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How weak is the weakest-link principle? : on the measurement of firm owners' control rights

Weichenrieder, Alfons J.; Edwards, Jeremy S. S. - 2004

The paper argues that the weakest link principle, which has been widely used as a measure of ultimate owners' control rights, has a number of serious problems. A theoretically more satisfactory method of measuring control rights, based on voting power indices, is proposed, and the different...

Persistent link: https://www.econbiz.de/10011450369

Market competition or family ties : which prevails on Italian CEOs pay?

Graziano, Clara; Rondi, Laura - 2015 - This draft: June 8, 2015

The paper analyzes the interplay of product market competition and governance on CEO compensation in Italian listed … market competition eventually prevails over family ties even in a family-controlled governance system such as in Italy. …

Persistent link: https://www.econbiz.de/10011280832

Taxation and corporate risk-taking

Langenmayr, Dominika; Lester, Rebecca - 2017

We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the...

Persistent link: https://www.econbiz.de/10011688417

Punish one, teach a hundred : the sobering effect of punishment on the unpunished

D'Acunto, Francesco; Weber, Michael; Xie, Jin - 2019

are less disciplined by traditional governance mechanisms than non-SOEs - cut their loan guarantees. SOEs whose CEOs have … cost-effective governance mechanism when other forms of governance are ineffective. …

Persistent link: https://www.econbiz.de/10011973941

The effect of corporate taxation and ownership on raising shareholder capital

Krämer, Robert; Lipatov, Vilen - 2013

We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a …

Persistent link: https://www.econbiz.de/10010199748

Stock market returns, corporate governance and capital market equilibrium

Parigi, Bruno; Pelizzon, Loriana; Thadden, Ernst-Ludwig von - 2013

This paper proposes a theoretical model that incorporates corporate governance into the basic CAPM, where corporate … governance affects the disutility of managerial effort and the possibility of managers to divert company resources. It shows that … corporate governance affects firms’ stock returns and also how the quality of corporate governance is chosen endogenously. The …

Persistent link: https://www.econbiz.de/10010212666

A pandemic business interruption insurance

Louaas, Alexis; Picard, Pierre - 2020

We analyze how pandemic business interruption coverage can be put in place by building on capitalization mechanisms. The pandemic risk cannot be mutualized since it affects simultaneously a large number of businesses, and furthermore, it has a systemic nature because it goes along with a severe...

Persistent link: https://www.econbiz.de/10012387545

Cybersecurity risk

Florackis, Chris; Louca, Christodoulos; Michaely, Roni; … - 2020

We develop a novel firm-level measure of cybersecurity risk using textual analysis of cybersecurity-risk disclosures in corporate filings. The measure successfully identifies firms extensively discussing cybersecurity risk in their 10-K, displays intuitive relations with quantitative measures of...

Persistent link: https://www.econbiz.de/10012387622

Carbon default swap : disentangling the exposure to carbon risk through CDS

Blasberg, Alexander; Kiesel, Rüdiger; Taschini, Luca - 2022

Using Credit Default Swap spreads, we construct a forward-looking, market-implied carbon risk factor and show that carbon risk affects firms' credit spread. The effect is larger for European than North American firms and varies substantially across industries, suggesting the market recognises...

Persistent link: https://www.econbiz.de/10013417581