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A considerable number of studies have examined the relationship between corporate governance (CG) structures and corporate performance (e.g., Yermack, 1996; Gompers et al., 2003; Beiner et al., 2006; Renders et al., 2010; Ntim et al., 2012; Kumar & Zattoni 2013; Griffin, et al., 2014). In contrast, despite its...
Persistent link: https://www.econbiz.de/10011761181
The issue of appropriate corporate governance framework has been a focal point of recent reforms in many countries. This study provides a comprehensive comparative analysis of corporate governance regulatory systems and their evolution over the last 15 years in 30 European countries and the US....
Persistent link: https://www.econbiz.de/10013147498
Going public often creates an agency conflict between the owner-manager and minority shareholders. This problem is especially severe in countries with poor legal investor protection, such as France. We examine the controlling position of owner-managers in French IPO firms. We find that investors...
Persistent link: https://www.econbiz.de/10010730888
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
Persistent link: https://www.econbiz.de/10010495442
We document substantial time-series and cross-sectional variation in branch-level deposit account interest rates, maintenance fees, and fee thresholds, and examine whether variation in bank concentration helps explain variation in these prices. HHI alone is not correlated with any of the outcome...
Persistent link: https://www.econbiz.de/10012903715
Minority shareholdings have been on the regulatory agenda of competition authorities for some time. Recent empirical studies, however, draw attention to a new, thought provoking theory of harm: common ownership by institutional investors holding small, parallel equity positions in several...
Persistent link: https://www.econbiz.de/10013241599
This Article examines whether recent shifts among private and public markets are part of a more general phenomenon of “shapeshifting” among corporate entities. A shapeshift is a transformation of corporate form involving the creation or use of a new legal entity and one or more changes in...
Persistent link: https://www.econbiz.de/10013148211
Horizontal shareholdings exist when a common set of investors own significant shares in corporations that are horizontal competitors in a product market. Economic models show that substantial horizontal shareholdings are likely to anticompetitively raise prices when the owned businesses compete...
Persistent link: https://www.econbiz.de/10013004193
These slides summarize the theoretical literature on horizontal common ownership concentration and its impact on competition, as presented at the FTC's hearings on common ownership and competition in December 2018. They are primarily based on this literature review:...
Persistent link: https://www.econbiz.de/10012859799