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Author : Ulf von Lilienfeld-Toal
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (17 download)
Download or read book Why Managers Hold Shares of Their Firm written by Ulf von Lilienfeld-Toal and published by . This book was released on 2006 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ulf von Lilienfeld-Toal
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (129 download)
Download or read book Why Managers Hold Shares of Their Firm written by Ulf von Lilienfeld-Toal and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between CEO ownership and stock market performance. Firms in which the CEO voluntarily holds a considerable share of outstanding stocks outperform the market by more than 10 percent p.a. after controlling for traditional risk factors. The effect is most pronounced in firms that are characterized by large managerial discretion of the CEO. The abnormal returns we document are one potential explanation why so many CEOs hold a large fraction of their own company's stocks. We also examine several potential explanations why the existence of an owner CEO is not fully reflected in prices but leads to abnormal returns.
Author : Ulf von Lilienfeld-Toal
Publisher :
ISBN 13 :
Total Pages : 43 pages
Book Rating : 4.:/5 (17 download)
Download or read book Why Managers Hold Shares of Their Firms written by Ulf von Lilienfeld-Toal and published by . This book was released on 2007 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ulf von Lilienfeld-Toal
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (17 download)
Download or read book Why Managers Hold Shares of Their Firms written by Ulf von Lilienfeld-Toal and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Michael Useem
Publisher :
ISBN 13 :
Total Pages : 360 pages
Book Rating : 4.:/5 (318 download)
Download or read book Investor Capitalism written by Michael Useem and published by . This book was released on 1996-05-16 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on personal interviews with top executives and money managers, this inside look at more than 20 large corporations--including IBM, ITT, AT&T, American Airlines, and General Motors--shows how the explosive growth of institutional investing is changing the way corporations are run. Charts & graphs.
Author : Jonathan Charkham
Publisher : OUP Oxford
ISBN 13 : 0191583634
Total Pages : 286 pages
Book Rating : 4.1/5 (915 download)
Download or read book Fair Shares written by Jonathan Charkham and published by OUP Oxford. This book was released on 1999-05-27 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a book about shareholders — who they are, what they own, how their composition and character has changed, and with it their relationship with the companies they own. It is also a book about shareholder rights and responsibilities. In a clear and readable style the book explores the key current corporate governance issues — company law and reporting, chief executive pay, regulatory and accountability requirements — against the background of an ever-changing business environment: an environment in which private investors may have grown in number, but in which shareholders influence has dwindled as institutions have become the dominant shareholding group. Throughout the book the authors provide numerous examples and anecdotes illustrating the evolution of the joint stock company from the South Sea Company of the 18th century to the giants and cause celebres on the corporate stage in the 1980s and 1990s. Both authors are authoritative and informed commentators on issues of corporate governance with extensive management, policy and advocacy experience; their underlying concern is to show the importance of shareholder interest and involvement, which they strongly believe will remain in the best interests of the company and the wider society in the 21st century.
Author : Jacob S. Hacker
Publisher : Cambridge University Press
ISBN 13 : 1316516369
Total Pages : 487 pages
Book Rating : 4.3/5 (165 download)
Download or read book The American Political Economy written by Jacob S. Hacker 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: Drawing together leading scholars, the book provides a revealing new map of the US political economy in cross-national perspective.
Author : Douglas L. Kruse
Publisher : University of Chicago Press
ISBN 13 : 0226056961
Total Pages : 433 pages
Book Rating : 4.2/5 (26 download)
Download or read book Shared Capitalism at Work written by Douglas L. Kruse and published by University of Chicago Press. This book was released on 2010-06-15 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: The historical relationship between capital and labor has evolved in the past few decades. One particularly noteworthy development is the rise of shared capitalism, a system in which workers have become partial owners of their firms and thus, in effect, both employees and stockholders. Profit sharing arrangements and gain-sharing bonuses, which tie compensation directly to a firm’s performance, also reflect this new attitude toward labor. Shared Capitalism at Work analyzes the effects of this trend on workers and firms. The contributors focus on four main areas: the fraction of firms that participate in shared capitalism programs in the United States and abroad, the factors that enable these firms to overcome classic free rider and risk problems, the effect of shared capitalism on firm performance, and the impact of shared capitalism on worker well-being. This volume provides essential studies for understanding the increasingly important role of shared capitalism in the modern workplace.
Author : Justin Fox
Publisher : Harper Collins
ISBN 13 : 0060599030
Total Pages : 418 pages
Book Rating : 4.0/5 (65 download)
Download or read book The Myth of the Rational Market written by Justin Fox and published by Harper Collins. This book was released on 2011-02-08 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2008 and subsequent Great Recession demolished many cherished beliefs—most significantly, the theory that financial markets always get things right. Justin Fox's The Myth of the Rational Market explains where that idea came from, and where it went wrong. As much an intellectual whodunit as a cultural history of the perils and possibilities of risk, it also brings to life the people and ideas that forged modern finance and investing—from the formative days of Wall Street through the Great Depression and into the financial calamities of today. It's a tale featuring professors who made and lost fortunes, battled fiercely over ideas, beat the house at blackjack, wrote bestselling books, and played major roles on the world stage. It's also a story of free-market capitalism's war with itself.
Author : Christin Wessels
Publisher : GRIN Verlag
ISBN 13 : 3668443394
Total Pages : 34 pages
Book Rating : 4.6/5 (684 download)
Download or read book Critical analysis of investment management within company successions written by Christin Wessels and published by GRIN Verlag. This book was released on 2017-05-09 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2017 in the subject Business economics - Investment and Finance, grade: 1,7, University of applied sciences Dortmund, course: Investment, language: English, abstract: Company successions are an important theme for the economy. The amount of enterprises, which search for a successor, increased in the last years. Especially small and medium-sized enterprises are affected by this issue. In this case the issue arises, that no internal successor is available. That’s why external opportunities have to be considered. Among options like foundations or management buy-outs, private equity investors are one possibility of a successor. These investors bring new equity and know how into the enterprise. On the other side, private equity firms often invest only for a defined period and focus on the return on investments. That’s why private equity firms mention in the sales contract specific rights and agreements. These rights include e.g., that other shareholder have to sell their shares, if the private equity firm wants to sell its shares. Furthermore, if the private equity firm wants to go public, the other shareholders must agree. If these rights are reflected in the sales contract, the private equity firm has the total power over the enterprise. That’s why especially in the contract phase the current entrepreneur should be alerted, what agreements are reflected in the contract. Otherwise the PE firm holds sway over the whole company. After the defined time horizon, the private equity firm leaves the enterprise. For this different exit strategies exist: An Initial public offering, a trade sale, a secondary sale or a buy back. The most interesting one for the investor is to go public, followed by a trade sale. Going public means a high return on investments for the investor. All in all, the entrepreneur holds the strings: He can influence the future of the company, because he chooses the successor for the enterprise. If he reflects, what the enterprise needs and gets the motivation of the investor, why he wants to buy the enterprise, he can choose the right successor for his company.
Author : Fred S. McChesney
Publisher : Edward Elgar Publishing
ISBN 13 : 9781849801362
Total Pages : 0 pages
Book Rating : 4.8/5 (13 download)
Download or read book Mergers and the Market for Corporate Control written by Fred S. McChesney and published by Edward Elgar Publishing. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume provides an essential overview of one of the most important developments in economics, finance and law of the past generation: the growing realization of how the market for corporate control functions and why its operation is of crucial importance. Presenting seventeen seminal contributions, the book illustrates the importance of corporate control changes - mergers, acquisitions and other takeovers - in helping to align the interests of corporate shareholders and their managers. The mechanics of various takeover techniques (poison pills, greenmail and other gambits) are also explored alongside empirical research concerning the functioning of the market for corporate control.
Author : Christian Alexander Wegener
Publisher : GRIN Verlag
ISBN 13 : 364081472X
Total Pages : 89 pages
Book Rating : 4.6/5 (48 download)
Download or read book Management Share Ownership written by Christian Alexander Wegener and published by GRIN Verlag. This book was released on 2011-02 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2006 in the subject Business economics - Investment and Finance, grade: sehr gut, University of Münster (Finance Center Münster), language: English, abstract: Many scholars have analyzed whether and how management share ownership should be used in terms of a corporate governance instrument to enhance corporate performance. The empirical results, however, have been inconclusive till this day. This seminar paper attempts to explain the problems and difficulties that underlie the obscurity and how researches might eventually unravel this challenge.
Author : Gary P. Pisano
Publisher : Harvard Business Press
ISBN 13 : 1422187543
Total Pages : 256 pages
Book Rating : 4.4/5 (221 download)
Download or read book Producing Prosperity written by Gary P. Pisano and published by Harvard Business Press. This book was released on 2012-09-25 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manufacturing’s central role in global innovation Companies compete on the decisions they make. For years—even decades—in response to intensifying global competition, companies decided to outsource their manufacturing operations in order to reduce costs. But we are now seeing the alarming long-term effect of those choices: in many cases, once manufacturing capabilities go away, so does much of the ability to innovate and compete. Manufacturing, it turns out, really matters in an innovation-driven economy. In Producing Prosperity, Harvard Business School professors Gary Pisano and Willy Shih show the disastrous consequences of years of poor sourcing decisions and underinvestment in manufacturing capabilities. They reveal how today’s undervalued manufacturing operations often hold the seeds of tomorrow’s innovative new products, arguing that companies must reinvest in new product and process development in the US industrial sector. Only by reviving this “industrial commons” can the world’s largest economy build the expertise and manufacturing muscle to regain competitive advantage. America needs a manufacturing renaissance—for restoring itself, and for the global economy as a whole. This will require major changes. Pisano and Shih show how company-level choices are key to the sustained success of industries and economies, and they provide business leaders with a framework for understanding the links between manufacturing and innovation that will enable them to make better outsourcing decisions. They also detail how government must change its support of basic and applied scientific research, and promote collaboration between business and academia. For executives, policymakers, academics, and innovators alike, Producing Prosperity provides the clearest and most compelling account yet of how the American economy lost its competitive edge—and how to get it back.
Author : Gardiner Means
Publisher : Routledge
ISBN 13 : 1351479342
Total Pages : 454 pages
Book Rating : 4.3/5 (514 download)
Download or read book The Modern Corporation and Private Property written by Gardiner Means and published by Routledge. This book was released on 2017-09-29 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monumental work on the corporation is one of those enduring classics that many cite but few have read. Graced with a new introduction by Weidenbaum and Jensen, this new edition makes this classic available to a new generation. Written in the early 1930s, The Modern Corporation and Private Property remains the fundamental introduction to the internal organization of the corporation in modern society. Combining the analytical skills of an attorney with those of an economist, Berle and Means raise the central questions, even when their answers have been superseded by changing circumstances.The book's most enduring theme is the separation of ownership from control of the modern corporation and its consequences. Berle and Means display keen awareness of the divergent interests of directors and managers, and of each from owners of the firm. Among their predictions are the characteristic increase in size of the modem corporation and concentration of the economy. The authors view stock exchanges and stock markets as essential by-products of the rise of the modem corporation, and explore how these function. They address the difficult questions of whether corporations operate for the benefit of owners or managers, and explore what motivates managers to make effective use of corporate assets. Finally, they examine the role of the corporation as the prevailing form of organizing the production and distribution of goods and services.In their new introduction, Weidenbaum and Jensen, co-directors of the Center for the Study of American Business at Washington University, critically assess the impact of developments not fully anticipated by Berle and Means, such as the rise of the service sector, and the significant role played by institutional investors in the owner/manager equation. They note the authors' prescient observations, including the complex role of and motivating influences on professional managers, and the significance of inside informatio
Author : John S. Jordan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Bank Managers' Opportunitistic Trading of Their Firms' Shares written by John S. Jordan and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Requiring managers to hold shares in the firms they manage can reduce agency problems. Despite the pivotal role of share ownership, little evidence exists concerning who determines the level of ownership, the compensation committee, or managers themselves. This differentiation is important, since timely trades by managers can weaken the role share ownership plays in reducing agency problems. I find that managers do not rely solely on the compensation committee, and that personal transactions are important. Exploiting private firm-specific information, managers make opportunistic trades that, in effect, increase the rate of return and reduce the riskiness of their investments in their firms.
Author : HILLIER, GRINBL
Publisher : McGraw Hill
ISBN 13 : 152684950X
Total Pages : 807 pages
Book Rating : 4.5/5 (268 download)
Download or read book Financial Markets and Corporate Strategy: European Edition, 3e written by HILLIER, GRINBL and published by McGraw Hill. This book was released on 2023-01-26 with total page 807 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global pandemic restrictions, climate change, geopolitical tensions, and new artificial technologies have fundamentally impacted international financial markets and corporate strategy. Traditional finance theories have been questioned and their application to corporate decision-making has come under scrutiny like never before. The third edition of Financial Markets and Corporate Strategy provides students with comprehensive and engaging discussions on the strategic challenges facing companies and their financial decisions. Brought to life by real-world examples, international cases and insights from recent research, it guides students through the challenges of studying and practising finance from both an academic and practical viewpoint. Key Features: · Fully updated research of the most important topics, data and examples in every chapter. · Coverage of the impact of climate change, Brexit, the economic growth of China, and new financial technologies · A stronger emphasis on sustainability, ethics, and corporate governance. · Updates on accounting standards, bankruptcy laws, tax rules and tax systems. David Hillier is Professor of Finance, Executive Dean of Strathclyde Business School, and Associate Principal of the University of Strathclyde. Mark Grinblatt is the J. Clayburn LaForce Professor of Finance at the UCLA Anderson School of Management Sheridan Titman is Professor of Finance at the McCombs School of Business.
