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Author :
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (18 download)
Download or read book The Case for Dual-Class of Shares written by and published by . This book was released on 2019 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 : 9782924055519
Total Pages : 0 pages
Book Rating : 4.0/5 (555 download)
Download or read book The Case for Dual-Class of Shares written by and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unfortunately, no matter how stellar the performance of the company, if a vote were to be held to renew for term the sunset, short- term funds of all stripes resorting to all types of financial tricks, eager to get their hand on Executive Summary the control premium that will result from the abandonment of the multiple voting class of 10 shares, would flock to the company. [...] Also consistent with our belief in the role of dual-class of shares as a rampart against short-termism and bullying on the part of some breeds of investors, we believe that control of such companies may be transmitted to a trust run by a majority of independent fiduciaries for the benefit of family members of the founder. [...] The second argument points to the imperviousness of the board and management of a dual-class company to the will, wishes and whims of shareholders. [...] However, when no family member of the controlling shareholder is likely to play in the future a significant role in the management or on the board of the company, the controlling shareholder should discuss with the board a process for the appropriate and orderly termination of the dual-class structures. [...] The Case for Dual-Class of Shares Dual-Class of Shares in Canada: Evolution Since 2005 For whatever reasons: tenacious criticism of this capital structure by (almost) all champions of 23 « good » governance, including proxy management advisors, the lack of enthusiasm of investment funds, the negative advice of investment bankers or the transiency of new entrepreneurs, the fact is that, in Canada.
Author : Andreas Cahn
Publisher : Cambridge University Press
ISBN 13 : 1107186358
Total Pages : 1095 pages
Book Rating : 4.1/5 (71 download)
Download or read book Comparative Company Law written by Andreas Cahn and published by Cambridge University Press. This book was released on 2018-10-04 with total page 1095 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents in-depth, comparative analyses of German, UK and US company laws illustrated by leading cases, with German cases in English translation.
Author : M. Andrew Holowchak
Publisher : McFarland
ISBN 13 : 1476630038
Total Pages : 253 pages
Book Rating : 4.4/5 (766 download)
Download or read book The Elusive Thomas Jefferson written by M. Andrew Holowchak and published by McFarland. This book was released on 2017-11-28 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thomas Jefferson's writings on morality have largely been ignored. His thoughts on the subject, never developed in any formal work, are said to be unsystematic--a judgment reinforced by his shift from Stoicism (intentions are critical) to Utilitarianism (consequences are critical) later in life. Yet his writings and the moral works he recommended reveal much about his moral sense and views on good living. Jefferson valued personal moral improvement, had great respect for moral exemplars and drew inspiration from moralists, sermonizers, novelists, poets, historians and such role models as Professor William Small and his friend George Wythe.
Author : Lynn Stout
Publisher : Berrett-Koehler Publishers
ISBN 13 : 1605098167
Total Pages : 151 pages
Book Rating : 4.6/5 (5 download)
Download or read book The Shareholder Value Myth written by Lynn Stout and published by Berrett-Koehler Publishers. This book was released on 2012-05-07 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the trouble with shareholder value thinking and at better options for models of corporate purpose. Executives, investors, and the business press routinely chant the mantra that corporations are required to “maximize shareholder value.” In this pathbreaking book, renowned corporate expert Lynn Stout debunks the myth that corporate law mandates shareholder primacy. Stout shows how shareholder value thinking endangers not only investors but the rest of us as well, leading managers to focus myopically on short-term earnings; discouraging investment and innovation; harming employees, customers, and communities; and causing companies to indulge in reckless, sociopathic, and irresponsible behaviors. And she looks at new models of corporate purpose that better serve the needs of investors, corporations, and society. “A must-read for managers, directors, and policymakers interested in getting America back in the business of creating real value for the long term.” —Constance E. Bagley, professor, Yale School of Management; president, Academy of Legal Studies in Business; and author of Managers and the Legal Environment and Winning Legally “A compelling call for radically changing the way business is done... The Shareholder Value Myth powerfully demonstrates both the dangers of the shareholder value rule and the falseness of its alleged legal necessity.” —Joel Bakan, professor, The University of British Columbia, and author of the book and film The Corporation “Lynn Stout has a keen mind, a sharp pen, and an unbending sense of fearlessness. Her book is a must-read for anyone interested in understanding the root causes of the current financial calamity.” —Jack Willoughby, senior editor, Barron’s “Lynn Stout offers a new vision of good corporate governance that serves investors, firms, and the American economy.” —Judy Samuelson, executive director, Business and Society Program, The Aspen Institute
Author : Vijay Govindarajan
Publisher : Harvard Business Review Press
ISBN 13 : 1633690156
Total Pages : 256 pages
Book Rating : 4.6/5 (336 download)
Download or read book The Three-Box Solution written by Vijay Govindarajan and published by Harvard Business Review Press. This book was released on 2016-04-26 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to Innovate and Execute Leaders already know that innovation calls for a different set of activities, skills, methods, metrics, mind-sets, and leadership approaches. And it is well understood that creating a new business and optimizing an already existing one are two fundamentally different management challenges. The real problem for leaders is doing both, simultaneously. How do you meet the performance requirements of the existing business—one that is still thriving—while dramatically reinventing it? How do you envision a change in your current business model before a crisis forces you to abandon it? Innovation guru Vijay Govindarajan expands the leader’s innovation tool kit with a simple and proven method for allocating the organization’s energy, time, and resources—in balanced measure—across what he calls “the three boxes”: • Box 1: The present—Manage the core business at peak profitability • Box 2: The past—Abandon ideas, practices, and attitudes that could inhibit innovation • Box 3: The future—Convert breakthrough ideas into new products and businesses The three-box framework makes leading innovation easier because it gives leaders a simple vocabulary and set of tools for managing and measuring these different sets of behaviors and activities across all levels of the organization. Supported with rich company examples—GE, Mahindra & Mahindra, Hasbro, IBM, United Rentals, and Tata Consultancy Services—and testimonies of leaders who have successfully used this framework, this book solves once and for all the practical dilemma of how to align an organization on the critical but competing demands of innovation.
Author : Lawrence A. Cunningham
Publisher : Columbia University Press
ISBN 13 : 0231552777
Total Pages : 215 pages
Book Rating : 4.2/5 (315 download)
Download or read book Quality Shareholders written by Lawrence A. Cunningham and published by Columbia University Press. This book was released on 2020-11-03 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anyone can buy stock in a public company, but not all shareholders are equally committed to a company’s long-term success. In an increasingly fragmented financial world, shareholders’ attitudes toward the companies in which they invest vary widely, from time horizon to conviction. Faced with indexers, short-term traders, and activists, it is more important than ever for businesses to ensure that their shareholders are dedicated to their missions. Today’s companies need “quality shareholders,” as Warren Buffett called those who “load up and stick around,” or buy large stakes and hold for long periods. Lawrence A. Cunningham offers an expert guide to the benefits of attracting and keeping quality shareholders. He demonstrates that a high density of dedicated long-term shareholders results in numerous comparative and competitive advantages for companies and their managers, including a longer runway to execute business strategy and a loyal cohort against adversity. Cunningham explores dozens of corporate practices and policies—such as rational capital allocation, long-term performance metrics, and a shareholder orientation—that can help shape the shareholder base and bring in committed owners. Focusing on the benefits for corporations and their investors, he reveals what draws quality shareholders to certain companies and what it means to have them in an investor base. This book is vital reading for investors, executives, and directors seeking to understand and attract the kind of shareholders that their companies need.
Author : Pedro Matos
Publisher :
ISBN 13 : 9781942713388
Total Pages : pages
Book Rating : 4.7/5 (133 download)
Download or read book An Assessment of Dual-Class Shares in Brazil written by Pedro Matos and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bobby Reddy
Publisher : Cambridge University Press
ISBN 13 : 1108839355
Total Pages : 487 pages
Book Rating : 4.1/5 (88 download)
Download or read book Founders without Limits written by Bobby Reddy and published by Cambridge University Press. This book was released on 2021-11-11 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first comprehensive collation of the international history of, and evidence on, dual-class stock, and their relevance to UK policy.
Author : William Zebina Ripley
Publisher :
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.:/5 (7 download)
Download or read book Main Street and Wall Street written by William Zebina Ripley and published by . This book was released on 1927 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harry DeAngelo
Publisher : Now Publishers Inc
ISBN 13 : 1601982046
Total Pages : 215 pages
Book Rating : 4.6/5 (19 download)
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.
Author : Frank H. Easterbrook
Publisher : Harvard University Press
ISBN 13 : 9780674235397
Total Pages : 386 pages
Book Rating : 4.2/5 (353 download)
Download or read book The Economic Structure of Corporate Law written by Frank H. Easterbrook and published by Harvard University Press. This book was released on 1996 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text argues that the rules and practices of corporate law mimic contractual provisions that parties involved in corporate enterprise would reach if they always bargained at zero cost and flawlessly enforced their agreements. It states that corporate l
Author : Samuel Fleischacker
Publisher : Princeton University Press
ISBN 13 : 1400826055
Total Pages : 347 pages
Book Rating : 4.4/5 (8 download)
Download or read book On Adam Smith's Wealth of Nations written by Samuel Fleischacker and published by Princeton University Press. This book was released on 2009-01-10 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adam Smith was a philosopher before he ever wrote about economics, yet until now there has never been a philosophical commentary on the Wealth of Nations. Samuel Fleischacker suggests that Smith's vastly influential treatise on economics can be better understood if placed in the light of his epistemology, philosophy of science, and moral theory. He lays out the relevance of these aspects of Smith's thought to specific themes in the Wealth of Nations, arguing, among other things, that Smith regards social science as an extension of common sense rather than as a discipline to be approached mathematically, that he has moral as well as pragmatic reasons for approving of capitalism, and that he has an unusually strong belief in human equality that leads him to anticipate, if not quite endorse, the modern doctrine of distributive justice. Fleischacker also places Smith's views in relation to the work of his contemporaries, especially his teacher Francis Hutcheson and friend David Hume, and draws out consequences of Smith's thought for present-day political and philosophical debates. The Companion is divided into five general sections, which can be read independently of one another. It contains an index that points to commentary on specific passages in Wealth of Nations. Written in an approachable style befitting Smith's own clear yet finely honed rhetoric, it is intended for professional philosophers and political economists as well as those coming to Smith for the first time.
Author : David Milman
Publisher : Edward Elgar Publishing
ISBN 13 : 1785368133
Total Pages : 216 pages
Book Rating : 4.7/5 (853 download)
Download or read book The Company Share written by David Milman and published by Edward Elgar Publishing. This book was released on 2018-10-26 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The legal regulation of company shares is a fundamental building block in a capitalist society. This insightful book provides an historical analysis of the phenomenon, investigating underlying policy issues and considering relevant aspects of current law to explore possible future trends. David Milman examines the phenomenon of the company share in a holistic way, tracing the origins of the share and exploring the diversity present within the family of shares. Using a comparative approach, key chapters consider the circumstances under which shares are acquired, the property law perspective relevant to shares and the rights and obligations of those who hold shares. The book concludes with speculation on how the share might evolve in the future in light of technological change and the development of other capital raising investments. This accessible book will provide valuable insight to scholars researching corporate law. It will also be beneficial for policymakers and practitioners wishing to understand more about the history of the company share, and how this may impact its future.
Author : Marco Bigelli
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Dual Class Stock Unifications and Shareholders' Expropriation written by Marco Bigelli and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: An increasing number of firms with dual class shares are deciding to unify their shares around the world. In the most common type of stock unification a non-voting share can be converted into a voting share. In most countries either the price differential between the two classes of shares is low or a form of compensation for voting shareholders is provided. Italian stock unifications see the highest value of voting rights and no form of compensation for voting shareholders. I observe the 43 Italian stock unifications made in the 1974-2003 period and I develop a model that quantifies their wealth effects on the two classes of shares. Stock unifications can be a form of expropriation of minority voting shareholders, as confirmed by five case studies where majority shareholders hedge or even take advantage of such unifications by engaging in the following activities some months before the unification decision: buying relevant blocks of nv-shares, selling voting shares or approving stock option plans on nv-shares. At the stock unification announcement the price of a voting share in the five case studies dropped by a minimum of -4,26%, to a maximum of -10,41% confirming that dual class unifications can expropriate minority-voting shareholders to the benefit of the controlling shareholder and quot;luckyquot; minority nv-shareholders.
Author : Randall K. Morck
Publisher : University of Chicago Press
ISBN 13 : 0226536823
Total Pages : 404 pages
Book Rating : 4.2/5 (265 download)
Download or read book Concentrated Corporate Ownership written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-12-01 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.
Author : Emmanuel O. Kumah
Publisher : International Monetary Fund
ISBN 13 : 1451873891
Total Pages : 75 pages
Book Rating : 4.4/5 (518 download)
Download or read book Valuation of Unlisted Direct Investment Equity written by Emmanuel O. Kumah and published by International Monetary Fund. This book was released on 2009-11-01 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the seven valuation methods for unlisted direct investment equity included in the recently adopted IMF Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). Based on publicly available Danish data, we test the three methods that are generally applicable and find that the choice of valuation method and estimation technique can have a highly significant impact on the international investment position, pointing to the need for further harmonization. The results show that the price-to-book value method generates more robust market value estimates than the price-to-earnings method. This finding suggests that the valuation basis for the forthcoming Coordinated Direct Investment Survey - own funds at book value -will provide useful information for compiling the international investment position.
