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Local Ownership as Private Information: Evidence on the Monitoring-Liquidity Trade-Off

Gaspar, José-Miguel; Massa, Massimo - C.E.P.R. Discussion Papers - 2004

show that informed ownership improves the quality of governance of the firm and induces value-enhancing decisions (less …

Persistent link: https://www.econbiz.de/10005497985

Liquidity and Governance

Back, Kerry E.; Li, Tao; Ljungqvist, Alexander P. - C.E.P.R. Discussion Papers - 2013

Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm … governance. Empirical tests using three distinct sources of exogenous variation in liquidity confirm the negative relation …

Persistent link: https://www.econbiz.de/10011084717

The Corporate Governance of Defined-Benefit Pension Plans: Evidence from the United Kingdom

Cocco, Joâo Francisco P.D.; Volpin, Paolo - C.E.P.R. Discussion Papers - 2005

This paper studies the governance of defined-benefit pension plans in the United Kingdom. We construct a governance …

Persistent link: https://www.econbiz.de/10005792367

The Macroeconomics of Shareholder Pressure

Thesmar, David - C.E.P.R. Discussion Papers - 2003

This Paper argues that shareholder activism can be considered as similar to the adoption of increasing returns-to-scale technology by financial institutions. I start from this mechanism to build a model designed to assess the long-run consequences of shareholder pressure. I then use this model...

Persistent link: https://www.econbiz.de/10005661545

Corporate Control and Executive Selection

Lippi, Francesco; Schivardi, Fabiano - C.E.P.R. Discussion Papers - 2010

We present a model in which the owner of the firm enjoys a private benefit from developing a personal relationship with the executives. This may lead the owner to retain a senior executive in office even though a more productive replacement is available. The model shows that the private returns...

Persistent link: https://www.econbiz.de/10008677237

Good Monitoring, Bad Monitoring

Grinstein, Yaniv; Rossi, Stefano - C.E.P.R. Discussion Papers - 2014

Are courts effective monitors of corporate decisions? In a controversial landmark case, the Delaware Supreme Court held directors personally liable for breaching their fiduciary duties, signaling a sharp increase in Delaware’s scrutiny over corporate decisions. In our event study, low-growth...

Persistent link: https://www.econbiz.de/10011084098

Cross-Country Determinants of Mergers and Acquisitions

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

acquisitions is a more important component of the corporate governance regime of countries with better investor protection. We also … acquirers. Hence, cross-border transactions play a governance role by improving the degree of investor protection within target … governance systems. …

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

Fire the Manager to Improve Performance? Managerial Turnover and Incentives After Privatization in the Czech Republic

Fidrmuc, Jan; Fidrmuc, Jana - C.E.P.R. Discussion Papers - 2004

This Paper analyses the effect of the introduction of managerial incentives and new human capital on enterprise performance after privatization in the Czech Republic. We find weak evidence for the presence of managerial incentives: only in 1997, three to four years after privatization, does poor...

Persistent link: https://www.econbiz.de/10005792419

The Structure of Corporate ownership in Privatized Utilities

Trillas, Francesco - C.E.P.R. Discussion Papers - 2002

The purpose of this Paper is to study the determinants of the concentration of ownership in a privatized, regulated firm. The discussion illustrates some aspects of the costs and benefits of different corporate systems. Privatized utilities are large firms with professional management: there is...

Persistent link: https://www.econbiz.de/10005123598

Executive Compensation in America: Optimal Contracting or Extraction of Rents

Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2001

corporate governance. …

Persistent link: https://www.econbiz.de/10005123963