Inmitten der internationalen Finanzkrise hat die Bundesregierung im Herbst 2007 das Risikobegrenzungsgesetz verabschiedet. Nun wird der Bundestag über das Gesetz entscheiden. Die einheimischen Private-Equity-/Buy-Out-Anbieter, die bislang nicht unter die Bankenaufsicht fallen, gehören zu den...

The first striking feature is that ownership of the average UK company is diffuse: a coalition of at least eight shareholders is required to reach an absolute majority of voting rights. Even though the average firm has a dispersed ownership, the reader should bear in mind that there are about...

Over the period from October 2006 to May 2008, Atos Origin, a French information technology company, was the target of two activist hedge funds, Centaurus and Pardus. This article investigates in detail how the activists initiated their actions, how the management organized its defence and how...

Motivated by agency theory, we investigate how a firm’s overall quality of corporate governance affects its dividend policy. Using a large sample of firms with governance data from The Institutional Shareholder Services (ISS), we find that firms with stronger governance exhibit a higher...

This study examines the association between different institutional investors’ ownership and earnings management practice using a neural networks approach. It investigates this relationship for a sample of 121 US firms. We examine also the effect of institutional ownership on the level of...

Proxy advisory firms are independent, for-profit consulting companies that provide voting recommendations to individual and institutional investors. Research shows that these firms have significant influence on voting outcomes. Given this influence, it is important that investors ensure that the...

Individual investors are active participants in the shareholder resolution process, filing approximately one quarter of the total number of shareholder resolutions voted on each year. Their activism, however, is controversial. Critics contend that the large number of resolutions filed each year...

Institutional investor interest associated with firm wealth and required monitor on board of director. In order to remaining board motivation higher remuneration should be awarded especially to family executive due to top position is among them. This study examined the relationship between the...

Using a broad panel of NYSE-, AMEX-, or NASDAQ-listed stocks, this paper studies the relation between institutional ownership concentration and stock price informativeness. One channel through which ownership concentration affects price informativeness is competition among institutional...

We investigate whether business ties with portfolio firms influence mutual funds' proxy voting using a comprehensive data set spanning 2003 to 2011. In contrast to prior literature, we find that business ties significantly influence pro-management voting at the level of individual pairs of fund...