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Author : Tobias Walther-Merkwitz
Publisher :
ISBN 13 :
Total Pages : 234 pages
Book Rating : 4.:/5 (899 download)
Download or read book Essays on Corporate Governance and Mergers & Acquisitions written by Tobias Walther-Merkwitz and published by . This book was released on 2014 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 : Gerrit Henrich
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (131 download)
Download or read book Essays in Corporate Finance and Corporate Governance written by Gerrit Henrich and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew J. Sherman
Publisher : Advantage Media Group
ISBN 13 : 9781599323336
Total Pages : 0 pages
Book Rating : 4.3/5 (233 download)
Download or read book Essays on Governance written by Andrew J. Sherman and published by Advantage Media Group. This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Governance, is a practical, easy to read book featuring a series of thirty-six (36) essays on the strategic essence, philosophy, best practices and legal aspects of leadership and governance. At a time when our faith and confidence in our nation's political and business leaders has reached historic lows, now is the time to reconnect with what it really means to lead and govern properly. Essays On Governance, features a collection of thoughts and insights for today's leaders and board members of companies both large and small, public and private, as well as boards of non-profits and NGO's and universities as well as from global government and political leaders. The book also features guest essays from selective thought leaders in the areas of governance, leadership, innovation, and risk management. Guest Essay The Role of the Governance Lawyer (Lizanne Thomas, Jones Day - Atlanta) Guest Essay Nine (9) Critical Questions A Board Must Ask In Connection With A Crisis or Regulatory Investigation (Henry Klehm, Jones Day, NY and Joan McKown, Jones Day, Washington, D.C) Guest Essay Corporate Communications: Challenges and Opportunities In A Changing World (Dave Groobert, U.S. General Manager, Environics Communications) Guest Essay Corporate Security, (Robert Dodge and Bruce Wimmer, Pinkerton Global Consulting and Investigations) Guest Essay. Information Systems and the Chief Information Officer (CIO) (By Neil Evans, (former CIO) Microsoft and Pete O'Dell, Swan Island Networks) Guest Essay Corporate Boards And Understanding The CFO A Financial Lens, the CEO's Conscience, and Gateway to Fiscal Understanding (Frank J. Walker, Baker Tilly) Guest Essay The Critical Importance of Evaluating and Testing Employees (Bud Haney, CEO, Profiles International, Inc.) Guest Essay Healthy Governance How to Build Healthy, Highly Effective Boards (Dr. Robert Rosen, CEO, Healthy Companies International) Guest Essay Corporate Innovation: Measuring Readiness and Results (Dr. Donald Kuratko, Director JCEI) Guest Essay Corporate Social Responsibility: From Being Best in the World to Being Best for the World, (Mrim Boutla, CEO, More Than Money) Guest Essay The "Innovention" of Global Governance Models, (Jack Hughes - Principal, PHOENIX Financial & Advisory Services, LLC) Guest Essay The Six Gut-Wrenching Questions Every Non-Profit Board Must Ask (Mario Morino, Chairman, Venture Philanthropy Partners) Guest Essay The Essence of Entrepreneurial Leadership (Verne Harnish, Chairman, Gazelles International) Guest Essay Turning The Tables: The SCALE Guide To Selecting The Right Board Members (Marissa Levin, CEO, Information Experts) Guest Essay Looking Towards the Future: The Business Case for Effective Corporate Governance (John Sullivan, Executive Director, Center for International Private Enterprises (CIPE))
Author : K. Gugler
Publisher : Edward Elgar Publishing
ISBN 13 : 1848443927
Total Pages : 373 pages
Book Rating : 4.8/5 (484 download)
Download or read book The Economics of Corporate Governance and Mergers written by K. Gugler and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an insightful view of major issues in the economics of corporate governance (CG) and mergers. It presents a systematic update on the developments in the two fields during the last decade, as well as highlighting the neglected topics in CG research, such as the role of boards, CG and public interest and the relation of CG to mergers. Two important conclusions can be drawn from this book: the first is that corporate governance systems that better align shareholders and managers interests lead to better corporate performance; second, there is an important relationship between CG structures and the quality of firm decision-making, one of the most important being the decision to merge or take over another firm. Focusing on some of the often-neglected aspects of corporate governance such as non-profit organizations and public interest, as well as mergers and acquisitions from a CG perspective, this book will be a valuable resource for both academics and postgraduate students of finance, business and economics.
Author : Rwan Ibrahim Talib El-Khatib
Publisher :
ISBN 13 : 9781267295699
Total Pages : 336 pages
Book Rating : 4.2/5 (956 download)
Download or read book Essays on Mergers and Acquisitions and Governance written by Rwan Ibrahim Talib El-Khatib and published by . This book was released on 2012 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a recent strand of corporate finance literature that explores the impact of executives and directors' social connections on firm value, performance, and governance. Those studies document that such social connections could be beneficial when they enhance the sharing of information and knowledge, but could also be detrimental when associated with CEOs, as they could provide the CEO with a source of influence that makes her more entrenched and powerful
Author : Wenjing Ouyang
Publisher :
ISBN 13 :
Total Pages : 204 pages
Book Rating : 4.:/5 (83 download)
Download or read book Essays in Mergers and Acquisitions written by Wenjing Ouyang and published by . This book was released on 2012 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advisor: Samuel Szewczyk.
Author : Minhua Yang
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (67 download)
Download or read book Two Essays on Corporate Governance written by Minhua Yang and published by . This book was released on 2009 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed by two essays that explore the changes in corporate governance around the passage of Sarbanes-Oxley (SOX) 2002. In the first essay, I examine the relation between board structure and compensation as a bargaining game between the board and the CEO. Bargaining game theories describe an endogenous process of determining the structure of director and CEO compensation. The Sarbanes-Oxley Act (SOX) altered the equilibrium of power between the board and CEO by changing the monitoring role of the board. SOX essentially provides a natural experiment to test how a shock to the bargaining game alters the balance of power between directors and the CEO. Using the ratio of director compensation to CEO compensation to proxy for bargaining power, I find a significant increase following the passage of SOX, consistent with directors gaining bargaining advantage. Moreover, firms with strong shareholder rights exhibit even greater evidence of power shifting to the directors. Overall, the results suggest that directors gain more power relative to the CEO in determining compensation plans and strong shareholder rights help firms to align directors' incentives with those of shareholders. In the second essay, I examine the relation between CEO compensation structure and acquirer returns. In the literature, researchers find that executive compensation structures influence corporate acquisition decisions. Equity-based executive compensation should reduce the non-value-maximizing behavior of acquiring managers. A series of corporate reforms such as SOX and the FASB expensing rule affected the structure of CEO equity-based compensation. I find a significant increase in CEO restricted stock compensation and a significant decrease in CEO option-based compensation following these reforms. I also find that CEOs with strong managerial power are more likely to receive more restricted stock in their compensation package after the 2002 reforms. Finally, I find a significant positive relation between the restricted stock compensation of acquiring firm CEOs and abnormal stock returns after 2002. This provides empirical support on the effectiveness of the shift away from options towards restricted stock in executive compensation packages. Restricted stock is associated with better merger decisions.
Author : Keith Cowling
Publisher : Edward Elgar Publishing
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.F/5 ( download)
Download or read book Competition, Monopoly, and Corporate Governance written by Keith Cowling and published by Edward Elgar Publishing. This book was released on 2003 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written in honour of Professor Keith Cowling, Professor of Economics at University of Warwick, these essays offer an overview of the current state of play in related areas including: market structure, corporate power and governance, technical change and social welfare.
Author : Greg N. Gregoriou
Publisher : Elsevier
ISBN 13 : 0080549322
Total Pages : 304 pages
Book Rating : 4.0/5 (85 download)
Download or read book Corporate Governance and Regulatory Impact on Mergers and Acquisitions written by Greg N. Gregoriou and published by Elsevier. This book was released on 2007-07-26 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Governance and regulatory presssures have been much in the news lately. How they affect the bottom line of corporations has been difficult to quantify, and research is just beginning to be published that addresses this crucial question. This book is the first collection for new research about the impact of takeover regulation and corporate governance on M&A financial results. It will be essential reading to any M&A specialist, an investment banker, a hedge fund manager, a private equity director, or a venture capitalist. Also a must read for financial analysts who follow M&A targets. The book presents research from around the world so it provides a global perspective on this important topic. *The first and only book of research on takeover regulation and corporate governance affecting M&A results*Stands out from all the "How to" books on M&A and M&A disaster books because it provides solid high-quality research on what works and how different decisions affect company and shareholder value*Research provides a guideline for decisionmakers in investment banks, private equity companies, and for financial analysts
Author : Luyao Pan
Publisher : Open Dissertation Press
ISBN 13 : 9781361345870
Total Pages : pages
Book Rating : 4.3/5 (458 download)
Download or read book Essays on Acquisition of Newly Listed Firms and Managerial Compensation written by Luyao Pan and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Essays on Acquisition of Newly Listed Firms and Managerial Compensation" by Luyao, Pan, 潘璐瑶, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: This thesis consists of two essays in corporate finance, one on newly listed firms' post-IPO activities as acquisition targets and the other on corporate executive compensation. In the first essay, I examine a large sample of U.S. newly listed firms to analyze their likelihood of becoming a takeover target. I find that 27 percent of newly listed firms are acquired within five years after the IPO, which is compared with the seasoned-firm counterpart of 17 percent. This difference is economically large, statistically significant, and robust to various firm and market characteristics controls. Several recent studies have reported newly listed firms' active activities as an acquirer. Contributing to this literature, my finding further identifies an active role of IPO firms as a takeover target. My finding is consistent with the presumed motivation of firms' going public for a "double-exit" strategy: To sell the shares through a takeover after the company goes public. Economic rationales for this strategy include advantages from auctioning off a minority stake to dispersed shareholders and more efficient bargaining in takeover negotiations due to increased share liquidity and reduced uncertainty after the IPO. Therefore, going public can be an optimal first step in the process of selling a company. In further support of this motivation, I find that IPO firms, as an acquisition target, receive higher takeover premiums than do comparable privately held targets and seasoned target firms. In conclusion, my findings are consistent with the double-exit strategy predicted by theory, suggesting that IPOs facilitate subsequent sales of the companies and that the strategy is economically justified. In the second essay, I study executive compensation under the Japanese corporate governance system. In March 2010, the Japanese regulator enacted the first legislation regarding the disclosure of director compensation to named individuals. With access to the first publicly available data for Japanese executives, I document comprehensive evidence on the level, structure, and mechanisms of CEO compensation. My findings reveal Japanese practices in CEO pay that differ from the well-known Anglo-American model in significant ways. Its distinct features include base salary dominance and unusually low levels of pay and pay variation. I also identify significant impacts on the compensation system of corporate governance and U.S. influence factors, such as keiretsu groups, financial institutions, US-style compensation committees, and cross-listing on US stock exchanges. DOI: 10.5353/th_b5295523 Subjects: Executives - Salaries, etc Consolidation and merger of corporations
Author : Farsam Farschtschian
Publisher : Springer Science & Business Media
ISBN 13 : 3642227783
Total Pages : 261 pages
Book Rating : 4.6/5 (422 download)
Download or read book The Reality of M&A Governance written by Farsam Farschtschian and published by Springer Science & Business Media. This book was released on 2011-11-24 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical research shows that two thirds – some claim even four fifths – of all acquisitions fail. Bad acquisitions can spell disaster for a company, but if successful, they can lead to healthy growth, enhanced competitiveness and a world market position. Despite the vast amount of academic and practical research on M&A, there are still no adequate theories to explain this continued trend of failure. In fact, although success factors have been broadly researched and are well known, most work still concentrates on them without concomitantly touching upon the necessary governance structure which enables their effective deployment. This is crucial. In order to determine what constitutes an effective board and governance structure, extensive qualitative fieldwork was carried out through discussions with some of the most renowned international CEOs and Chairmen. From this, two in-depth analyses of prominent cases are made, one of extraordinary success and the other of integral failure. The business leaders' management approaches are scrutinised, revealing significant differences between what worked and what did not, and recommendations are derived for improved corporate governance. The author's conclusions sharply illustrate the limits and challenge the inadequacies of current business practice, revealing gaps between mainstream theory and the reality of the boardroom. Due to his innovative approach, the study is praised by practitioners for itsadditions to strategic management understanding and its provision of effective tools for boards and managers.
Author : Donald H. Chew
Publisher : Columbia University Press
ISBN 13 : 9780231519984
Total Pages : 388 pages
Book Rating : 4.5/5 (199 download)
Download or read book U.S. Corporate Governance written by Donald H. Chew and published by Columbia University Press. This book was released on 2009-08-25 with total page 388 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 the U.S. governance system in achieving that end. Essays 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, transferable stock options, 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.
Author : Samir Saadi
Publisher :
ISBN 13 :
Total Pages : 270 pages
Book Rating : 4.:/5 (814 download)
Download or read book Essays on Managerial Behaviour, Corporate Governance and Information Risk written by Samir Saadi and published by . This book was released on 2012 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: This three-essay dissertation first examines the impact of tax enforcement on the incidence of stock option backdating. Consistent with the theoretical prediction that tax authority enforcement can operate as a valuable monitoring tool by narrowing the scope for managerial entrenchment, we find robust evidence that the incidence of stock option backdating is lower when firms are more likely to be subject to IRS audits. Our results reinforce calls in the public policy discourse for institutions that protect investors by curtailing companies' "degrees of freedom" to engage in corporate misbehaviour. The second essay examines how the market reacts to announcements of mergers and acquisitions (M & As) by well performing acquirers and evaluates the results in light of three hypotheses: 1) managerial ability, 2) empire building, and 3) chief executive officer (CEO) overconfidence. Our results indicate that an empire building motive drives the relationship between past superior operating performance and M & A announcements. Long-term operating performance drops significantly for acquiring firms with past superior operating performance. Our evidence also indicates that the presence of insider directors helps to alleviate the negative perception of acquisitions made by firms with better operating performance or empire building CEOs. The final essay investigates the controversial issue of whether information asymmetry affects the cost of equity capital. We re-examine this unanswered question using a unique and simple measure of information risk rooted in the growing literature on geographic proximity. Relying on their distance from financial centers to gauge when firms are better known, we provide robust evidence that information risk shapes equity pricing. In particular, we find that firms located in remote areas exhibit a higher cost of equity capital.
Author : Robert Chatt
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (1 download)
Download or read book Essays on Merger and Acquisition Activity and Implications Thereof written by Robert Chatt and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is composed of two essays regarding merger and acquisition (M&A) activity. The first takes a narrower view and makes use of merger and acquisition activity to assess governance faced by individual firms, while the second takes a broader view and investigates how labor market frictions impact overall merger and acquisition activity.The first essay examines how serving as trustee of a sponsor firms 401(k) assets alters the incentives of mutual fund companies to monitor firm behavior. The author uses the M&A decisions of firms to reveal the governance effort of mutual fund families serving as trustee. Over a sample of acquisitions announced between 1999-2013, the evidence presented shows that firms with mutual fund family trustees undertake lower quality mergers at higher frequencies. These firms are more likely to select private or diversifying targets, to pay with cash, and to complete the mergers they announce. This evidence suggests mutual fund families decrease their monitoring of retirement asset client firms. In the second essay, which is joint work with Matthew Gustafson and Adam Welker, the authors provide evidence on the nuanced effect of firing costs on U.S. M&A activity. Following the adoption of state laws that increase firing costs, there is an immediate increase in withdrawn deals and an immediate and persistent 30% reduction in M&A dollar volume, suggesting that post-merger employee turnover is a first-order source of value for large U.S. mergers. In contrast, small firms respond to firing costs by using the M&A market to reorganize into larger entities. There is no decline in small M&As. Instead, small M&As increase over time as average M&A size and the number of small firms decline.
Author : Lawrence A. Cunningham
Publisher : Carolina Academic Press
ISBN 13 : 1611634474
Total Pages : 281 pages
Book Rating : 4.6/5 (116 download)
Download or read book The Essays of Warren Buffett written by Lawrence A. Cunningham and published by Carolina Academic Press. This book was released on 2013-03-15 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the third edition of this international best seller, Lawrence Cunningham brings you the latest wisdom from Warren Buffett’s annual letters to Berkshire Hathaway shareholders. New material addresses: the financial crisis and its continuing implications for investors, managers and society; the housing bubble at the bottom of that crisis; the debt and derivatives excesses that fueled the crisis and how to deal with them; controlling risk and protecting reputation in corporate governance; Berkshire’s acquisition and operation of Burlington Northern Santa Fe; the role of oversight in heavily regulated industries; investment possibilities today; and weaknesses of popular option valuation models. Some other material has been rearranged to deepen the themes and lessons that the collection has always produced: Buffett’s “owner-related business principles” are in the prologue as a separate subject and valuation and accounting topics are spread over four instead of two sections and reordered to sharpen their payoff. Media coverage is available at the following links: Interviews/Podcasts: Motley Fool, click here. Money, Riches and Wealth, click here. Manual of Ideas, click here. Corporate Counsel, click here. Reviews: William J. Taylor, ABA Banking Journal, click here. Bob Morris, Blogging on Business, click here. Pamela Holmes, Saturday Evening Post, click here. Kevin M. LaCroix, D&O Diary, click here. Blog Posts: On Finance issues (Columbia University), click here. On Berkshire post-Buffett (Manual of Ideas), click here. On Publishing the book (Value Walk), click here. On Governance issues (Harvard University blog), click here. Featured Stories/Recommended Reading: Motley Fool, click here. Stock Market Blog, click here. Motley Fool Interviews with LAC at Berkshire's 2013 Annual Meeting Berkshire Businesses: Vastly Different, Same DNA, click here. Is Berkshire's Fat Wallet an Enemy to Its Success?, click here. Post-Buffett Berkshire: Same Question, Same Answer, click here. How a Disciplined Value Approach Works Across the Decades, click here. Through the Years: Constant Themes in Buffett's Letters, click here. Buffett's Single Greatest Accomplishment, click here. Where Buffett Is Finding Moats These Days, click here. How Buffett Has Changed Through the Years, click here. Speculating on Buffett's Next Acquisition, click here. Buffett Says “Chief Risk Officers” Are a Terrible Mistake, click here. Berkshire Without Buffett, click here.
Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 0470877952
Total Pages : 690 pages
Book Rating : 4.4/5 (78 download)
Download or read book Corporate Governance written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2010-08-20 with total page 690 pages. Available in PDF, EPUB and Kindle. Book excerpt: A detailed look at the importance of corporate governance in today's business world The importance of corporate governance became dramatically clear at the beginning of the twenty-first century as a series of corporate meltdowns from managerial fraud, misconduct, and negligence caused a massive loss of shareholder wealth. As part of the Robert W. Kolb Series in Finance, this book provides a comprehensive view of the shareholder-manager relationship and examines the current state of governance mechanisms in mitigating the principal-agent conflict. This book also offers informed suggestions and predictions about the future direction of corporate governance. Relies on recent research findings to provide guidance through the maze of theories and concepts Uses a structured approach to put corporate governance in perspective Addresses essential issues related to corporate governance including the idea of principal-agent conflict, role of the board of directors, executive compensation, corporate monitoring, proxy contests and corporate takeovers, and regulatory intervention Corporate governance is an essential part of mainstream finance. If you need to gain a better understanding of this topic, look no further than this book.
