hedge fund activism and corporate governance

... accounting performance and CEO turnover include Weisbach (1988), Murphy and Zimmerman (1993), Lehn and Makhija (1997), and DeFond and Park (1999), while Blackwell, Brickley, and Weisbach (1994) ... their framework, corporate transparency has three main elements: 1) corporate reporting (voluntary and mandatory), 2) information dissemination via the media and Internet channels, and 3) private ... private information acquisition on the one hand, and corporate reporting and information dissemination on the other hand For example, evidence in Bhattacharya and Daouk (2001) suggests that relatively...

Ngày tải lên: 17/02/2014, 09:20

Ngày tải lên: 03/06/2014, 01:09

... Commerce BID: Branding-inherent Demand SAR: Spatial Autoregressive SMA: Spatial Moving Average Bond: Bond’s Franchise Guide Incomplete Contracts and Corporate Governance: Theory and Evidence ... essential element of corporate governance, which has been raised by Coase (1937) and more recently developed by Jensen and Meckling (1976), Fama and Jensen (1983a, b), Williamson (1985), and Tirole (2006) ... Effects of Branding Value on Choice of Governance Structure: Scenario 87 Figure 3.2 Effects of Branding Value on Choice of Governance Structure: Scenario 88 Figure 3.3 Effects of Branding Value...

Ngày tải lên: 03/06/2014, 02:02

... takeovers, clustering and governance aspects • Chapters & • Holmstrom, B and S Kaplan, Corporate governance and merger activity in the United States: making sense of the 1980s and 1990s’, Journal ... on corporate takeovers, other forms of corporate restructurings and governance It includes a complete, yet concise synthesis of the recent available literature on takeovers, restructuring and corporate ... Finance and Accounting, the Journal of Corporate Finance and the Journal of Banking and Finance Terry Walter Terry Walter is a Professor of Finance and Head of School in the School of Banking and...

Ngày tải lên: 20/06/2014, 14:20

... information and corporate governance , Journal of Accounting and Economics, Vol 32, December, pp 237-333 CHEN, En-Te e John Nowland (2007): "Asian family-owned companies: optimal board governance and ... managerial control and the governance of companies on the Brussels Stock Exchange", Journal of Banking and Finance, Vol 24, pp 1959-1995 ROMANO, Roberta (1996): Corporate law and corporate governance , ... AND CORPORATE GOVERNANCE: THE PORTUGUESE COMPANIES EVIDENCE ABSTRACT The main objective of this paper is to analyze the relationship between the composition and characteristics of corporate governance...

Ngày tải lên: 02/01/2015, 17:33

... understatement problem, Perry and Williams (1994) and Wu (1997) (using larger sample sizes and more powerful methodologies), In takeover or merger settings, Easterwood (1997) and Erickson and Wang (1999) have ... outside directors has a significant and positive correlation with number of board meetings and corporate directors and market value of equity The percentage of corporate directors is significantly ... board and audit committee members Nevertheless, our results imply an associative link between the board and earnings management References Baysinger, R., Butler, H.M., 1985 Corporate governance and...

Ngày tải lên: 02/01/2015, 17:34

... NO * JULY 1988 Corporate Finance and Corporate Governance OLIVER E WILLIAMSON* ABSTRACT A combined treatment of corporate finance and corporate governance is herein proposed Debt and equity are ... 58] and by Klein, Crawford ,and Alchian [38] The appearanceof the "classic capitalist firm" and its financing was explicated by Alchian and Demsetz [12] and Jensen and Meckling [30] The Jensen and ... incentives and (2) craft governancestructuresthat fill gaps, correct errors ,and adapt more effectively to unanticipateddisturbances.Prospectiveincentive and governanceneeds will thus be anticipated and...

Ngày tải lên: 06/01/2015, 19:47

... information and corporate governance , Journal of Accounting and Economics, Vol 32, December, pp 237-333 CHEN, En-Te e John Nowland (2007): "Asian family-owned companies: optimal board governance and ... managerial control and the governance of companies on the Brussels Stock Exchange", Journal of Banking and Finance, Vol 24, pp 1959-1995 ROMANO, Roberta (1996): Corporate law and corporate governance , ... AND CORPORATE GOVERNANCE: THE PORTUGUESE COMPANIES EVIDENCE ABSTRACT The main objective of this paper is to analyze the relationship between the composition and characteristics of corporate governance...

Ngày tải lên: 06/01/2015, 19:49

... application of the corporate valuation model to all corporate decisions and strategic initiatives  The objective of VBM is to increase Market Value Added (MVA) 15 - 26 MVA and the Four Value ... reported on balance sheets 15 - Total Corporate Value  Total corporate value is sum of: Value of operations Value of nonoperating assets 15 - Claims on Corporate Value  Debtholders have first ... and/ or improving profitability  The expected ROIC of Division B is greater than the WACC, so the division should continue with its growth plans 15 - 39 Two Primary Mechanisms of Corporate Governance...

Ngày tải lên: 06/04/2015, 19:41

... research in corporate governance need not begin and end with agency theory and other accepted governance models 2.2 THE MAJOR RESEARCH TRENDS IN LEGAL THEORIES ON CORPORATION AND CORPORATE GOVERNANCE ... literature, discussion and conclusion Each chapter stands on its own and can be read separately without loss of understanding Chapter CHAPTER LEGAL THEORIES AND MODELS OF CORPORATE GOVERNANCE 2.1 INTRODUCTION ... theoretical application of legal theories and models of corporation and corporate governance and provide empirical evidence to the importance of litigation in corporate governance Each essay constitutes...

Ngày tải lên: 12/09/2015, 10:54

... of corporate governance in the UK and reviews the literature on earnings management and corporate governance Chapter develops the hypotheses to be tested Chapter discusses the data sources and ... shareholders There are four basic corporate governance mechanisms which are identified by 14 Chapter Literature Review and Corporate Governance in the UK Jensen (1993): legal and regulatory mechanism, ... of inside directors, and combining the roles of CEO and Chairman in one person 16 Chapter Literature Review and Corporate Governance in the UK The results of Beasley (1996) and Dechow et al (1996)...

Ngày tải lên: 05/10/2015, 19:01

... insight and extend our understanding of hedge fund risks to a wide range of equity oriented hedge fund strategies They characterised the risk exposures of hedge funds using buy -and- hold and option-based ... purpose of hedge fund indices is to serve as proxy for returns to the hedge fund asset class Major hedge fund indices particularly known are the Hedge Fund Research Indices (HFR) and Credit Suisse ... MSCI Hedge Fund Indices, launched in July 2002, consist of over 190 indices based on the MSCI Hedge Fund Classification Standard The MSCI hedge fund database currently contains more than 1600 hedge...

Ngày tải lên: 16/04/2013, 20:00

... challenges of globalization and add to the urgent need to tackle corporate governance issues in a comprehensive and systematic manner In this context, Corporate Governance and Enterprise Reform in ... companies and the code of corporate governance for listed and nonlisted companies introduced by the China Securities Regulatory Commission and the State Economic and Trade Commission Notwithstanding ... companies’ fundamentals carefully or to demand good corporate governance In the case of transformed small and medium enterprises, unrealistic valuation of assets, and the exclusion of land-use rights...

Ngày tải lên: 09/12/2013, 17:22

... the CG and CSR: Model 1: Corporate Governance as foundation for Corporate social reponsibility Model : Corporate social responsibility as an extended model of Corporate governance Model : Corporate ... as age and gender Moreover, including the three theoretical framework : corporate governance, links to corporate governance and Global Reporting Initiative may not be enough for understanding ... 23 Table : Gender 23 4.1.3 Corporate governance 24 vi 4.1.4 Links between Corporate governance and Corporate social responsibility 28 4.1.5...

Ngày tải lên: 13/03/2014, 14:20

... mean different strategies and objectives for the bank 12 III UK FINANCIAL REGULATION AND CORPORATE GOVERNANCE: THE STATUTORY AND REGULATORY REGIME A Corporate Governance and Company Law – Recent ... international standards of corporate governance as they relate to banking and financial firms This involves a general discussion of the international norms of corporate governance for banking and financial ... framework for the corporate governance of banks promotes some of the core values in the corporate governance debate over transparency in governance structure and information flow, and the supervisor’s...

Ngày tải lên: 15/03/2014, 10:20

... 17, 2002, at A1; and N.Y Times, O’Neil Condemns Corporate Scandals, June 24, 2002, at C2 Bengt Holmstrom & Steven N Kaplan, The State of U.S Corporate Governance: What’s Right and What’s Wrong? ... sample and data and describes the stock price reaction and mediumterm abnormal returns around restatement announcements Section V investigates the relation between corporate governance mechanisms and ... returns for our restating and control samples, Section IVD describes the source and measurement of our corporate governance variables, and Section IVE describes the operating and financial characteristics...

Ngày tải lên: 15/03/2014, 22:20

... dimensions and corporate governance: the Indian perspective Chapter Overview History of governance in India Corporate governance in India The legal and regulatory framework regarding corporate governance ... the handbook that relates to corporate governance and the broader understanding of due diligence as an ongoing internal tool It can take account of the background to the target and candidate and ... diligence and risk management: sustainability and corporate governance Chapter Overview Transactional tools Environmental auditing and international standards Environmental accounting and managerial...

Ngày tải lên: 16/03/2014, 17:20

... review of corporate governance of UK banking industry by Sir David Walker”, HM Treasury Press Notice, February 2009 Banking Crisis: reforming corporate governance and pay in the City banks and Banking ... Combined Code on Corporate Governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with ... markets were exceptionally jittery and when a grave systemic crisis was only hours away Banking Crisis: reforming corporate governance and pay in the City 47 Corporate governance The role of the Board...

Ngày tải lên: 19/03/2014, 11:20

... Liberalization, Corporate Governance, and Savings Banks* Manuel Illuecaa, Lars Nordenb, and Gregory F Udellc a b c Department of Finance and Accounting, Universitat Jaume I, Spain Department of Banking and ... of Valencia and the Workshop in Banking and Finance at the University of Mannheim 1 Introduction This paper analyzes the effects of the interplay between deregulation and corporate governance ... investments and financial services, subsidized lending and geographic branching restrictions In this paper we consider an interesting natural experiment, relating liberalization and corporate governance: ...

Ngày tải lên: 29/03/2014, 08:20