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The Value Relevance of Dirty Surplus Accounting Flows in the Netherlands

Wang, Y.; Buijink, W.F.J.; Eken Ra, R.C.W. - Tilburg University, Center for Economic Research - 2003

Recently the Dutch financial reporting standard setters have taken steps to make dirty surplus accounting flows more …. These steps are presumably based on the idea that dirty surplus accounting flows are value relevant to investors and hence … have to be visible to them. Whether dirty surplus accounting flows are indeed value relevant is an empirical issue. This …

Persistent link: https://www.econbiz.de/10011090349

Do UK Institutional Shareholders Monitor their Investee Firms?

Renneboog, Luc; Goergen, M.; Zhang, C. - Tilburg University, Center for Economic Research - 2008

As institutional investors are the largest shareholders in most listed UK firms, one expects them to monitor the firms they invest in. However, there is mounting empirical evidence which suggests that they do not perform any monitoring. This paper provides a new test on whether UK institutional...

Persistent link: https://www.econbiz.de/10011090281

Control Structures and Payout Policy

Renneboog, Luc; Trojanowski, G. - Tilburg University, Center for Economic Research - 2005

This paper examines the payout policies of UK firms listed on the London Stock Exchange during the 1990s.It complements the existing literature by analyzing the trends in both dividends and total payouts (including share repurchases).In a dynamic panel data regression setting, we relate target...

Persistent link: https://www.econbiz.de/10011090300

Investment Policy, Internal Financing and ownership Concentration in the UK

Renneboog, Luc; Goergen, M. - Tilburg University, Center for Economic Research - 2000

This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent.The relation between corporate...

Persistent link: https://www.econbiz.de/10011090481

Econometric Modelling in Blockholder Systems of Corporate Governance

Manjon, M.C. - Tilburg University, Center for Economic Research - 2004

Persistent link: https://www.econbiz.de/10011090535

A Managed Service Economy With an Equilibrium for Marketable Services

Ruys, Pieter H.M. - Tilburg University, Center for Economic Research - 2002

Persistent link: https://www.econbiz.de/10011090561

Business Groups and Profit Redistribution : A Boon or Bane for Firms

George, R.; Kabir, M.R.; Douma, S.W. - Tilburg University, Center for Economic Research - 2004

firms.The study also shows that profit redistribution is more pronounced for groups of larger size and greater corporate …

Persistent link: https://www.econbiz.de/10011090611

What is the Role of Legal Systems in Financial Intermediation? Theory and Evidence

Da Rin, Marco; Bottazzi, L.; Hellmann, T. - Tilburg University, Center for Economic Research - 2008

We develop a theory and empirical test of how the legal system affects the relationship between venture capitalists and entrepreneurs. The theory uses a double moral hazard framework to show how optimal contracts and investor actions depend on the quality of the legal system. The empirical...

Persistent link: https://www.econbiz.de/10011090634

How do Mergers and Acquisitions Affect Bondholders in Europe? Evidence on the Impact and Spillover of Governance and Legal Standards

Renneboog, Luc; Szilagyi, P.G. - Tilburg University, Center for Economic Research - 2006

This paper contributes to the comparative corporate governance literature by showing how cross-country differences in governance and legal standards affect the bondholder wealth effects of European merger and acquisitions (M&As).Using investment-grade Eurobonds, we find some remarkable...

Persistent link: https://www.econbiz.de/10011090642

The Disciplining Role of Leverage in Dutch Firms

de Jong, A. - Tilburg University, Center for Economic Research - 2001

In this study we investigate the role of leverage in disciplining overinvestment problems.We measure the relationships between leverage, Tobin s q and corporate governance characteristics for Dutch listed firms.Besides, our empirical analysis tests for determinants of leverage from tax and...

Persistent link: https://www.econbiz.de/10011090661