Investor Protection and Corporate Governance
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TLDR
In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems, and discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform.About:Â
This article is published in Journal of Financial Economics.The article was published on 2000-01-01 and is currently open access. It has received 6387 citations till now. The article focuses on the topics: Corporate governance & Private benefits of control.read more
Citations
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The Returns to Hedge Fund Activism in Germany
TL;DR: In this paper, the authors found that hedge funds increased shareholder value in the short and long-run, whereas non-aggressive hedge funds ultimately outperformed their aggressive peers, suggesting that aggressive hedge funds attempt to expropriate the target firm's shareholders by exiting at temporarily increased share prices.
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Corporate governance, value and performance of firms: new empirical results on convergence from a large international database
TL;DR: The authors revisited the link between corporate governance, value, and firm performance by focusing on convergence, understood as the way that non-US firms are adopting US best practice in terms of corporate governance and the implications of this adoption.
Posted Content
Bank Directors' Perceptions of Expanded Auditor's Reports
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Investor protection and cross-border acquisitions of private and public targets
TL;DR: In this paper, the authors examine the announcement-period acquirer returns and target values for a large sample of cross-border acquisitions by US firms, differentiating between private and public targets and paying particular attention to the legal protection of minority shareholders in the target country.
Journal Article
Corporate Governance in Financial Institutions
Spyros G. Stavrinakis,Christian Harm,David T. Llewellyn,Bridget Gandy,Peter L. Shaw,Peter Tebbutt,Mark Young +6 more
TL;DR: Corporate Governance issues in non-Shareholder Value Financial Institutions: ACase Study of Mutual Building Societies in the UK, David T. Llewellyn, Loughborough University, as mentioned in this paper.
References
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Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal Article
The Cost of Capital, Corporation Finance and the Theory of Investment
TL;DR: In this article, the effect of financial structure on market valuations has been investigated and a theory of investment of the firm under conditions of uncertainty has been developed for the cost-of-capital problem.
Posted Content
Law and Finance
Rafael La Porta,Rafael La Porta,Florencio Lopez de Silanes,Florencio Lopez de Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
TL;DR: This paper examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common law countries generally have the best, and French civil law countries the worst, legal protections of investors.
Journal ArticleDOI
Law and Finance
TL;DR: In this article, the authors examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common-law countries generally have the strongest, and French civil law countries the weakest, legal protections of investors, with German- and Scandinavian-civil law countries located in the middle.
Posted Content
A Survey of Corporate Governance
TL;DR: The authors surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems around the world, and presents a survey of the literature.