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Author : Peter-Paul Angenendt
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (15 download)
Download or read book Shareholder Lock-in Contracts written by Peter-Paul Angenendt and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stuart F. Bollefer
Publisher : CCH Canadian Limited
ISBN 13 : 9781553679998
Total Pages : 252 pages
Book Rating : 4.6/5 (799 download)
Download or read book Shareholders' Agreements written by Stuart F. Bollefer and published by CCH Canadian Limited. This book was released on 2009-08 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sebastian Mock
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110517027
Total Pages : 692 pages
Book Rating : 4.1/5 (15 download)
Download or read book International Handbook on Shareholders ́ Agreements written by Sebastian Mock and published by Walter de Gruyter GmbH & Co KG. This book was released on 2018-05-07 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholders ́ Agreements have a growing influence on the general understanding of corporate law since they bind not only the shareholders but also affect the constitution of the corporation and can have a severe impact on capital markets. Therefore, Shareholders ́ Agreements are more and more subject to regulation in corporate, capital market and also insolvency law on the national, the European and the international level. This handbook provides a general examination of conceptual questions of Shareholders ́ Agreements and provides an analysis of the regulation of Shareholders ́ Agreements in European and international law and of the national law of more than 20 jurisdictions. Readers will get a general understanding of the theoretical and practical problems involved with Shareholders ́ Agreements and detailed information on the regulation of Shareholders ́ Agreements in several jurisdictions and the applicable law in the case of transnational corporations and cross-border transactions.
Author : Katherine Reece Thomas
Publisher :
ISBN 13 : 9781405744508
Total Pages : 539 pages
Book Rating : 4.7/5 (445 download)
Download or read book The Law and Practice of Shareholders' Agreements written by Katherine Reece Thomas and published by . This book was released on 2009 with total page 539 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now in its third edition, this popular, fully-updated title explains the law on shareholders' agreements in a clear and comprehensible style. It guides the reader through a typical transaction, highlighting the commercial issues facing the client and ultimately the solicitor as draftsman. It examines how a shareholders' agreement can be unravelled in the event of insolvency or other reason for termination. The CD-ROM includes all the precedents, which have been developed and updated. New to this edition:* Reforms made by the Companies Act 2006 following full implementation to a range of relevant topics including meetings, shareholder remedies, Model Articles of Association, directors' duties and electronic communications* Changes in insolvency law and practice affecting shareholders' agreements - especially of note with the tightening of credit conditions, escalation of costs and more businesses fearing insolvency * Other important areas such us proxies, tax issues relating to the Finance Act 2006, recent case law (e.g. Gamlestaden v Baltic and Bookmakers Afternoon v Amalgamated Racing and Re Neath Rugby Club)* New precedents relating to quasi-partnership companies
Author : Graham Stedman
Publisher : FT Law & Tax
ISBN 13 :
Total Pages : 632 pages
Book Rating : 4.F/5 ( download)
Download or read book Shareholders' Agreements written by Graham Stedman and published by FT Law & Tax. This book was released on 1998 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a highly regarded Commercial Series book, with detailed & authoritative guidance on the law as it governs shareholders' agreements, & a practical explanation of how to draft them. This edition has been rewritten to take account of major changes.
Author : Jeffrey R. Patt
Publisher : Aspatore Books
ISBN 13 : 9780314279347
Total Pages : 212 pages
Book Rating : 4.2/5 (793 download)
Download or read book Stockholders' Agreements Line by Line written by Jeffrey R. Patt and published by Aspatore Books. This book was released on 2011 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by experienced corporate attorneys, Stockholders Agreements Line by Line provides a practical approach to understanding the issues involved in drafting and negotiating a stockholders agreement. Participants in a closely-held corporation often use a stockholders agreement to establish an understanding among themselves and the corporation as to the corporations governance, special approval rights, information and access rights, transfer rights and restrictions, and rights to participate in future capital raises and sale transactions. This book analyzes a sample agreement from the perspective of each of the parties involveda control investor, a co-investor, a lender, and management. The authors offer guidance on negotiating positions commonly taken by the different parties to the agreement and address the remedies that each party might seek to protect its rights. Stockholders Agreements Line by Line is a valuable resource for anyone who has ever negotiated a stockholders agreement, as well as for any party who is about to enter into such an agreement. This book contains a CD-Rom that features the PDF and Word versions of the final text of the book, which enables readers to manipulate the contract.
Author : Susanne Espenlaub
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book IPO Lock-In Agreements in the UK. written by Susanne Espenlaub and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When a company offers shares in an initial public offering (IPO), existing owners often enter into lock-in agreements prohibiting them from selling shares for a specified period after the IPO. There is some recent U.S. evidence of predictable share-price movements at the time of expiry of these lock-in periods. Using a sample of 188 firms, 83 classified as high-tech and 105 others, that went public on the London Stock Exchange (LSE) during 1992-1998, we focus on the characteristics of lock-in agreements in the UK and on the behavior of stocks returns around the lock-in expiry date. We find that the lock-in contracts of LSE-listed firms are much more complex, varied and diverse than U.S. contracts, which usually standardize the lock-in period at 180 days after the IPO. We also find evidence of negative abnormal stock returns at and around lock-in expiry of similar magnitude to those reported in U.S. studies. However, these abnormal returns are typically not statistically significant. While the deterioration in stock returns immediately around the expiry date appears to be much more particularly pronounced for high-tech stocks than for others, the differences in performance are not statistically significant.
Author : Susanne Espenlaub
Publisher :
ISBN 13 :
Total Pages : 73 pages
Book Rating : 4.:/5 (129 download)
Download or read book Lock-In Agreements in Venture Capital-Backed UK Ipos written by Susanne Espenlaub and published by . This book was released on 2014 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of venture-capital (VC) backing on the characteristics of voluntary lock-in agreements entered into by the existing shareholders of UK IPOs, and on the abnormal returns around the expiry of the directors' lock-in agreements. Overall, we find that venture-capital backing acts as a complement rather than a substitute for lock-in contracts. We also examine the share-price performance of IPOs with and without VC backing around the time of the expiry of the lock-in agreements. We find that the cumulative average abnormal returns for the VC-backed stocks are lower for most of the short windows around the expiry date. We also examine some UK companies in more detail. Different motivations for the lock-in agreements are uncovered such as the founder's commitment not to exit the company (as he did in an earlier venture which subsequently failed) in one case, and the poor pre-IPO earnings performance in another case.
Author : Sebastian Mock
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 3110515245
Total Pages : 656 pages
Book Rating : 4.1/5 (15 download)
Download or read book International Handbook on Shareholders ́ Agreements written by Sebastian Mock and published by Walter de Gruyter GmbH & Co KG. This book was released on 2018-05-07 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholders ́ Agreements have a growing influence on the general understanding of corporate law since they bind not only the shareholders but also affect the constitution of the corporation and can have a severe impact on capital markets. Therefore, Shareholders ́ Agreements are more and more subject to regulation in corporate, capital market and also insolvency law on the national, the European and the international level. This handbook provides a general examination of conceptual questions of Shareholders ́ Agreements and provides an analysis of the regulation of Shareholders ́ Agreements in European and international law and of the national law of more than 20 jurisdictions. Readers will get a general understanding of the theoretical and practical problems involved with Shareholders ́ Agreements and detailed information on the regulation of Shareholders ́ Agreements in several jurisdictions and the applicable law in the case of transnational corporations and cross-border transactions.
Author : Susanne Espenlaub
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)
Download or read book Trading by Directors Around the Expiry of Lock-In Agreements in UK Ipos written by Susanne Espenlaub and published by . This book was released on 2002 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most UK IPOs include lock-in agreements, which prevent the directors and other initial shareholders from selling their shares for a specified period after the IPO. Using a sample of 94 UK IPOs, we analyse their stock performance around the time of expiry of the lock-in agreement. We also look at the volume and pattern of directors' sales before and after the expiry of the lock-in agreement. We find that the average cumulative abnormal return around the lock-in expiry is negative and is significantly different from zero. However, examining stock performance around the lock-in expiry in the UK is not straightforward, as the expiry dates of two thirds of lock-in agreements are tied in with the announcement or publication of financial figures. This makes it difficult to estimate the expiry date. Also, the abnormal returns around the expiry may be influenced by the information effect of the earnings. We also examine the announcement effect of directors' sales on the stock performance. There is a substantial increase in share sales by the directors in the weeks immediately after the lock-in expiry. Surprisingly, the sub-sample of the companies that report directors' sales around the expiry date have positive average cumulative abnormal returns, albeit not statistically significant, whereas the sub-sample of companies without sales have negative returns. Finally, we investigate the likelihood of directors' sales occurring around the expiry of the lock-in agreement. We find that companies with a good stock performance before the expiry are more likely to have directors' sales. Overall, our results suggest that the directors' sales are not related to IPO signalling whereby firms would signal their quality using the duration of the lock-in agreement, the percentage of the shares locked-in and the level of IPO underpricing.
Author : Marc Goergen
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Explaining the Diversity in Shareholder Lockup Agreements written by Marc Goergen and published by . This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates whether shareholder lockup agreements in France and Germany mitigate problems of agency and asymmetric information. Despite minimum requirements in terms of the length and percentage of shares locked up, lockup agreements are not only highly diverse across firms but also across the different shareholders of a single firm as most firms have different agreements in place for executives, non-executives and venture capitalists. The diversity across firms and types of shareholders can be explained by firm characteristics - such as the level of uncertainty - as well as the type and importance of each shareholder within the firm.
Author : Luc Renneboog
Publisher : Emerald Group Publishing
ISBN 13 : 0444527230
Total Pages : 569 pages
Book Rating : 4.4/5 (445 download)
Download or read book Advances in Corporate Finance and Asset Pricing written by Luc Renneboog and published by Emerald Group Publishing. This book was released on 2006-03-02 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporates estimation risk in portfolio choice and also covers a risk measure for retail investment products, understanding and exploiting momentum in stock returns. This book includes: Introduction - Corporate restructuring; mergers and acquisitions in Europe; and the performance of acquisitive companies in the US.
Author : Ricky W. Ewasiuk
Publisher :
ISBN 13 : 9780779851287
Total Pages : 560 pages
Book Rating : 4.8/5 (512 download)
Download or read book Drafting Shareholder Agreements written by Ricky W. Ewasiuk and published by . This book was released on 2012 with total page 560 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Freedman, Stanley W. L
Publisher :
ISBN 13 : 9780887594755
Total Pages : 96 pages
Book Rating : 4.5/5 (947 download)
Download or read book The Annotated Shareholder Agreement written by Freedman, Stanley W. L and published by . This book was released on 2003 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Petri Mäntysaari
Publisher : Springer Science & Business Media
ISBN 13 : 3642030599
Total Pages : 594 pages
Book Rating : 4.6/5 (42 download)
Download or read book The Law of Corporate Finance: General Principles and EU Law written by Petri Mäntysaari and published by Springer Science & Business Media. This book was released on 2010-05-03 with total page 594 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1.1 Cash Flow, Risk, Agency, Information, Investments The first volume dealt with the management of: cash flow (and the exchange of goods and services); risk; agency relationships; and information. The firm m- ages these aspects by legal tools and practices in the context of all commercial transactions. The second volume discussed investments. As voluntary contracts belong to the most important legal tools available to the firm, the second volume provided an - troduction to the general legal aspects of generic investment contracts and p- ment obligations. This volume discusses funding transactions, exit, and a particular category of decisions raising existential questions (business acquisitions). Transactions which can be regarded as funding transactions from the perspective of a firm raising the funding can be regarded as investment transactions from the perspective of an - vestor that provides the funding. Although the perspective chosen in this volume is that of a firm raising funding, this volume will simultaneously provide infor- tion about the legal aspects of many investment transactions. 1.2 Funding, Exit, Acquisitions Funding transactions are obviously an important way to manage cash flow. All - vestments will have to be funded in some way or another. The firm’s funding mix will also influence risk in many ways. Funding. The most important way to raise funding is through retained profits and by using existing assets more efficiently. The firm can also borrow money from a bank, or issue debt, equity, or mezzanine securities to a small group of - vestors.
Author : John Cadman
Publisher :
ISBN 13 : 9780421849600
Total Pages : 564 pages
Book Rating : 4.8/5 (496 download)
Download or read book Shareholders' Agreements written by John Cadman and published by . This book was released on 2004 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a 'Commercial Series' book, with detailed and authoritative guidance on the law as it governs shareholders' agreements, and a practical explanation of how to draft them. This edition has been rewritten to take account of major changes.
Author : Susanne Espenlaub
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book The Expiry of Lock-In Agreements of UK Ipos written by Susanne Espenlaub and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most UK IPOs include lock-in agreements, which prevent the directors and other initial shareholders from selling their shares for a specified period after the IPO. Using a sample of 94 UK IPOs, we analyse their stock performance around the time of expiry of the lock-in agreements. We also look at the volume and pattern of directors' sales before and after the expiry of the lock-in agreement. We find that the average cumulative abnormal return around the lock-in expiry is negative and is significantly different from zero. However, examining stock performance around the lock-in expiry in the UK is not straightforward.The announcement effect of directors' sales on the stock performance is examined as well. The increase in stock sales by directors in the weeks immediately after the lock-in expiry is substantial. Interestingly and unexpectedly, the sub-sample of the companies that reported directors' sales in the period of interest had lower negative average cumulative abnormal returns, albeit not statistically significant, than the sub-sample of the companies that had no reported sales. Finally, the likelihood of directors' sales occurring around the expiry of the lock-in agreement is investigated.
