Investor Protection And The Transfer Of Corporate Control
DOWNLOAD
Download Investor Protection And The Transfer Of Corporate Control PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Investor Protection And The Transfer Of Corporate Control book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Investor Protection And The Transfer Of Corporate Control
DOWNLOAD
Author : Nhut H. Nguyen
language : en
Publisher:
Release Date : 2008
Investor Protection And The Transfer Of Corporate Control written by Nhut H. Nguyen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
In this paper, I use a sample of completed control transfers for listed firms from 1990 through 2003 to examine the relation between investor protection and the choice of acquisition form across 49 countries. I find that the proportion of partial acquisitions (as opposed to full acquisitions) is negatively correlated with the degree of investor protection in the target country. That is, acquirers are more likely to bid for a fraction of the target's equity if legal protection of investor rights is poor in the target country. My results hold for all deals and deals that involve foreign acquirers. In addition, I find that foreign acquirers are more likely to be involved in partial acquisitions than in mergers of domestic targets if they are from countries with weak investor protection. Finally, my results show that given the degree of investor protection in the target country, a deal is more likely a partial acquisition if the target firm's corporate governance is poor.
Investor Protection And Corporate Control
DOWNLOAD
Author : Borja Larrain
language : en
Publisher:
Release Date : 2017
Investor Protection And Corporate Control written by Borja Larrain and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
We argue that investor protection changes the relative importance of productivity and scale as drivers of corporate control transfers. Using a large sample of European firms we find that control transfers are more correlated with increasing profitability and less correlated with increasing size when investor protection is strong. This suggests that improving productivity is more important as a driver of acquisitions when investor protection is strong, and alleviating financial constraints or empire building are more important when investor protection is weak. Our evidence is consistent with the idea that good investor protection promotes a more productive use of corporate assets.
Investor Protection And Corporate Governance
DOWNLOAD
Author : Alberto Chong
language : en
Publisher: A copublication of Stanford Economics and Finance
Release Date : 2007
Investor Protection And Corporate Governance written by Alberto Chong and has been published by A copublication of Stanford Economics and Finance this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
Investor Protection in Latin America represents the largest data-gathering effort of firm-level corporate governance practices, ownership structures, and dividend policies. The results presented show that on top of country-wide legal protection of investors, there is a positive effect on valuation and performance of higher firm-level protections and better corporate governance practices. This evidence matches previous research in the area for other regions of the world.
Regulation Of Issuers And Investor Protection In The Us And Eu
DOWNLOAD
Author : Pieter Alexander van der Schee
language : en
Publisher: Eleven International Publishing
Release Date : 2011
Regulation Of Issuers And Investor Protection In The Us And Eu written by Pieter Alexander van der Schee and has been published by Eleven International Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Securities categories.
Since the 17th century, when corporations started to finance their businesses by issuing securities to investors in the open market, the appearance of misleading prospectuses and/or intermediate information to the market has led regulators to promulgate preventive and repressive rules to mitigate such abuses. This occurred both during the South Sea Bubble (1719) and the Great Crash (1929). More recently, the series of corporate scandals (2002-2003) similarly resulted in pressure on regulators and gatekeepers to introduce enhanced investor protection and market regulation, coinciding with the already ongoing worldwide debate on corporate governance. This study focuses on a comparative analysis of the remarkably different regulatory responses that were established on both sides of the Atlantic Ocean. The book reveals the divergent regulatory policies that were followed to answer the question of whether investors should primarily be protected 'as shareholders' by corporate law or by securities law and market regulation. It offers a useful, analytical, comparative tool for evaluating current corporate and securities law, as well as for assessing the need for, and design of, new regulatory responses. The book will contribute to a better understanding of the key regulatory issues facing lawmakers today. History does not stop and a variety of new questions will ultimately emerge. It underscores that finding clear and efficient regulatory responses to new developments should start with a proper analysis of the aims and means of securities and corporate law.
Challenges In Securities Markets Regulation
DOWNLOAD
Author : Pablo Casós
language : en
Publisher:
Release Date : 2015
Challenges In Securities Markets Regulation written by Pablo Casós and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Investor Protection And Corporate Governance
DOWNLOAD
Author : Mark L. DeFond
language : en
Publisher:
Release Date : 2007
Investor Protection And Corporate Governance written by Mark L. DeFond and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Recent research asserts that an essential feature of good corporate governance is strong investor protection, where investor protection is defined as both (1) the extent of the laws that protect investors' rights and (2) the strength of the legal institutions that facilitate law enforcement. The purpose of this study is to test whether the two components of investor protection are associated with an important role of good corporate governance: identifying and terminating poorly performing CEOs. Our tests find no relation between CEO turnover and firm performance in countries with extensive laws protecting investors. However, we find that CEO turnover is associated with poor firm performance in countries with strong law enforcement institutions. We also find that in countries with strong law enforcement, CEO turnover is associated with poor stock returns when stock prices are more informative, and with poor earnings otherwise. Further, our findings are robust to controlling for the influence of public opinion, the effects of block-holders, the level of financial market development, a country's legal origin, and several alternative research design specifications.Our results suggest that strong law enforcement institutions are important in fostering corporate governance mechanisms that eliminate unfit CEOs, but that extensive laws are not. This finding is consistent with: (1) limited investor protection laws being capable of cultivating good corporate governance as long as law enforcement institutions are strong; and (2) insiders (including directors and CEOs) in countries with weak law enforcement being more likely to engage in collusive behavior to expropriate shareholder wealth, thereby reducing directors' incentives to dismiss poorly performing CEOs. More generally these findings suggest that good corporate governance requires law enforcement institutions capable of protecting shareholders' property rights (i.e. protecting shareholders from expropriation by insiders), but does not require extensive shareholder protection laws.
Corporate Governance Investor Protection And The Home Bias
DOWNLOAD
Author : Magnus Dahlquist
language : en
Publisher:
Release Date : 2012
Corporate Governance Investor Protection And The Home Bias written by Magnus Dahlquist and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
If investors are poorly protected, it is optimal for firms to be closely held because selling shares to minority shareholders is otherwise too expensive. Empirically, most firms in countries with poor investor protection are closely held so that investors cannot hold the market portfolio. We show that the prevalence of closely held firms in countries with poor investor protection explains part of the home bias of U.S. investors. We construct an estimate of the world portfolio of shares available to investors who are not controlling shareholders (the world float portfolio). The world float portfolio differs sharply from the world market portfolio. In regressions explaining the portfolio weights of U.S. investors, the world float portfolio has a positive significant coefficient but the world market portfolio has no additional explanatory power. This result holds when we control for country characteristics. An analysis of foreign investor holdings at the firm level for Sweden confirms the importance of the float portfolio as a determinant of these holdings.
Investor Protection Through Corporate Governance
DOWNLOAD
Author : Benjamin Kaufmann
language : en
Publisher:
Release Date : 2010
Investor Protection Through Corporate Governance written by Benjamin Kaufmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Investor Protection And Capital Market Regulation In Germany
DOWNLOAD
Author : Eric Nowak
language : en
Publisher:
Release Date : 2004
Investor Protection And Capital Market Regulation In Germany written by Eric Nowak and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
La Porta et al. have shown that differences among countries in legal codes and enforcement of investor protection account for much of the disparity in the size and development of their financial markets. According to their empirical measure of shareholder protection, Germany scores only one out of five possible points on an aggregated index scale. This paper argues that today this assessment is no longer correct, because Germany has reformed its capital market regulation in ways that now afford much greater shareholder protection. In four sections, the paper examines these developments and their effect on changes in corporate governance and investor protection to date. After the introduction some stylized quantitative facts about the development in German equity markets are presented. The second section, which constitutes the main part, covers formal legal changes in corporate governance and investor protection that have a profound effect on the German equity markets. The third section discusses the emergence of a German market for corporate control. The final section concludes.
Investor Protection And Corporate Governance
DOWNLOAD
Author : Florencio Lopez-de-Silanes
language : en
Publisher:
Release Date : 2000
Investor Protection And Corporate Governance written by Florencio Lopez-de-Silanes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Corporate governance categories.