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Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation

Beltratti, Andrea - 2010

Though overall bank performance from July 2007 to December 2008 was the worst since at least the Great Depression … performance of banks during the credit crisis. More specifically, we investigate whether bank performance is related to bank …-level governance, country-level governance, country-level regulation, and bank balance sheet and profitability characteristics before …

Persistent link: https://www.econbiz.de/10013151816

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge

Becker, Bo - 2012

We use the Business Roundtable's challenge to the SEC's 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional...

Persistent link: https://www.econbiz.de/10013111307

Corporate Governance and the Plight of Minority Shareholders in the United States Before the Great Depression

Lamoreaux, Naomi R.; Rosenthal, Jean-Laurent - 2022

Legal records indicate that conflicts of interest -- that is, situations in which officers and directors were in a position to benefit themselves at the expense of minority shareholders -- were endemic to corporations in the late-nineteenth and early-twentieth century U.S. Yet investors...

Persistent link: https://www.econbiz.de/10013324108

Do Public Firms Respond to Industry Opportunities More than Private Firms? The Impact of Initial Firm Quality

Maksimovic, Vojislav - 2019

We track firms at birth and compare the growth pattern of IPO firms and their birth-matched counterparts. Firms that are larger at birth with faster initial growth are more likely to attain a larger size later in life and go public. Firms in the top percentile of predicted propensity to go...

Persistent link: https://www.econbiz.de/10012890903

Top Executives, Turnover and Firm Performance in Germany

Kaplan, Steven N. - 2021

This paper examines executive turnover -- both for management and supervisory boards - - and its relation to firm performance in the largest companies in Germany in the 1980s. The management board turns over slowly -- at a rate of 10% per year -- implying that top executives in Germany have...

Persistent link: https://www.econbiz.de/10013218102

Why Does Idiosyncratic Risk Increase with Market Risk?

Bartram, Söhnke M. - 2016

From 1963 through 2015, idiosyncratic risk (IR) is high when market risk (MR) is high. We show that the positive relation between IR and MR is highly stable through time and is robust across exchanges, firm size, liquidity, and market-to-book groupings. Though stock liquidity affects the...

Persistent link: https://www.econbiz.de/10012985580

Is the U.S. Public Corporation in Trouble?

Kahle, Kathleen M. - 2016

We examine the current state of the U.S. public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years...

Persistent link: https://www.econbiz.de/10012978530

The Specter of the Giant Three

Bebchuk, Lucian A. - 2019

This paper examines the large, steady, and continuing growth of the Big Three index fund managers—BlackRock, Vanguard, and State Street Global Advisors. We show that there is a real prospect that index funds will continue to grow, and that voting in most significant public companies will come...

Persistent link: https://www.econbiz.de/10012868749

Why Has Idiosyncratic Risk Been Historically Low in Recent Years?

Bartram, Söhnke M. - 2018

Since 1965, average idiosyncratic risk (IR) has never been lower than in recent years. In contrast to the high IR in the late 1990s that has drawn considerable attention in the literature, average market-model IR is 44% lower in 2013-2017 than in 1996-2000. Macroeconomic variables help explain...

Persistent link: https://www.econbiz.de/10012928982

Do Public Firms Respond to Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality

Maksimovic, Vojislav - 2017

Using U.S. Census data, we track firms at birth and compare the growth pattern of IPO firms and their matched always-private counterparts over their life cycle. Firms that are larger at birth with faster initial growth are more likely to attain a larger size and to subsequently go public. We...

Persistent link: https://www.econbiz.de/10012941601