CEOs have a potential conflict of interest when their company is acquired: they can bargain to be retained by the acquirer and for private benefits rather than for a higher premium to be paid to the shareholders. We investigate the determinants of target CEO retention by the acquirer and whether...

In this paper we survey the common explanations of barter in transition economies and expose them to detailed survey data on 165 barter deals in Ukraine in 1997. The evidence does not support the notion that soft budget constraints, lack of restructuring, or that the virtual economy are the...

Public corporations live in a dynamic and ever-changing business environment. This Paper examines how courts and legislators should choose default arrangements in the corporate area to address new circumstances. We show that the interests of the shareholders of existing companies would not be...

La premiere partie de ce document expose le cadre conceptuel permettant d'apprehender le capital organisationnel et son lien avec la structure financiere. La deuxieme partie propose un modele reliant la formation de capital organisationnel et la structure financiere, lorque la valeur de la firme...

This paper analyses the control of Belgian listed companies.The analysis reveals that control of listed companies in Belgium is highly concentrated . Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration.The main characteristics of the...

The paper investigates why the corporate landscapes of Germany and UK are so different in terms of control by analyzing ownership evolution in recent IPOs. We report the control evolution of a sample of size- and industry-matched German and UK companies six years subsequent to the flotation. The...

The research presented in this paper aims at showing the "failure path" of firms over the five years preceding their default, based on the chronological analysis of a sample of published financial statements of both failing and non failing firms.

This paper studies how the legal liability rules for directors can be optimally designed to provide them with the incentives to fulfill their fiduciary duties and to maximize ex-ante firm value. I present a principal-agent model where the shareholders can obtain a verifiable but costly and...

We focus on an exogenous event that changes the cost of capital of a company – the addition of its stock to the S&P 500 index – and investigate how companies react to it by modifying their corporate financial and investment policies. This allows us to test capital structure theories in an...

The virtual economy argument for Russia suggests that barter -a payment in goods rather than cash - allows the parties to pretend that the manufacturing sector is producing value added by enabling this sector to sell its output at a higher price than its market value. We confront this prediction...