Does Ownership Structure Affect Corporate Performance Evidence From The Divestiture Market

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The Handbook of the Economics of Corporate Governance

Author : Benjamin Hermalin
Publisher : Elsevier
ISBN 13 : 0444635408
Total Pages : 762 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis The Handbook of the Economics of Corporate Governance by : Benjamin Hermalin

Download or read book The Handbook of the Economics of Corporate Governance written by Benjamin Hermalin and published by Elsevier. This book was released on 2017-09-18 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of the Economics of Corporate Governance, Volume One, covers all issues important to economists. It is organized around fundamental principles, whereas multidisciplinary books on corporate governance often concentrate on specific topics. Specific topics include Relevant Theory and Methods, Organizational Economic Models as They Pertain to Governance, Managerial Career Concerns, Assessment & Monitoring, and Signal Jamming, The Institutions and Practice of Governance, The Law and Economics of Governance, Takeovers, Buyouts, and the Market for Control, Executive Compensation, Dominant Shareholders, and more. Providing excellent overviews and summaries of extant research, this book presents advanced students in graduate programs with details and perspectives that other books overlook. - Concentrates on underlying principles that change little, even as the empirical literature moves on - Helps readers see corporate governance systems as interrelated or even intertwined external (country-level) and internal (firm-level) forces - Reviews the methodological tools of the field (theory and empirical), the most relevant models, and the field's substantive findings, all of which help point the way forward

Downscoping

Author : Robert E. Hoskisson
Publisher : Oxford University Press
ISBN 13 : 0195360117
Total Pages : 223 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis Downscoping by : Robert E. Hoskisson

Download or read book Downscoping written by Robert E. Hoskisson and published by Oxford University Press. This book was released on 1994-09-01 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large, diversified firms face unique challenges as they compete worldwide, and corporate restructuring is one way multinationals strive for competitive advantage. Weighing the pros and cons of a variety of approaches to restructuring, Downscoping offers executives a clear, strategic path through the maze. The authors show that when a multinational conglomerate fails to compete effectively, too much diversification may be the culprit. Whether the result of weak corporate governance or poor corporate strategy, over-diversification can make managers, unfamiliar with some of the markets in which they compete, opt for safety over innovation. This risk-aversion and lack of long-range commitment to innovation lead inevitably to stagnation over the longer term. The answer is not downsizing--closing offices and laying off personnel--but downscoping: a strategic approach to restructuring. The options include incentive and compensation adjustments for executives, leveraged buy-outs and capital structure changes, focusing on core skills, diversifying internationally while focusing on businesses in which a firm has strong competencies, and buying and selling mature businesses where product development is not a great concern. Regardless of the approach, executives must exercise strategic leadership during and after restructuring, including providing strategic direction, exploiting core competencies, developing human capital, and sustaining the corporate culture. Based on systematic research rather than casual observation, Downscoping provides a strong description of restructuring alternatives and their resulting tradeoffs. Its specific guidelines for maintaining competitiveness will be essential reading for managers involved in corporate restructuring.

Applied Mergers and Acquisitions

Author : Robert F. Bruner
Publisher : John Wiley & Sons
ISBN 13 : 1118436393
Total Pages : 1056 pages
Book Rating : 4.1/5 (184 download)

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Book Synopsis Applied Mergers and Acquisitions by : Robert F. Bruner

Download or read book Applied Mergers and Acquisitions written by Robert F. Bruner and published by John Wiley & Sons. This book was released on 2016-02-08 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to the world of mergers and acquisitions Why do so many M&A transactions fail? And what drives the success of those deals that are consummated? Robert Bruner explains that M&A can be understood as a response by managers to forces of turbulence in their environment. Despite the material failure rates of mergers and acquisitions, those pulling the trigger on key strategic decisions can make them work if they spend great care and rigor in the development of their M&A deals. By addressing the key factors of M&A success and failure, Applied Mergers and Acquisitions can help readers do this. Written by one of the foremost thinkers and educators in the field, this invaluable resource teaches readers the art and science of M&A valuation, deal negotiation, and bargaining, and provides a framework for considering tradeoffs in an effort to optimize the value of any M&A deal.

Corporate Divestiture Management

Author : Jan-Hendrik Sewing
Publisher : Springer Science & Business Media
ISBN 13 : 3834986615
Total Pages : 280 pages
Book Rating : 4.8/5 (349 download)

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Book Synopsis Corporate Divestiture Management by : Jan-Hendrik Sewing

Download or read book Corporate Divestiture Management written by Jan-Hendrik Sewing and published by Springer Science & Business Media. This book was released on 2010-04-20 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jan-Hendrik Sewing makes a significant contribution to opening the black box of current divestiture decision-making. He uses detailed case studies, including numerous interviews with corporate executives and experts from management consulting, private equity, and investment banking. The author develops a conceptual framework to identify remedies to behavioral pathologies and their origins. The study highlights multiple techniques for pursuing divestitures proactively and formulates best-practice recommendations.

Conducting Meta-Analysis Using SAS

Author : Winfred Arthur, Jr.
Publisher : Psychology Press
ISBN 13 : 1135643466
Total Pages : 203 pages
Book Rating : 4.1/5 (356 download)

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Book Synopsis Conducting Meta-Analysis Using SAS by : Winfred Arthur, Jr.

Download or read book Conducting Meta-Analysis Using SAS written by Winfred Arthur, Jr. and published by Psychology Press. This book was released on 2001-06 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed to teach the reader about meta-analysis and show them how to conduct one using SAS. Its focus is more applied and practical than theoretical and will include additional programming codes and examples. Web site to house program code and sample ou

Hedge Fund Activism

Author : Alon Brav
Publisher : Now Publishers Inc
ISBN 13 : 1601983387
Total Pages : 76 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Hedge Fund Activism by : Alon Brav

Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.

Organizational Learning from Performance Feedback: A Behavioral Perspective on Multiple Goals

Author : Pino G. Audia
Publisher : Cambridge University Press
ISBN 13 : 1108577555
Total Pages : 123 pages
Book Rating : 4.1/5 (85 download)

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Book Synopsis Organizational Learning from Performance Feedback: A Behavioral Perspective on Multiple Goals by : Pino G. Audia

Download or read book Organizational Learning from Performance Feedback: A Behavioral Perspective on Multiple Goals written by Pino G. Audia and published by Cambridge University Press. This book was released on 2021-02-18 with total page 123 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Element synthesizes the current state of research on organizational learning from performance feedback and develops a new perspective that deals with the influence of multiple goals. In keeping with the centrality of motives in Cyert & March's influential model, this new perspective rests on a foundation of individual level behaviors that are responsive to mechanisms at the organizational and environmental level of analysis. A key aim is to lay out an agenda for a new wave of empirical research on the interconnections of decision-makers, organizations, and the environment that influence organizational responses to performance.

Corporate Restructuring

Author : Bjørn Espen Eckbo
Publisher : Now Pub
ISBN 13 : 9781601986900
Total Pages : 144 pages
Book Rating : 4.9/5 (869 download)

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Book Synopsis Corporate Restructuring by : Bjørn Espen Eckbo

Download or read book Corporate Restructuring written by Bjørn Espen Eckbo and published by Now Pub. This book was released on 2013-07 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: We survey the empirical literature on corporate financial restructuring, including breakup transactions (divestitures, spinoffs, equity carveouts, tracking stocks), leveraged recapitalizations, and leveraged buyouts (LBOs). For each transaction type, we survey techniques, deal financing, transaction volume, valuation effects and potential sources of restructuring gains. Many breakup transactions appear to be a response to excessive conglomeration and attempt to reverse a potentially costly diversification discount. The empirical evidence shows that the typical restructuring creates substantial value for shareholders. The value-drivers include elimination of costly cross-subsidizations characterizing internal capital markets, reduction in financing costs for subsidiaries through asset securitization and increased divisional transparency, improved (and more focused) investment programs, reduction in agency costs of free cash flow, implementation of executive compensation schemes with greater pay-performance sensitivity, and increased monitoring by lenders and LBO sponsors. Buyouts after the 1990s on average create value similar to LBOs of the 1980s. Recent developments include consortiums of private equity funds (club deals), exits through secondary buyouts (sale to another LBO fund), and evidence of persistence in fund returns. LBO deal financing has evolved toward lower leverage ratios. In Europe, recent deals are financed with less leveraged loans and mezzanine debt and more high-yield debt than before. Future research challenges include integrating analyses across transaction types and financing mixes, and producing unbiased estimates of the expected return from buyout investments in the presence of limited data on portfolio companies that do not return to public status.

The Economics of Discretionary Behavior

Author : Oliver E. Williamson
Publisher :
ISBN 13 :
Total Pages : 182 pages
Book Rating : 4.:/5 (68 download)

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Book Synopsis The Economics of Discretionary Behavior by : Oliver E. Williamson

Download or read book The Economics of Discretionary Behavior written by Oliver E. Williamson and published by . This book was released on 1974 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Corporate Payout Policy

Author : Harry DeAngelo
Publisher : Now Publishers Inc
ISBN 13 : 1601982046
Total Pages : 215 pages
Book Rating : 4.6/5 (19 download)

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Book Synopsis Corporate Payout Policy by : Harry DeAngelo

Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.

Searching for a Corporate Savior

Author : Rakesh Khurana
Publisher : Princeton University Press
ISBN 13 : 1400841097
Total Pages : 318 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Searching for a Corporate Savior by : Rakesh Khurana

Download or read book Searching for a Corporate Savior written by Rakesh Khurana and published by Princeton University Press. This book was released on 2011-09-19 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate CEOs are headline news. Stock prices rise and fall at word of their hiring and firing. Business media debate their merits and defects as if individual leaders determined the health of the economy. Yet we know surprisingly little about how CEOs are selected and dismissed or about their true power. This is the first book to take us into the often secretive world of the CEO selection process. Rakesh Khurana's findings are surprising and disturbing. In recent years, he shows, corporations have increasingly sought CEOs who are above all else charismatic, whose fame and force of personality impress analysts and the business media, but whose experience and abilities are not necessarily right for companies' specific needs. The labor market for CEOs, Khurana concludes, is far less rational than we might think. Khurana's findings are based on a study of the hiring and firing of CEOs at over 850 of America's largest companies and on extensive interviews with CEOs, corporate board members, and consultants at executive search firms. Written with exceptional clarity and verve, the book explains the basic mechanics of the selection process and how hiring priorities have changed with the rise of shareholder activism. Khurana argues that the market for CEOs, which we often assume runs on cool calculation and the impersonal forces of supply and demand, is culturally determined and too frequently inefficient. Its emphasis on charisma artificially limits the number of candidates considered, giving them extraordinary leverage to demand high salaries and power. It also raises expectations and increases the chance that a CEO will be fired for failing to meet shareholders' hopes. The result is corporate instability and too little attention to long-term strategy. The book is a major contribution to our understanding of corporate culture and the nature of markets and leadership in general.

Resource Redeployment and Corporate Strategy

Author : Timothy Folta
Publisher : Emerald Group Publishing
ISBN 13 : 1786355078
Total Pages : 412 pages
Book Rating : 4.7/5 (863 download)

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Book Synopsis Resource Redeployment and Corporate Strategy by : Timothy Folta

Download or read book Resource Redeployment and Corporate Strategy written by Timothy Folta and published by Emerald Group Publishing. This book was released on 2016-09-06 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume examines the differences between resource sharing and resource redeployment, and the subsequent effects on firm value creation and industry evolution.

Value-based Management

Author : Glen Arnold
Publisher : John Wiley & Sons
ISBN 13 :
Total Pages : 392 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Value-based Management by : Glen Arnold

Download or read book Value-based Management written by Glen Arnold and published by John Wiley & Sons. This book was released on 2000-06-08 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Context and Application Value-Based Management Edited by Glen Arnold and Matt Davies Over the past ten years hundreds of leading companies worldwide have adopted the principles of value-based management (VBM), an approach to corporate strategy and business organisation in which the primary objective is always shareholder wealth maximisation. As VBM has become more widespread the idea of shareholder value has become integral to business. Consultancies have prospered by selling prescriptions for developing a value-oriented firm and managers thought to be excellent in generating shareholder value are held in high esteem and command huge salaries. This book draws on empirical evidence to demonstrate the success of VBM ideas as well as highlighting many of the hidden questions, doubts and difficulties. It examines the validity of some of the underlying assumptions of VBM and tackles many of the key technical issues. This book provides a timely assessment of the theory and practice of VBM as it grows to maturity.

Strategic Management

Author :
Publisher :
ISBN 13 : 9781283392822
Total Pages : 506 pages
Book Rating : 4.3/5 (928 download)

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Book Synopsis Strategic Management by :

Download or read book Strategic Management written by and published by . This book was released on 2012 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Competitive Advantage

Author : Michael E. Porter
Publisher : Simon and Schuster
ISBN 13 : 1416595848
Total Pages : 474 pages
Book Rating : 4.4/5 (165 download)

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Book Synopsis Competitive Advantage by : Michael E. Porter

Download or read book Competitive Advantage written by Michael E. Porter and published by Simon and Schuster. This book was released on 2008-06-30 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now beyond its eleventh printing and translated into twelve languages, Michael Porter’s The Competitive Advantage of Nations has changed completely our conception of how prosperity is created and sustained in the modern global economy. Porter’s groundbreaking study of international competitiveness has shaped national policy in countries around the world. It has also transformed thinking and action in states, cities, companies, and even entire regions such as Central America. Based on research in ten leading trading nations, The Competitive Advantage of Nations offers the first theory of competitiveness based on the causes of the productivity with which companies compete. Porter shows how traditional comparative advantages such as natural resources and pools of labor have been superseded as sources of prosperity, and how broad macroeconomic accounts of competitiveness are insufficient. The book introduces Porter’s “diamond,” a whole new way to understand the competitive position of a nation (or other locations) in global competition that is now an integral part of international business thinking. Porter's concept of “clusters,” or groups of interconnected firms, suppliers, related industries, and institutions that arise in particular locations, has become a new way for companies and governments to think about economies, assess the competitive advantage of locations, and set public policy. Even before publication of the book, Porter’s theory had guided national reassessments in New Zealand and elsewhere. His ideas and personal involvement have shaped strategy in countries as diverse as the Netherlands, Portugal, Taiwan, Costa Rica, and India, and regions such as Massachusetts, California, and the Basque country. Hundreds of cluster initiatives have flourished throughout the world. In an era of intensifying global competition, this pathbreaking book on the new wealth of nations has become the standard by which all future work must be measured.

The Corporate Governance of Banks

Author : Ross Levine
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis The Corporate Governance of Banks by : Ross Levine

Download or read book The Corporate Governance of Banks written by Ross Levine and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The author examines the corporate governance of banks. When banks efficiently mobilize and allocate funds, this lowers the cost of capital to firms, boosts capital formation, and stimulates productivity growth. So, weak governance of banks reverberates throughout the economy with negative ramifications for economic development. After reviewing the major governance concepts for corporations in general, the author discusses two special attributes of banks that make them special in practice: greater opaqueness than other industries and greater government regulation. These attributes weaken many traditional governance mechanisms. Next, he reviews emerging evidence on which government policies enhance the governance of banks and draws tentative policy lessons. In sum, existing work suggests that it is important to strengthen the ability and incentives of private investors to exert governance over banks rather than to rely excessively on government regulators. These conclusions, however, are particularly tentative because more research is needed on how legal, regulatory, and supervisory policies influence the governance of banks.

The Antitrust Paradox

Author : Robert Bork
Publisher :
ISBN 13 : 9781736089712
Total Pages : 536 pages
Book Rating : 4.0/5 (897 download)

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Book Synopsis The Antitrust Paradox by : Robert Bork

Download or read book The Antitrust Paradox written by Robert Bork and published by . This book was released on 2021-02-22 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most important book on antitrust ever written. It shows how antitrust suits adversely affect the consumer by encouraging a costly form of protection for inefficient and uncompetitive small businesses.