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Reviving The Market For Corporate Control
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Book Synopsis Reviving the Market for Corporate Control by : Chad Leechor
Download or read book Reviving the Market for Corporate Control written by Chad Leechor and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes in corporate control-through mergers, takeovers, acquisitions, divestitures, and the like-enhance shareholders' value. They allow the businesses to be transferred to the control of new owners who can put business assets to work more efficiently. In most countries, however, the market for corporate control is significantly restricted by anti-takeover laws and business practices used to entrench management, such as poison pills, heavy debt, pyramid schemes, and cross-holdings of equity. The key to overcoming these obstacles is to restructure incentives-by requiring business groups to disclose intercorporate ownership and banks to limit connected lending, by ensuring that bankruptcy law allows effective transfer of control, and by removing regulatory barriers to takeovers. Many studies of mergers, takeovers, acquisitions, and divestitures have confirmed that these control transactions generally maximize shareholders' value (Jensen and Ruback 1983). The gain in value is most visible in target firms' stock prices following announcements of takeover attempts or merger agreements. Even in the most advanced markets, where control transactions are common, stock prices increase 20 to 30 percent on average, depending on the type of transaction (Jarrell, Brickley, and Netter 1988). This gain represents one part of the increased business value that the acquirer is prepared to share with the target firm.
Book Synopsis The Market for Corporate Control.The Theory and the Empirical Evidence by : Marius Beckermann
Download or read book The Market for Corporate Control.The Theory and the Empirical Evidence written by Marius Beckermann and published by GRIN Verlag. This book was released on 2014-12-30 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (Chair for Corporate Finance), course: Seminar on Recent Developments in Corporate Governance, language: English, abstract: The market for corporate control, often referred to as the takeover market, is subject to scientific research since many years. This paper starts with Manne‘s (1965) initial essay on the topic, introduce the theory of the market for corporate control. Therefore, it will begin with a definition of the terms “corporate control” and “the market for corporate control”. Following this, it will explain the possibilities of taking over the control of a corporation. Subsequently, it will argue why the market for corporate control is of great importance. Afterwards, a synopsis on the current empirical evidence of its efficiency follows. Finally, the author takes a look on the welfare effects of the market for corporate control, before concluding on its applicability and having a look on solutions to correct the imperfections of the model.
Book Synopsis Corporate Governance and Corporate Control. The Market for Corporate Control in Australia by : Daniel Meidl
Download or read book Corporate Governance and Corporate Control. The Market for Corporate Control in Australia written by Daniel Meidl and published by GRIN Verlag. This book was released on 2016-04-13 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2014 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, Munich Business School University of Applied Sciences, language: English, abstract: Particularly in the last decades the awareness of companies themselves and the public for good corporate governance increased dramatically. “Corporate governance is set to be the primary focus for the 21st” century. Most of the advanced economies have released new corporate governance rules and codes or company laws, especially as a result of the financial crisis in 2007 and the breakdown of several big companies worldwide. In Australia attention to corporate governance has grown after the „major corporate collapses and scandals of 2001 and 2002“, which included „five publicly traded (...) companies (...) [such as the] telecom company (One.Tel)“. One.Tel ran out of money and collapsed in 2001. The company could not be revived, all assets were sold and the workers laid off. It has once been the fourth largest telecom company in Australia. The collapse of the Australian company is „associated with serious deficiencies in its corporate governance, including weaknesses in internal control, (...) management communication with the board, and poor executive pay-to-performance link.“ In the first part, this paper will provide you with background information on the terms corporate governance and corporate control. The second part outlines corporate control in Australia by elaborating on the market for corporate control, monitoring by shareholders, monitoring by non-executives and renumeration.
Book Synopsis Governance and the Market for Corporate Control by : John L. Teall
Download or read book Governance and the Market for Corporate Control written by John L. Teall and published by Routledge. This book was released on 2014-02-25 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governance and the Market for Corporate Control is a textbook for use on business courses dealing with mergers, acquisitions, governance restructuring and corporate control. Three key features distinguish this book from competing texts. First, following up on recent developments in the corporate arena, it places a heavy emphasis on managerial compensation, incentives and corporate performance. Second, its conciseness allows for flexibility of use. Third, its coverage is broad and examines many topics including: significant discussions of corporate governance power and voting managerial compensation takeovers going private transactions corporate restructuring event study methodology. As well as combining theoretical, empirical, quantitative and practitioner-oriented matter, the material in this key book provides the academic foundation necessary to ensure students’ understanding of important concepts.
Book Synopsis Corporate Governance & Corporate Control by : Saleem Sheikh
Download or read book Corporate Governance & Corporate Control written by Saleem Sheikh and published by Routledge. This book was released on 1995 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text critically considers the relationship between directors, shareholders and auditors in the corporate governance system. Traditionally, company law has been primarily based on this tripartite relationship. This book comprises a series of contributions from authors who argue that there are wider interests which British company law has largely ignored. These include the interests of creditors, employees, consumers, suppliers and the general public. The concept of corporate governance is examined with comparative references to the USA and Canada. Particular reference is made to the Cadbury Committee and its implications for future company law reform. The ethical and sociological dimensions of corporate governance are also discussed.
Book Synopsis The Market for Corporate Control by : Richard S. Ruback
Download or read book The Market for Corporate Control written by Richard S. Ruback and published by . This book was released on 2006 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews much of the scientific literature on the market for corporate control. The evidence indicates that corporate takeovers generate positive gains, that target firm shareholders benefit, and that bidding firm shareholders do not lose. The gains created by corporate takeovers do not appear to come from the creation of market power. With the exception of actions that exclude potential bidders, it is difficult to find managerial actions related to corporate control that harm shareholders. Finally, we argue the market for corporate control is best viewed as an arena in which managerial teams compete for the rights to manage corporate resources.
Book Synopsis U.S. Corporate Governance by : Donald H. Chew
Download or read book U.S. Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-09-22 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of U.S. governance in achieving that end. They address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.
Book Synopsis Corporate Governance and Capital Flows in a Global Economy by : Peter Cornelius
Download or read book Corporate Governance and Capital Flows in a Global Economy written by Peter Cornelius and published by Oxford University Press, USA. This book was released on 2003 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: With global financial markets having become more integrated, the book pays particular attention to the role of corporate governance in emerging-market economies and international capital flows. Rich in facts and ideas, the book is for anyone interested in financial crises, international risk management and global competitiveness.
Book Synopsis Corporate Governance in an International Perspective by : Stephen David Prowse
Download or read book Corporate Governance in an International Perspective written by Stephen David Prowse and published by . This book was released on 1994 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Contests for Corporate Control by : Mary O'Sullivan
Download or read book Contests for Corporate Control written by Mary O'Sullivan and published by OUP Oxford. This book was released on 2000-04-20 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the 1990s, corporate governance became a hot issue in all of the advanced economies. For decades, major business corporations had reinvested earnings and developed long-term relations with their labour forces as they expanded the scale and scope of their operations. As a result, these corporations had made themselves central to resource allocation and economic performance in the national economies in which they had evolved. Then, beginning in the 1980s and picking up momentum in the 1990s, came the contests for corporate control. Previously silent stockholders, now empowered by institutional investors, demanded that corporations be run to 'maximize shareholder value'. In this highly original book, Mary O'Sullivan provides a critical analysis of the theoretical foundations for this principle of corporate governance and for the alternative perspective that corporations should be run in the interests of 'stakeholders'. She embeds her arguments on the relation between corporate governance and economic performance in historical accounts of the dynamics of corporate growth in the United States and Germany over the course of the twentieth century. O'Sullivan explains the emergence–and consequences–of 'maximizing shareholder value' as a principle of corporate governance in the United States over the past two decades, and provides unique insights into the contests for corporate control that have unfolded in Germany over the past few years.
Book Synopsis The Origins of the Market for Corporate Control by : John Armour
Download or read book The Origins of the Market for Corporate Control written by John Armour and published by . This book was released on 2015 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper, which was prepared for a University of Illinois College of Law symposium honoring Prof. Larry Ribstein, examines the origins of the market for corporate control in the United States. The standard historical narrative is that the market for corporate control took on its modern form in the mid-1950s with the emergence of the cash tender offer. Using hand-collected data from newspaper reports, we show that there in fact were numerous instances during the opening decade of the 20th century where a bidder sought to obtain voting control by purchasing shares on the stock market. Moreover, share-for-share exchange tender offers were used to make takeover bids as early as 1901, and cash tender offers can be traced back to at least the mid-1940s. We argue that the way in which cash tender offers came to dominate the market for control after World War II can be explained primarily by changes in the pattern of share ownership and of the opportunities bidders had for "managing" the stock price of intended targets.
Book Synopsis Regulating the Market for Corporate Control by : Ulrich Hommel
Download or read book Regulating the Market for Corporate Control written by Ulrich Hommel and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Contrary to common belief, takeovers represent an important and frequently employed mechanism for correcting control deficits in German corporations. This article explains the unique character of Germany's market for corporate control on the basis of the wide-spread presence of block ownership. It further discusses the objectives underlying the regulatory structure currently put in place, i.e., the proposed EU Takeover Directive (13th Directive) and the recently introduced German Takeover Code. These provisions include one particularly controversial feature, the requirement to submit a mandatory tender offer on all outstanding securities after a shift in majority control. The paper argues that mandatory tender offers effectively raise economic barriers against takeovers, thereby lower the benefits from block ownership and implicit contracting and are therefore incompatible with Germany's relation-based system of corporate governance.
Book Synopsis Corporate Governance and the Market for Control of Companies by : Jonathan P. Charkham
Download or read book Corporate Governance and the Market for Control of Companies written by Jonathan P. Charkham and published by . This book was released on 1989 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Controlling Mergers and Market Power by : John Kwoka
Download or read book Controlling Mergers and Market Power written by John Kwoka and published by . This book was released on 2020-05-05 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an important and timely contribution from a prominent antitrust economist and policy advisor. It has been many decades since questions about antitrust enforcement have been so prominent in political, economic, and scholarly debate. Mergers in countless industries, rising concentration throughout the economy, and the dominance of tech giants have brought renewed attention to the role and the responsibility of antitrust policy.
Book Synopsis Advances in Mergers and Acquisitions by : Cary L. Cooper
Download or read book Advances in Mergers and Acquisitions written by Cary L. Cooper and published by Emerald Group Publishing. This book was released on 2012-01-02 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on the studies of the advances in mergers and acquisitions from scholars in different countries, with different research questions, relying on different theoretical perspectives. This title helps scholars think about mergers and acquisitions in different ways.
Book Synopsis International Corporate Governance by : Thomas Clarke
Download or read book International Corporate Governance written by Thomas Clarke and published by Taylor & Francis. This book was released on 2023-08-29 with total page 679 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thomas Clarke’s International Corporate Governance offers a panoramic guide to corporate governance and examines the recurring crises in governance and the reform around the world. This is a popular classic book but significant changes have been made to this new edition to take account of: the continuing impact of the global financial crisis and the wave of regulation development flowing from this the profound consequences of climate change and the urgent need for corporations to respond with the commitment to sustainable value creation Important elements of the work include: contemporary governance failures including BP, VW, Boeing, GM/Tesla, Apple, Purdue Pharma, and Theranos; the ongoing vitality of the diversity of corporate governance across the world; digital disruption in capital markets and initiatives to build long-term investment; the universal impact of financialization and resulting increasing inequality; the essential logic of corporate governance and corporate sustainability. The textbook contains a wealth of pedagogical material to guide the reader through this complex subject, with student questions to help with assessments and new companion website. There are 14 new forensic case analyses critically scrutinizing governance failures. International Corporate Governance is an essential text for those studying corporate governance at the advanced undergraduate, postgraduate, or executive level.
Book Synopsis Advanced Corporate Finance by : KRISHNAMURTI CHANDRASEKHAR
Download or read book Advanced Corporate Finance written by KRISHNAMURTI CHANDRASEKHAR and published by PHI Learning Pvt. Ltd.. This book was released on 2010-01-30 with total page 397 pages. Available in PDF, EPUB and Kindle. Book excerpt: Primarily intended as a text for postgraduate students of management and those pursuing postgraduate courses in finance, this study explains corporate finance as an area of finance dealing with the financial decisions corporations make and the tools and analyses used to make these decisions.
