Search Results - subject:"Private Benefits of Control"

Determinants of the Block Premium and of Private Benefits of Control

Albuquerque, Rui; Schroth, Enrique - C.E.P.R. Discussion Papers - 2008

determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb …Note: A substantially revised version of this paper has been published as CEPR DP7358, "Quantifying private benefits of … control from a structural model of block trades." Please refer to DP7358 for the most up-to-date version. We study the …

Persistent link: https://www.econbiz.de/10005136458

Firm leverage and the private benefits of control in Chinese firms

Zhaoguo, Zhang; Weifeng, He; Jing, Chen - In: Afro-Asian Journal of Finance and Accounting 1 (2008) 1, pp. 6-16

This study investigates the relationship between capital structure and the private benefits of control of listed … Chinese firms. A sample of firms listed on the Chinese stock markets is used to estimate the private benefits of control. The … private benefits of control are approximately 18% (on average) in China. There is a statistically significant negative …

Persistent link: https://www.econbiz.de/10008563918

The Choice between Bank Debt and Trace Credit in Business Start-ups

Huyghebaert, Nancy; Gucht, Linda; Hulle, Cynthia - In: Small Business Economics 29 (2007) 4, pp. 435-452

Persistent link: https://www.econbiz.de/10005684704

The Impact of Legal and Voluntary Investor Protection on the Early Adoption of International Financial Reporting Standards (IFRS)

Renders, Annelies; Gaeremynck, Ann - In: De Economist 155 (2007) 1, pp. 49-72

Persistent link: https://www.econbiz.de/10005709506

Managerial Preferences, Corporate Governance, and Financial Structure

Liu, Hong; Miao, Jianjun - Department of Economics, Boston University - 2006

Conflicts of interest between insiders (e.g, controlling shareholders) and outsiders (e.g., minority shareholders) are central to the analysis of modern corporation. In an integrated continuous-time contingent claims framework with imperfect corporate governance, we examine a controlling...

Persistent link: https://www.econbiz.de/10004972899

Private benefits of control and firm leverage: An analysis of Korean firms

Kang, Jangkoo; Kim, Joon-Seok - In: Review of Quantitative Finance and Accounting 27 (2006) 4, pp. 439-463

benefits of control, the controlling shareholder is given incentives to avoid debt. Using estimates of the private benefits of …This paper investigates the leverage choices of an entrenched controlling party. If debt effectively curbs the private … control and financial statement data from selected Korean firms, we find that a controlling party with large private benefits …

Persistent link: https://www.econbiz.de/10005808839

Investor Protection and Equity-Holdings: An Explanation of Two Puzzles?

Giannetti, Mariassunta; Koskinen, Yrjö - C.E.P.R. Discussion Papers - 2003

We develop a model where wealthy investors have an incentive to become controlling shareholders because they can earn additional benefits by expropriating outside shareholders. As a consequence, in countries where minority investor rights are poorly protected, both domestic and foreign portfolio...

Persistent link: https://www.econbiz.de/10005114263

Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions

Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2002

We argue that the existence of CEO private control benefits complements managerial reputation in counteracting costly shareholder risk-shifting incentives during severe financial distress, when job-loss may be imminent. We examine this argument empirically using bankruptcy filings in Sweden,...

Persistent link: https://www.econbiz.de/10005123993

Managerial Power and Rent Extraction in the Design of Executive Compensation

Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002

This Paper develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors...

Persistent link: https://www.econbiz.de/10005114260

The Market for Corporate Law

Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2002

This Paper develops a model of the competition among states in providing corporate law rules. The analysis provides a full characterization of the equilibrium in this market. Competition among states is shown to produce optimal rules with respect to issues that do not have a substantial effect...

Persistent link: https://www.econbiz.de/10005114390