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Executive Compensation as an Agency Problem

Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself …

Persistent link: https://www.econbiz.de/10005662270

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

Corporate Efficiency in Europe

Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015

, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic … majority owners improve efficiency more than foreign majority owners when no minority shareholders are present, but (vi) the … opposite is true when minority shareholders hold a substantial fraction of the firm’s equity. In the analysis, we distinguish …

Persistent link: https://www.econbiz.de/10011213309

Who is Afraid of Political Risk? Multinational Firms and their Choice of Capital Structure

Kesternich, Iris; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2007

This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we distinguish different types of political risk, such...

Persistent link: https://www.econbiz.de/10005067659

Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation

Kocenda, Evzen - C.E.P.R. Discussion Papers - 2002

This Paper works with a broad data sample of Czech voucher-privatized firms during 1996-99. It analyses the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest owner...

Persistent link: https://www.econbiz.de/10005788907

Voucher Privatization, Corporate Control and the Cost of Capital: An Analysis of the Czech Privatization Programme

Marcincin, Anton; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1995

Voucher privatization programmes have been criticized for leading to excessively dispersed ownership and hence failure of control and insufficient corporate governance. We analyse the results of the five auction rounds of the Czech privatization programme and subsequent stock market...

Persistent link: https://www.econbiz.de/10005123768

Equity Block Transfers in Transition Economies: Evidence from Poland

Trojanowski, Grzegorz - C.E.P.R. Discussion Papers - 2002

shareholders’ protection in transitional economies. Shareholder’s opportunities to extract private benefits of control turn out to …

Persistent link: https://www.econbiz.de/10005124379

Auctions of Shares with a Secondary Market and Tender Offers

Mello, Antonio S; Parsons, John E - C.E.P.R. Discussion Papers - 1994

shares and let interested shareholders assemble a controlling bloc in the secondary market, or alternatively should the sale …

Persistent link: https://www.econbiz.de/10005114415

Property Rights and Economic Development

Besley, Timothy J.; Ghatak, Maitreesh - C.E.P.R. Discussion Papers - 2009

This chapter develops a unified analytical framework, drawing on and extending the existing literature on the subject, for studying the role of property rights in economic development. It addresses two fundamental and related questions concerning the relationship between property rights and...

Persistent link: https://www.econbiz.de/10005067522

The Cost Factor in Patent Systems

Francois, Didier; van Pottelsberghe de la Potterie, Bruno - C.E.P.R. Discussion Papers - 2006

The objective of this paper is to assess whether and to what extent the cost of patenting affects the demand for patents. The empirical analysis, which focuses on the patent systems of the USA, Japan, and Europe during the year 2003, leads to the following methodological and empirical...

Persistent link: https://www.econbiz.de/10005662298