We investigate the value of stable ownership for a sample of European firms using the global financial crisis as an exogenous shock and pre-and post-crisis years as benchmark periods. Consistent with the argument that stable ownership allows managers to focus on the creation of long-term value, we find that stable ownership resulted in higher stock returns and a higher market-to-book ratio during the crisis. This positive effect of stable ownership was not reversed after the crisis. Stable institutional blockholdings were more valuable in countries with weaker investor protection. However, the positive effect does not apply to firms in which a family is the largest blockholder. Finally, we also find that ownership stability was associated with a higher level of investments, illustrating that stable ownership affects real corporate decisions.
A bstract Many natural resources are inefficiently used in advanced western economies Overuse of common property resources such as air occurs The assignment of property rights through grandfathering established uses can have disincentive effects as an entry barrier to new industry and allow the continuation of pernicious uses A Henry George type alternative remedial system of legal and tax treatment is developed It systematically covers all natural resources and their deteriorations, as well as improvements This updating should be extremely useful to everyone concerned with ecology. Also the task of industrial siting can be accomplished so as to ensure an efficient use of natural resources Present problems of dealing with pollution and hazardous waste sites under tort law would be avoided This part of the two-part paper covers the basic theoretical considerations The next issue of this Journal will include the application of the theory 相似文献
We empirically show on a sample of 270 unquoted, private equity backed companies that the shareholder structure of private
companies impacts the quality of their publicly available accounting information. More precisely, companies in which private
equity (PE) investors have a high equity stake produce lower quality accounting information than companies in which PE investors
have a low equity stake, after controlling for factors like company size and age. We explain our findings by arguing that
PE investors with low equity stakes have a higher need for high quality accounting information whereas PE investors with high
equity stakes have other means to closely monitor their portfolio companies.
This paper has benefited form discussions with workshop participants at the Max Planck Institute. We specifically want to
thank Lorraine Uhlaner and Mike Wright (guest editors), two anonymous referees as well as ignace De Beelde, Wouter De Maeseneire,
Marc Deloof, Miguel Meuleman and Lloyd Steier for helpful suggestions. Part of this research was completed when Christof Beuselinck
was an FWO Scholar at Ghent University. Financial support from the Fonds of Wetenschappelijk Onderzoek (Grant G.0012.02) is
kindly appreciated. The usual disclaimer applies. 相似文献
Im Marketing wird eine Reihe von theoretischen Konstrukten diskutiert, die die Interpretation des Marketings als Konzept der
marktorientierten Unternehmensführung operationalisieren soll. Nettonutzenvorteil, Kundenvorteil, Komparativer Konkurrenzvorteil
(KKV) oder Unique Selling Proposition (USP) sind Beispiele für solche Konstrukte. In neuerer Zeit hat der Value-Ansatz ein
neues Konstrukt hervorgebracht: die Value Proposition. Der Beitrag diskutiert, in welchem Zusammenhang das Konstrukt der Value
Proposition zu den oben genannten Konstrukten steht. Dabei wird deutlich, dass die Value Proposition vor allem die monet?re
Bewertung von Kundenvorteilen herausstellt. 相似文献
Whereas industrial society is known to be to a great extent responsible for the degradation of the environment, service society is assumed to be rather ‘clean’. There has, in fact, been a substantial reduction in material metabolism in industrial production in the developed countries. The increasing interaction intensity, however; which is characteristic for a service society, results in massive transport volumes and thus in other negative environmental impacts which to a large degree offset the advances in industrial production. 相似文献
A bstract This essay tries to put Georg Simmels The Philosophy of Money into the context of current monetary discussions in economics. Part I looks at the contribution of Georg Simmel in context and offers remarks about the changing structure of economics as a discipline composed of many different subdisciplines. It is argued that Simmel is able to transcend subdisciplinary borders, to great benefit for today's scholar. Part III explains Heinsohn and Steiger's recent contribution to monetary economics in terms of transactions and property rights; although the contribution has been made more in the context of post-Keynesian economics, this is the only way to comprehend and integrate it into the mainstream of scholarly discourse. This examination shows that Simmels approach, transgressing interdisciplinary borders, has merits even today. Part IV looks at the perplexing phenomenon of European monetary integration with a similar interdisciplinary perspective in mind. In this case, it is not monetary economics but constitutional political economy which is the unifying concept to explain the peculiar features of European monetary integration. 相似文献