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This paper analyses the German corporate law reform's effect on the publicly listed companies' ownership and performance. First, theoretically plausible implications of the most important laws that were issued 1990-2009 are provided, then an empirical analysis using 1997-2008 panel data...
Persistent link: https://www.econbiz.de/10013133571
The purpose of this paper is to examine whether adopting OECD-prescribed corporate governance principles can solve the major corporate governance problem in an emerging economy - controlling-shareholder expropriation. We argue that none of any "good corporate governance practices" in OECD...
Persistent link: https://www.econbiz.de/10013134671
We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional...
Persistent link: https://www.econbiz.de/10013115570
If short sellers can destroy firm value by manipulating prices down, an informed blockholder has a powerful natural incentive to protect the value of his stake by trading against them. However, he also has a potentially conflicting incentive to use his information to generate trading profits. We...
Persistent link: https://www.econbiz.de/10013116937
After the governance crisis of 2001-2003 and the regulatory response through the Sarbanes-Oxley Act and the European corporate governance codes, the financial crisis has revealed persistent governance problems in financial institutions relating to executives, non-executives and shareholders. For...
Persistent link: https://www.econbiz.de/10013117523
Using 2,956 CEO turnovers from 1993 to 2009, I find that default probability is useful in understanding and predicting forced CEO turnovers for non-distressed firms, controlling for conventional performance measures, such as stock performance. The high predictive power is not explained by...
Persistent link: https://www.econbiz.de/10013121262
Modern perceptions of good corporate governance assume that the general meeting has a meaningful role in the governance of listed companies and that shareholders make responsible use of their voting rights. Assessments after the financial crisis, however, indicate that institutional investors by...
Persistent link: https://www.econbiz.de/10013123575
We examine the effects of Ontario Bill-198 (CSOX-2003), the strictest corporate law in Canada. Despite some drawbacks, we find the Act has added significant value contrary to many practitioners' beliefs. Using a large sample of Canadian tender offers between 1996 and 2009, we find that both...
Persistent link: https://www.econbiz.de/10013097479
Persistent link: https://www.econbiz.de/10013107974
This paper examines minority squeeze-outs and their regulation in Germany, a country where majority shareholders have extensively used this tool since its introduction in 2002. Using unique data on court rulings and compensations, we analyze a sample of 324 squeeze-outs of publicly listed...
Persistent link: https://www.econbiz.de/10013065992