Agency conflicts, ownership concentration, and legal shareholder protection
نویسندگان
چکیده
منابع مشابه
T Aldo Musacchio Laws versus Contracts : Shareholder Protections and Ownership Concentration in Brazil , 1890 – 1950
This article examines some of the institutional conditions that facilitated the development of equity markets in Brazil. A critical factor was the addition to corporate bylaws of protections for investors, which enabled relatively large corporations in Brazil to attract investors in large numbers. By availing themselves of this strategy, the fi rms generated a relatively low concentration of ow...
متن کاملLegal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis
This paper uses a new time series dataset of shareholder protection consisting of 60 annual legal indicators for the period 1970-2005 for France, Germany, the UK and the US. On the basis of these data it examines developments in shareholder protection and reassesses the claims that common-law countries have better shareholder protection than civil law countries. Furthermore it examines the rela...
متن کاملPrEP: controversy, agency and ownership
Pre-exposure prophylaxis (PrEP) has been and continues to be an intervention that causes controversy and debate between stakeholders involved in providing or advocating for it, and within communities in need of it. These controversies extend beyond the intrinsically complex issues of making it available. In this commentary, some of the possible roots of the air of dissent and drama that accompa...
متن کاملAgency Costs and Ownership Structure
We provide measures of absolute and relative equity agency costs for corporations under different ownership and management structures. Our base case is Jensen and Meckling's (1976) zero agency-cost firm, where the manager is the firm’s sole shareholder. Utilizing a sample of 1,708 small corporations from the FRB/NSSBF database, we find evidence supporting several predictions of agency cost theo...
متن کاملChemical Engineering Software and Legal Protection Thereof
In recent years, an increasing number of Chemical Engineering Software (CES), which play an important role in improving efficiency in the petroleum industry, has been introduced to the market. Generally, software is the product of intellectual creativity, but protection of the intellectual property residing in software is the subject of some controversy. This paper explores the ...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Intermediation
سال: 2006
ISSN: 1042-9573
DOI: 10.1016/j.jfi.2004.12.004