareholderinitiated proxy proposals. Previous studies debate over whether activists use proxy proposals to discipline firms or to simply advance their self-serving agendas, and whether proxy proposals are effective at all in...

Persistent link: https://www.econbiz.de/10011090883

Foreign Bank Entry and Credit Allocation in Emerging Markets

Degryse, Hans; Havrylchyk, O.; Jurzyk, E.; Kozak, S. - Tilburg University, Center for Economic Research - 2009

allocation in emerging markets. We investigate the impact of the mode of foreign entry (greenfield or takeover) on banks …

Persistent link: https://www.econbiz.de/10011091073

Shareholder Activism through Proxy Proposals : The European Perspective

Renneboog, Luc; Cziraki, P.; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2009

This paper is the first to investigate the corporate governance role of shareholderinitiated proxy proposals in European firms. While proposals in the US are nonbinding even if they pass the shareholder vote, they are legally binding in the UK and most of Continental Europe. Nonetheless,...

Persistent link: https://www.econbiz.de/10011091079

Anti-takeover Provisions as a Source of Innovation and Value Creation

Humphery-Jenner, M. - Tilburg University, Center for Economic Research - 2011

an opportunistic takeover designed to take advantage of depressed market prices. This is especially the case in … under-performance. For these HtV firms, the threat of an opportunistic takeover can destroy value by inducing agency con …

Persistent link: https://www.econbiz.de/10011091215