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Author : Taemin Cha
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Two Essays on Corporate Policy and Corporate Governance written by Taemin Cha and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Isabella Otero Lazzari
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)
Download or read book Two essays on corporate governance written by Isabella Otero Lazzari and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ling Zhang
Publisher :
ISBN 13 :
Total Pages : 141 pages
Book Rating : 4.:/5 (128 download)
Download or read book Essays on Corporate Governance of Financial and Non-Financial Firms written by Ling Zhang and published by . This book was released on 2013 with total page 141 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance of financial and non-financial firms is critical in modern corporations with diffuse stock ownership, which deals with the agency conflicts between managers and shareholders. Corporate governance has a profound impact on various corporate policy, and firm value in the end. This study examines the importance of corporate governance and its influences on various corporate policy and firm value and risks for both financial and non-financial firms. Chapter 1 investigates the association between the firm's liquidity level and liquidity mix on the one hand and CEO entrenchment on the other. CEO entrenchment may distort the firms' liquidity policy because managers and shareholders may have conflicting preferences between cash and lines of credit. Using lines of credit data from 1996 to 2008, we find five main results. First, entrenched CEOs hold more liquidity as measured by the sum of cash and lines of credit. Second, entrenched managers have a preference for cash over lines of credit because while cash gives them flexibility, lines of credit are accompanied with bank restrictions and monitoring. Third, entrenched CEOs also use more lines of credit because of the extra liquidity it provides, despite the associated bank monitoring. Fourth, entrenched CEOs in smaller and opaque firms tend to hold more liquidity. Five, entrenched CEO's preference for cash versus lines of credit is stronger for large and transparent firms, compared to small and opaque firms. These findings imply that firms should better align the interests of the entrenched managers with those of the shareholders in order to limit the excessive liquidity holding of firms when CEOs are entrenched and to thereby increase firms' profitability. Chapter 2 examines the relationship between bank holding company (BHC) performance, risk and "busy" board of directors, an overlooked dimension of corporate governance in the banking literature. Busy directors are defined as directors with three or more directorships. The sample covers the 2001-2010 period. We employ a simultaneous equation framework and estimate the models employing the three stage least square (3SLS) technique in order to account for endogeneity. Several interesting results are obtained. First, BHC performance, as measured by return on assets (ROA), Tobin's Q and earnings before interest and taxes (EBIT) over total assets is positively associated with busy directors. Second, BHC total risk (standard deviation of stock returns), market risk (market beta), idiosyncratic risk (standard errors of the CAPM model) credit risk (percentage of non-performing assets over total assets) and default risk (HigherZ-Score) are inversely related to it. Third, busy directors are not more likely to become problem directors, in the sense of failing the meeting-attendance-criterion (75% attendance). Fourth, the benefits of having busy directors in terms of performance improvement strengthened but the benefits of risk reduction declined during the recent financial crisis These findings partially alleviate concerns that when directors become too busy with multiple directorships, they shirk their responsibilities. Major implications for investors, regulators, and firm managers are drawn. Chapter 3 investigates the effect of CEO entrenchment on the loan syndication structure. Over the past decade, syndicated loans have played an increasingly important role in corporate financing. Unlike a traditional bank loan with only a single creditor, a syndicated loan involves a group of lenders: a lead arranger and a number of participant lenders. The syndication process, therefore, generates an additional dimension of agency problem between the lead arranger and the participant lenders, besides the traditional agency cost of debt between the borrowing firm and the lender (Diamond, 1984; Holmstrom and Tirole, 1997). Several results are obtained about syndicated loans made to firms with more entrenched CEOs. First, in these loans the number of participant lenders and their share in the loan are smaller; the lead arranger retains a larger loan share. Second, these loans are more closely held resulting in a higher Herfindahl index of loan concentration. Third, foreign lenders are less involved in these loans. Specifically, the number of foreign lenders and the percentage of loans held by foreign lenders are both smaller. Our findings shed light on the two types of agency problems associated with the syndicated loans, and have great implication for the firms' shareholders, creditors and regulators.
Author : Waquar Ahmad
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)
Download or read book Essays in Corporate Governance written by Waquar Ahmad and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation titled "Essays in Corporate Governance" contains two essays in matters relating to corporations and their governance practices. The titles and the abstracts of the two papers are presented below. Does it pay to play? Political donations around mergers and acquisitions: This study focuses on corporate political donations around mergers and acquisitions of U.S. firms. I track the political contributions made by firms involved in large U.S. mergers from 2000 to 2010 by focusing on four different ways that corporations contribute to political parties: political action committee (PAC) donations, PAC to PAC donations, soft money and 527 committees' donations, and individual donations. Consistent with politicians' rent-seeking behavior, I document evidence that participants in mergers and acquisitions alter their donations around these deals in attempts to influence the deal outcome and appear to do so particularly around deals where donations may be more effective. Overall, I find that large shifts in donations around mergers and acquisitions increase the likelihood of deal completion. After controlling for firm and merger characteristics, the firms involved in mergers make more political contributions after a deal is announced compared to periods before the announcement and after a deal is finalized. This behavior is more pronounced when the deal continues for an extended period of time, which is consistent with the notion that these deals may face more regulatory hurdles and donations may likely impact the merger outcome. Furthermore, I document higher bidder and target abnormal donations after a merger announcement when the market reaction is negative. Finally, donation intensity increases when the merger would cause the industry concentrations ratios to increase above normal. These results collectively suggest that firms aggressively manage political donations around merger and acquisition activity, potentially indicating agency conflicts driving these donations. Director Alpha: An objective measure of director contribution: The appointment of high value directors is associated with immediate positive market reaction, and the presence of high value directors in the board enhances long-run firm value. We identify the contribution of directors by alpha, or the abnormal risk-adjusted stock returns that are generated in other firms on whose boards they sit. We find that investors react positively when high alpha directors are appointed to high alpha boards. CEOs and individuals with MBA or CPA designations are more likely to be high value directors. We find that high alpha directors contribute significantly to firm value. For the typical firm, our parameter estimates imply that replacing a negative alpha director with a positive one is associated with a 3.3% improvement in firm value.
Author : Klaus J. Hopt
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110905043
Total Pages : 372 pages
Book Rating : 4.1/5 (19 download)
Download or read book Comparative Corporate Governance written by Klaus J. Hopt and published by Walter de Gruyter GmbH & Co KG. This book was released on 2015-02-06 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance has become an important issue in all industrial economies. This text has grown out of a conference entitled Comparative Corporate Governance, An International Conference, United States - Japan - Western Europe which considered the subject.
Author : Joachim Schwalbach
Publisher : Springer Science & Business Media
ISBN 13 : 3642594999
Total Pages : 218 pages
Book Rating : 4.6/5 (425 download)
Download or read book Corporate Governance written by Joachim Schwalbach and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance is a subject of great interest to academics, investors, and politicians throughout the world. Corporate governance is associated with the way firms are managed and controlled. Countries have adopted different governance systems to resolve the corporate governance issues. Anglo-Saxon systems differ from European and Japanese systems, and Eastern Europe and China, for instance, experiment with the way private organizations should be governed. Despite the great interest and intense debate, empirical evidence on the effectiveness of various governance systems is still sparse. This book brings together most current contributions from various perspectives and from an international angle. The book is an essential reading for academics, university students, practitioners, investors, politicians, and legislators.
Author : Ms. Nadya Malenko
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (742 download)
Download or read book Essays in Corporate Governance written by Ms. Nadya Malenko and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation provides a theoretical analysis of several corporate governance mechanisms in the presence of information asymmetries and agency conflicts between shareholders, managers, and directors. The first essay of the dissertation analyzes decision-making in corporate boards and studies how board characteristics and the design of board meetings affect board decisions. Two other essays are on shareholder activism. The second essay focuses on voting for non-binding shareholder proposals and examines its effectiveness in conveying shareholder views to the management. The third essay considers another common form of shareholder activism, private negotiations with the management, and studies the activist's choice between private negotiations and public confrontation. The first essay, "Communication and Decision-Making in Corporate Boards, " develops a theory of communication and collective decision-making in a board of directors whose members have private information about the issue under discussion. The key element of the model is that the quality of board communication is endogenous, because it depends on the time and effort directors are willing to put into communicating their information to others. Directors may have biases regarding the decision and may be reluctant to disagree with the prevailing opinion in the boardroom. I show that when effective communication is personally costly for directors, both stronger preferences for conformity and stronger biases may improve the board's decisions because directors will have stronger incentives to convince others of their position. These results have implications for the design of board policies, including the use of open vs. secret ballot voting, the establishment and composition of committees, and the frequency of executive sessions of outside directors. The second essay, "Non-Binding Voting for Shareholder Proposals, " which is co-authored with Doron Levit and is forthcoming in the Journal of Finance, considers another setting where information relevant for the firm's decisions is dispersed among many agents, namely, the firm's large shareholders. Our main question is whether voting for non-binding shareholder proposals fulfills its intended role of conveying shareholders' expectations to the management. We show that when the interests of the manager and shareholders are not aligned, non-binding voting generally fails to convey shareholder views to the manager. This distinguishes voting for non-binding proposals from standard voting for binding proposals, where some information is always conveyed. In practice, the effectiveness of shareholder proposals may be affected by external governance mechanisms, such as the market for corporate control in the form of activist investors. Our analysis demonstrates that the presence of an activist investor can enhance the advisory role of non-binding voting only if there is substantial conflict of interest between the activist and shareholders. Although shareholder proposals have become increasingly common in recent years, submitting a proposal to a shareholder vote is often viewed by activist investors as a tactic of last resort. According to survey evidence, activists generally try to achieve their objectives through private negotiations with the management and use confrontational tactics only if these negotiations are not successful. The third essay, "Behind-the-Scene Negotiations in Shareholder Activism, " examines under which circumstances negotiations between the activist and the management fail. I study these negotiations in a bargaining framework where the manager is privately informed about his private benefits. The model provides implications for the likelihood of proposal withdrawals and announcement effects of proposal submissions. It demonstrates, in particular, that the announcement of an activist's intervention may have a negative price effect even if the intervention is known to be beneficial to the company.
Author : Tara Kumari Bhandari
Publisher :
ISBN 13 :
Total Pages : 102 pages
Book Rating : 4.:/5 (874 download)
Download or read book Essays on Corporate Governance and Investor Disagreement written by Tara Kumari Bhandari and published by . This book was released on 2013 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of two essays examining the roles of corporate governance and investor disagreement, respectively, in the performance and stock market valuations of firms. In the first chapter, I demonstrate that the relationship between corporate governance and firm performance varies with industry performance cycles. Firms with strong shareholder rights capture higher profits than poorly-governed firms in the same industry during highly profitable periods for the industry, but both groups have similar profits during weaker industry conditions. Analyst forecasts indicate that the pattern is expected, suggesting that the higher valuations of well-governed firms are due to this higher expected productivity in good times. Consistent with such expectations and with an updating of valuations as anticipated industry conditions change, positive abnormal stock returns to good governance are concentrated in periods of high industry returns, and are at least partially reversed during industry downturns. My results provide an alternative to learning and static risk theories in explaining the apparent abnormal returns to governance and their disappearance after 2001. In Chapter 2, I consider the impact of heterogeneous shareholder beliefs on stock prices, focusing on the context of corporate spin-offs and mergers. I extend theoretical work by Miller (1977) and Jarrow (1980) to show that when investors disagree about the prospects of different businesses and at least some of them are restricted from short-selling, the market price of an unseparable bundle of two enterprises will often be lower from the sum of the prices at which they would trade as standalone entities. Empirically, I construct a novel measure of observed disagreement that is informed by the theory and is less open to alternative interpretations than existing disagreement proxies. Consistent with the theory, I find that higher disagreement about the two components being either separated or joined is related to a positive return in the case of spin-offs and a negative return in stock mergers. Importantly, since I focus on returns on the ex date of these transactions, on which no new business information is released, these findings are unrelated to the expected business impact of the transactions.
Author : Marcel Maier
Publisher :
ISBN 13 : 9783750240575
Total Pages : pages
Book Rating : 4.2/5 (45 download)
Download or read book Three Essays on Corporate Governance, Shareholder Activism, and Economic Policy Risk written by Marcel Maier and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Radhakrishnan Gopalan
Publisher :
ISBN 13 : 9780542786884
Total Pages : 109 pages
Book Rating : 4.7/5 (868 download)
Download or read book Essays on Corporate Governance written by Radhakrishnan Gopalan and published by . This book was released on 2006 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: My dissertation consists of three essays on Corporate Governance. The first essay studies a situation where corporate governance assumes importance because the manager and shareholders may disagree about optimal decisions due to heterogeneous prior beliefs. An important contribution of the essay is to characterize the optimal governance arrangement in such situations and to highlight the optimality of joint control. We apply our theory to an entrepreneur/manager's choice between private and public ownership and derive a number of testable predictions.
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.
Author : Pedram Fardnia
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (133 download)
Download or read book Essays in Corporate Governance written by Pedram Fardnia and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance is a heavily researched area in the finance literature, with previous studies exploring a multitude of variables that describe a firm's board structure, management, compensation, etc., and how they affect corporate decisions, firm performance, and various other aspects of corporate life. Corporate governance has important implications for nearly all business entities, yet many research questions within the field still remain unaddressed. In the first part of my thesis, I explore the relation between corporate governance practices and shareholder litigation. At the same time, I explore whether firms improve any shortcomings in their governance structure and/or governance practices post-litigation. We find evidence that variables that describe a firm's corporate governance, the compensation of its CEO, as well as the CEO's characteristics have a significant influence on the firm's litigation risk. Our results further show that, after a lawsuit, sued firms tend to improve their corporate governance and the proportion of their independent directors. In summary, our results provide important insights into the role of ex-ante active monitoring (via the board of directors) versus ex-post passive monitoring (via shareholder litigation), and how litigation as a passive monitoring device can cause firms to improve their active monitoring. In another research, I choose the aviation industry and examine the potential effects corporate governance policies may have on the safety record of that industry. Pilot errors and mechanical failures, which are responsible for 75% of all accidents, are, to some extent, preventable because they relate to the way an airline company is managed. My findings reveal that airline safety is significantly affected by a series of firm-level characteristics that describe an airline's governance as well as its financial well-being. In addition, I find that airline safety is affected by a variety of country-level factors that characterize the legal, institutional, and economic environment of a given country, as well as its air transport infrastructure. The results of this study have important policy implications for both the airline industry and regulators. To allocate resources more efficiently, regulators may find it beneficial to focus their supervision on airlines with poor governance practices as well as airlines that are in financial distress.
Author : Zhihong Chen
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (712 download)
Download or read book Two Essays on Corporate Governance and Earnings Quality written by Zhihong Chen and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter A. Gourevitch
Publisher : Princeton University Press
ISBN 13 : 1400837014
Total Pages : 365 pages
Book Rating : 4.4/5 (8 download)
Download or read book Political Power and Corporate Control written by Peter A. Gourevitch and published by Princeton University Press. This book was released on 2010-06-20 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why does corporate governance--front page news with the collapse of Enron, WorldCom, and Parmalat--vary so dramatically around the world? This book explains how politics shapes corporate governance--how managers, shareholders, and workers jockey for advantage in setting the rules by which companies are run, and for whom they are run. It combines a clear theoretical model on this political interaction, with statistical evidence from thirty-nine countries of Europe, Asia, Africa, and North and South America and detailed narratives of country cases. This book differs sharply from most treatments by explaining differences in minority shareholder protections and ownership concentration among countries in terms of the interaction of economic preferences and political institutions. It explores in particular the crucial role of pension plans and financial intermediaries in shaping political preferences for different rules of corporate governance. The countries examined sort into two distinct groups: diffuse shareholding by external investors who pick a board that monitors the managers, and concentrated blockholding by insiders who monitor managers directly. Examining the political coalitions that form among or across management, owners, and workers, the authors find that certain coalitions encourage policies that promote diffuse shareholding, while other coalitions yield blockholding-oriented policies. Political institutions influence the probability of one coalition defeating another.
Author : Jeffrey Neil Gordon
Publisher : Oxford University Press
ISBN 13 : 0198743688
Total Pages : 1217 pages
Book Rating : 4.1/5 (987 download)
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
Author : Margaret M. Blair
Publisher : Brookings Institution Press
ISBN 13 : 9780815707073
Total Pages : 376 pages
Book Rating : 4.7/5 (7 download)
Download or read book Employees and Corporate Governance written by Margaret M. Blair and published by Brookings Institution Press. This book was released on 2010-12-01 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most scholarship on corporate governance in the last two decades has focused on the relationships between shareholders and managers or directors. Neglected in this vast literature is the role of employees in corporate governance. Yet "human capital," embodied in the employees, is rapidly becoming the most important source of value for corporations, and outside the United States, employees often have a significant formal role in corporate governance. This volume turns the spotlight on the neglected role of employees by analyzing many of the formal and informal ways that employees are actually involved in the governance of corporations, in U.S. firms and in large corporations in Germany and Japan. Examining laws and contexts, the essays focus on the framework for understanding employees' role in the firm and the implications for corporate governance. They explore how and why the special legal institutions in German and Japanese firms by which employees are formally involved in corporate governance came into being, and the impact these institutions have on firms and on their ability to compete. They also consider theoretical and empirical questions about employee share ownership. The result of a conference at Columbia University, the volume includes essays by Theodor Baums, Margaret M. Blair, David Charny, Greg Dow, Bernd Frick, Ronald J. Gilson, Jeffrey N. Gordon, Nobuhiro Hiwatari, Katharina Pistor, Louis Putterman, Edward B. Rock, Mark J. Roe, and Michael L. Wachter. Margaret M. Blair is a senior fellow in Economic Studies at the Brookings Institution and author of Ownership and Control: Rethinking Corporate Governance for the Twenty-first Century (Brookings, 1995). Mark J. Roe, professor of business regulation and director of the Sloan Project on Corporate Governance at Columbia Law School, is the author of Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton, 1996).
Author : Wen-Hsiu Julia Chou
Publisher :
ISBN 13 :
Total Pages : 198 pages
Book Rating : 4.:/5 (262 download)
Download or read book Essays on Corporate Governance written by Wen-Hsiu Julia Chou and published by . This book was released on 2008 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
