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The Managerial Labor Market and the Governance Role of Shareholder Control Structures in the UK
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2002
We simultaneously analyze two mechanisms of the managerial labor market: CEO turnover and monetary remuneration schemes.Sample selection models and hazard analyses applied to a random sample of 250 firms listed on the London Stock Exchange over a six-year pre-Cadbury period show that managerial...
Persistent link: https://www.econbiz.de/10011092291
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Do UK Institutional Shareholders Monitor their Investee Firms?
Renneboog, Luc; Goergen, M.; Zhang, C. - Tilburg University, Center for Economic Research - 2008
As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests that they do not perform any monitoring. This paper provides a new test on whether UK institutional...
Persistent link: https://www.econbiz.de/10011090281
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Control Structures and Payout Policy
Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005
This paper examines the payout policies of UK firms listed on the London Stock Exchange during the 1990s.It complements the existing literature by analyzing the trends in both dividends and total payouts (including share repurchases).In a dynamic panel data regression setting, we relate target...
Persistent link: https://www.econbiz.de/10011090300
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Investment Policy, Internal Financing and ownership Concentration in the UK
Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2000
investigate whether ownership concentration by class of shareholder creates or mitigates liquidity constraints.Control is expected … liquidity and investment could be a symptom of underinvestment.Firms pass up some projects with positive net present values … concentration reduces the liquidity constraints induced by agency costs, high insider shareholding concentration increases the …
Persistent link: https://www.econbiz.de/10011090481
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Econometric Modelling in Blockholder Systems of Corporate Governance
Manjon, M.C. - Tilburg University, Center for Economic Research - 2004
Persistent link: https://www.econbiz.de/10011090535
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A Managed Service Economy With an Equilibrium for Marketable Services
Ruys, Pieter H.M. - Tilburg University, Center for Economic Research - 2002
Persistent link: https://www.econbiz.de/10011090561
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Business Groups and Profit Redistribution : A Boon or Bane for Firms
George, R.; Kabir, M.R.; Douma, S.W. - Tilburg University, Center for Economic Research - 2004
This study investigates how profit redistribution affects the performance of firms affiliated to business groups.It shows that inefficient profit redistribution causes group-affiliated firms to perform poorly relative to independent firms.This underperformance persists even after controlling for...
Persistent link: https://www.econbiz.de/10011090611
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What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence
Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008
We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...
Persistent link: https://www.econbiz.de/10011090634
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How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards
Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006
This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...
Persistent link: https://www.econbiz.de/10011090642
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The Disciplining Role of Leverage in Dutch Firms
de Jong, A. - Tilburg University, Center for Economic Research - 2001
In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis tests for determinants of leverage from tax and...
Persistent link: https://www.econbiz.de/10011090661