Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Corporate Risk Taking And Ownership Structure full books in PDF, epub, and Kindle. Read online Corporate Risk Taking And Ownership Structure ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Teodora Paligorova
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (68 download)
Download or read book Corporate Risk Taking and Ownership Structure written by Teodora Paligorova and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bank of Canada
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (874 download)
Download or read book Corporate Risk Taking and Ownership Structure. January 2010 written by Bank of Canada and published by . This book was released on 2010 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hoang N. Pham
Publisher : Routledge
ISBN 13 : 1000540278
Total Pages : 190 pages
Book Rating : 4.0/5 (5 download)
Download or read book Corporate Governance, Ownership Structure and Firm Performance written by Hoang N. Pham and published by Routledge. This book was released on 2022-01-25 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
Author : Jose Maria Diez Esteban
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book International Evidence About the Influence of Large Shareholders on Corporate Risk Taking written by Jose Maria Diez Esteban and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relationship between ownership structure (shareholders' stake and identity) and corporate risk taking for a sample of companies from 21 OECD countries for the period 2000-2008. Our main contribution is considering simultaneously the effect of growth opportunities and the institutional environment. Our results suggest that growth opportunities create incentives to the largest shareholder to take (avoid) risk when the firm has (does not have) growth opportunities. We also find a trend to the alignment of interests between the largest shareholder and the other large shareholders, so that the latter support the risk policy of the former. Finally, the identity of the largest shareholder is relevant, being family firms the least prone to excessive corporate risk exposure.
Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 1783501219
Total Pages : 269 pages
Book Rating : 4.7/5 (835 download)
Download or read book Advances in Financial Economics written by Kose John and published by Emerald Group Publishing. This book was released on 2013-12-18 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Author : Kelin E. Gersick
Publisher : Harvard Business Press
ISBN 13 : 087584555X
Total Pages : 316 pages
Book Rating : 4.8/5 (758 download)
Download or read book Generation to Generation written by Kelin E. Gersick and published by Harvard Business Press. This book was released on 1997 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Generation to Generation will help managers understand the special dynamics & challenges that family businesses face as they move through their life cycles. It explains how to handle succession, & the role of non-family professionals.
Author : Donald H. Chew
Publisher : Columbia University Press
ISBN 13 : 023114363X
Total Pages : 481 pages
Book Rating : 4.2/5 (311 download)
Download or read book Corporate Risk Management written by Donald H. Chew and published by Columbia University Press. This book was released on 2008 with total page 481 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than thirty leading scholars and finance practitioners discuss the theory and practice of using enterprise-risk management (ERM) to increase corporate values. ERM is the corporate-wide effort to manage the right-hand side of the balance sheet--a firm's total liability structure-in ways that enable management to make the most of the firm's assets. While typically working to stabilize cash flows, the primary aim of a well-designed risk management program is not to smooth corporate earnings, but to limit the possibility that surprise outcomes can threaten a company's ability to fund its major investments and carry out its strategic plan. Contributors summarize the development and use of risk management products and their practical applications. Case studies involve Merck, British Petroleum, the American airline industry, and United Grain Growers, and the conclusion addresses a variety of topics that include the pricing and use of certain derivative securities, hybrid debt, and catastrophe bonds. Contributors: Tom Aabo (Aarhus School of Business); Albéric Braas and Charles N. Bralver (Oliver, Wyman & Company); Keith C. Brown (University of Texas at Austin); David A. Carter (Oklahoma State University); Christopher L. Culp (University of Chicago); Neil A. Doherty (University of Pennsylvania); John R. S. Fraser (Hyrdo One, Inc.); Kenneth R. French (University of Chicago); Gerald D. Gay (Georgia State University); Jeremy Gold (Jeremy Gold Pensions); Scott E. Harrington (University of South Carolina); J. B. Heaton (Bartlit Beck Herman Palenchar & Scott LLP); Joel Houston (University of Florida); Nick Hudson (Stern Stewart & Co.); Christopher James (University of Florida); A. John Kearney and Judy C. Lewent (Merck & Co., Inc.); Robert C. Merton and Lisa K. Meulbroek (Harvard Business School); Merton H. Miller (University of Chicago); Jouahn Nam (Pace University); Andrea M. P. Neves (CP Risk Management LLC); Brian W. Nocco (Nationwide Insurance); André F. Perold (Harvard Business School); S. Waite Rawls III (Continental Bank); Kenneth J. Risko (Willis Risk Solutions); Angelika Schöchlin (University of St. Gallen); Betty J. Simkins (Oklahoma State University); Donald J. Smith (Boston University); Clifford W. Smith Jr. (University of Rochester); Charles W. Smithson (Continental Bank); René M. Stulz (Ohio State University); D. S All the articles that comprise this book were first published in the Journal of Applied Corporate Finance. Morgan Stanley's ownership of the journal is a reflection of its commitment to identifying outstanding academic research and promoting its application in the practicing corporate and investment communities.
Author : Walter Dolde
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Impact of Corporate Ownership on Risk-Taking and Returns at Thrift Institutions written by Walter Dolde and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between ownership structure, other corporate governance variables, and firm risk-taking and returns for the period 1990 to 2003. Our results suggest that the persistent, underlying relationship between insider ownership and risk-taking is U-shaped for both stock and operating returns. The Sharpe ratio for operating returns exhibits an inverted U-shaped association with insider ownership. These observations are consistent with insiders achieving the efficient frontier between risk and return, i.e. although risk-taking varies with the level of ownership, average returns are higher when risk is higher. We also find strong evidence of negative linear relationships between institutional ownership and both operating and stock volatility and positive relationships with operating returns and Tier 1 capital.
Author : Yang Liu
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.:/5 (1 download)
Download or read book Corporate Risk-taking and the Simultaneous Holding of Equity and Debt written by Yang Liu and published by . This book was released on 2015 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper provides a new perspective on how institutions that simultaneously hold significant fraction of equity and debt (dual holders) affect corporate risk-taking. Specifically, I find that firms with the presence of dual holding institutions are associated with less corporate risk-taking activities compared to similar firms without this ownership struc- ture. Subsample analysis suggests that the effect is more significant among dual-holding institutions that are pension funds, hedge funds, and finance companies. Additional findings from the subsample analysis provide auxiliary evidence consistent with the managerial risk-taking incentive story. Moreover, firms with significant dual ownership also adopt more conservative investment policies, exhibit lower default probabilities as well as lower likelihood of covenant violations. The effect remains both statistically and economically significant after controlling for selection concerns. Further evidence shows that the low corporate risk-taking does not lead to better operating performances or higher firm values. Overall, my findings identify a unique channel through which one particular type of investors aligns the shareholder's and creditor's incentives and affects corporate risk-taking behaviors."--Page v.
Author :
Publisher : Spokesman Books
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.F/5 ( download)
Download or read book Power and Ownership written by and published by Spokesman Books. This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerard Caprio
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4./5 ( download)
Download or read book Bovernance and Bank Valuation written by Gerard Caprio and published by World Bank Publications. This book was released on 2003 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Which public policies and ownership structures enhance the governance of banks? This paper constructs a new database on the ownership of banks internationally and then assesses the ramifications of ownership, shareholder protection laws, and supervisory/regulatory policies on bank valuations. Except in a few countries with very strong shareholder protection laws, banks are not widely held, but rather families or the State tend to control banks. We find that (i) larger cash flow rights by the controlling owner boosts valuations, (ii) stronger shareholder protection laws increase valuations, and (iii) greater cash flow rights mitigate the adverse effects of weak shareholder protection laws on bank valuations. These results are consistent with the views that expropriation of minority shareholders is important internationally, that laws can restrain this expropriation, and concentrated cash flow rights represent an important mechanism for governing banks. Finally, the evidence does not support the view that empowering official supervisory and regulatory agencies will increase the market valuation of banks"--NBER website
Author : Helena Mary Mullins
Publisher :
ISBN 13 :
Total Pages : 202 pages
Book Rating : 4.:/5 (33 download)
Download or read book The Management Ownership Structure and Risk-taking Behavior of U.S. Commercial Banks written by Helena Mary Mullins and published by . This book was released on 1990 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Randall K. Morck
Publisher : University of Chicago Press
ISBN 13 : 0226536831
Total Pages : 700 pages
Book Rating : 4.2/5 (265 download)
Download or read book A History of Corporate Governance around the World written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-11-01 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many Americans, capitalism is a dynamic engine of prosperity that rewards the bold, the daring, and the hardworking. But to many outside the United States, capitalism seems like an initiative that serves only to concentrate power and wealth in the hands of a few hereditary oligarchies. As A History of Corporate Governance around the World shows, neither conception is wrong. In this volume, some of the brightest minds in the field of economics present new empirical research that suggests that each side of the debate has something to offer the other. Free enterprise and well-developed financial systems are proven to produce growth in those countries that have them. But research also suggests that in some other capitalist countries, arrangements truly do concentrate corporate ownership in the hands of a few wealthy families. A History of Corporate Governance around the World provides historical studies of the patterns of corporate governance in several countries-including the large industrial economies of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States; larger developing economies like China and India; and alternative models like those of the Netherlands and Sweden.
Author : Jose Maria Diez Esteban
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (13 download)
Download or read book Corporate Risk-Taking, Returns and the Nature of Major Shareholders written by Jose Maria Diez Esteban and published by . This book was released on 2017 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the relation between corporate risk-taking and firm performance for a sample of 791 firms from 21 OECD countries over the period 2001-2013. Following a critical realist paradigm, we use prospect theory to posit that corporate risk-taking depends on the gap between target and expected firm performance. Consistent with this approach, we find a U-shaped relation between corporate risk-taking and firm returns. Firms adopt an attitude of risk-seeking when the expected performance is below target performance. Conversely, in line with traditional financial literature, the relation between risk and return becomes positive when the performance exceeds the target. This relation is affected by the economic context and the nature of the major shareholder: Firms controlled by families or institutional investors react more conservatively (taking or avoiding risk) to changes in corporate results.
Author : Fabrizio Rossi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Corporate Governance, Risk-Taking, and Firm Performance written by Fabrizio Rossi and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a balanced panel data of 82 Italian listed companies, for 984 firm-year observations, the relationship between corporate governance, risk-taking, and risk-adjusted performance is investigated. The beta and the standard deviation, as proxies for risk-taking, and two different measures of risk-adjusted performance and Tobin's Q are used. Investigating the period 2002-2013, which includes both the pre-crisis time horizon and the one during the crisis, the result is a negative and statistically significant relationship between risk-taking and ownership concentration; conversely, there is a positive and statistically significant relationship between ownership concentration and risk-adjusted performance and with respect to Tobin's Q. However, instead of a definite linear relationship between risk-taking (risk-adjusted performance) and ownership structure, it seems to be a significant non-monotonic relationship. The independent directors seem to assume a positive (negative) sign with regard to the risk-adjusted performance (risk-taking) variables, and a wider board appears to be positively associated with both risk and the value of the firm.
Author : Mark Hirschey
Publisher : Emerald Group Publishing
ISBN 13 : 1848555369
Total Pages : 268 pages
Book Rating : 4.8/5 (485 download)
Download or read book Corporate Governance and Firm Performance written by Mark Hirschey and published by Emerald Group Publishing. This book was released on 2009-04-16 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on corporate governance, broadly defined as the system of controls that helps corporations and other organizations effectively manage, administer, and direct economic resources. This book focuses on: the impact of deregulation and corporate structure on productive efficiency; and the effectiveness of the fraud triangle and SAS.
Author : David Larcker
Publisher : FT Press
ISBN 13 : 0132367076
Total Pages : 497 pages
Book Rating : 4.1/5 (323 download)
Download or read book Corporate Governance Matters written by David Larcker and published by FT Press. This book was released on 2011-04-14 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance Matters gives corporate board members, officers, directors, and other stakeholders the full spectrum of knowledge they need to implement and sustain superior governance. Authored by two leading experts, this comprehensive reference thoroughly addresses every component of governance. The authors carefully synthesize current academic and professional research, summarizing what is known, what is unknown, and where the evidence remains inconclusive. Along the way, they illuminate many key topics overlooked in previous books on the subject. Coverage includes: International corporate governance. Compensation, equity ownership, incentives, and the labor market for CEOs. Optimal board structure, tradeoffs, and consequences. Governance, organizational strategy, business models, and risk management. Succession planning. Financial reporting and external audit. The market for corporate control. Roles of institutional and activist shareholders. Governance ratings. The authors offer models and frameworks demonstrating how the components of governance fit together, with concrete examples illustrating key points. Throughout, their balanced approach is focused strictly on two goals: to “get the story straight,” and to provide useful tools for making better, more informed decisions.
