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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

Taking the Lord's Name in Vain: The Impact of Connected Directors on 19th century British Banks

Grossman, Richard; Imai, Masami - C.E.P.R. Discussion Papers - 2015

This paper utilizes data on the presence of prominent individuals—that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879-1909 to investigate whether the appointment of well-connected...

Persistent link: https://www.econbiz.de/10011145404

Europe's 'New' Stock Markets

Bottazzi, Laura; Da Rin, Marco - C.E.P.R. Discussion Papers - 2002

equity capital at IPO. Third, the adoption of US GAAP accounting standards substantially increases firms’ ability to raise …

Persistent link: https://www.econbiz.de/10005123860

Accounting discretion of banks during a financial crisis

Huizinga, Harry; Laeven, Luc - C.E.P.R. Discussion Papers - 2009

This paper presents evidence of banks using accounting discretion to overstate the value of distressed assets. In … favorably to recent changes in accounting rules that relax fair value accounting. Banks with large exposures to mortgage … recent changes that relax fair value accounting may further distort this picture. …

Persistent link: https://www.econbiz.de/10004973976

Cross-Country Determinants of Mergers and Acquisitions

Rossi, Stefano; Volpin, Paolo - C.E.P.R. Discussion Papers - 2003

This Paper studies the determinants of mergers and acquisitions around the world during the 1990s by focusing on differences in laws and regulation across countries. We find that the volume of M&A activity and the premium paid are significantly larger in countries with better investor...

Persistent link: https://www.econbiz.de/10005788892

Domestic Institutions and the Bypass Effect of Financial Globalization

Ju, Jiandong; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2007

This paper proposes a simple model to study the relationship between domestic institutions - financial system, corporate governance, and property rights protection - and patterns of international capital flows. It studies conditions under which financial globalization can be a substitute for...

Persistent link: https://www.econbiz.de/10005789081

Shareholder Protection, Stock Market Development and Politics

Pagano, Marco; Volpin, Paolo - C.E.P.R. Discussion Papers - 2005

This paper presents a political economy model where there is mutual feedback between investor protection and stock market development. Better investor protection induces companies to issue more equity and thereby leads to a broader stock market. In turn, equity issuance expands the shareholder...

Persistent link: https://www.econbiz.de/10005789093

Monitoring the Monitors: Amakudari and the Ex-Post Monitoring of Private Banks

Hassink, Wolter; van Rixtel, Adrian - C.E.P.R. Discussion Papers - 1998

The paper investigates whether the Japanese monetary authorities use post-retirement employment of Ministry of Finance (MoF) and Bank of Japan (BoJ) officials as a policy instrument. The authors also investigate whether industrial groupings (keiretsu) and main banks have monitoring functions....

Persistent link: https://www.econbiz.de/10005789103

The Influence of the Financial Revolution on the Nature of Firms

Rajan, Raghuram G; Zingales, Luigi - C.E.P.R. Discussion Papers - 2001

Major technological, regulatory, and institutional changes have made finance more widely available in recent years, amounting to a bona fide ‘financial revolution’. In this article, we focus on the impact the financial revolution has had on the way firms are (or should be) organized and...

Persistent link: https://www.econbiz.de/10005789143

Innovation and Competitive Pressure

Vives, Xavier - C.E.P.R. Discussion Papers - 2004

I analyse the effects of competition on R&D effort (in a non-tournament context) and obtain robust results that hold for a variety of market structures, including markets with and without barriers to entry and markets characterized by either price or quantity competition. The approach...

Persistent link: https://www.econbiz.de/10005791300