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Firm Leverage and Bankruptcy Regimes : Does Ownership of Lenders Matter?
Jose, Jibin; Borad, Abhinandan - 2022
In this paper, we ask how firms’ optimal debt structure responds to a change in the bankruptcy regime. While existing work shows that this relationship is dependent on the ex-ante liquidation value of a firm, we demonstrate that the ownership of lenders they are connected to also matters. We...
Persistent link: https://www.econbiz.de/10013301190
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Shareholder Protection and Outside Blockholders : Substitutes or Complements?
Stepanov, Sergey - 2012
hampers raising funds from dispersed shareholders. This trade-off yields the described U-shape relationship …
Persistent link: https://www.econbiz.de/10013097637
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Blockholder dispersion and firm value
Konijn, Sander J. J.; Kräussl, Roman; Lucas, André - 2009
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test...
Persistent link: https://www.econbiz.de/10011379511
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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...
Persistent link: https://www.econbiz.de/10010212666
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Managerial Entrenchment and Shareholder Wealth Revisited : Theory and Evidence from a Recessionary Financial Market
Kesten, Jay - 2012
Does managerial entrenchment create or destroy shareholder value? This Article presents both theory and evidence that … academics and market participants, is that entrenchment reduces accountability to shareholders and amplifies agency costs, thus …, these findings are consistent with the theory that there are significant costs, not just benefits, to exposing managers to …
Persistent link: https://www.econbiz.de/10013116368
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Shareholder Activism in Germany : Theoretical Considerations and Empirical Evidence
Schäfer, Henry - 2019
Germany is the largest economy in Europe and yet there has been very little research in the area of shareholder activism. Main objective of this research paper is to discuss shareholder activism for DAX 30 companies. We provide the most recent empirical evidence that formal activism in Germany...
Persistent link: https://www.econbiz.de/10012905868
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Overconfidence and Early-Life Experiences : The Effect of Managerial Traits on Corporate Financial Policies
Malmendier, Ulrike - 2011
We show that measurable managerial characteristics have significant explanatory power for corporate financing decisions. First, managers who believe that their firm is undervalued view external financing as overpriced, especially equity. Such overconfident managers use less external finance and,...
Persistent link: https://www.econbiz.de/10013130991
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The Debt-Equity Choice When Regulatory Thresholds are Based on Equity Values : Evidence from SOX 404
Weber, David P. - 2019
When larger market values of equity result in being subject to costly regulation, firms have incentives to shift their sources of financing toward debt and away from equity. We use the Sarbanes-Oxley Act of 2002 (SOX) as a setting to provide evidence of such incentives. Smaller firms were...
Persistent link: https://www.econbiz.de/10012867859
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The Debt-Equity Choice When Regulatory Thresholds are Based on Equity Values : Evidence from SOX 404
Weber, David P. - 2020
When larger market values of equity result in being subject to costly regulation, firms have incentives to shift their sources of financing toward debt and away from equity. We use the Sarbanes-Oxley Act of 2002 (SOX) as a setting to provide evidence of such incentives. Smaller firms were...
Persistent link: https://www.econbiz.de/10012855940
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Shareholders and Stakeholders : How Do Directors Decide?
Adams, Renee B. - 2012
This study investigates how directors make decisions that involve shareholders and other stakeholders. Using vignettes … often side with shareholders …
Persistent link: https://www.econbiz.de/10013116404