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作者：Linck, James S.; Netter, Jeffry M.; Yang, Tina
作者单位：Clemson University; University System of Georgia; University of Georgia
摘要：Using eight thousand public companies, we study the impact of the Sarbanes-Oxley Act (SOX) of 2002 and other contemporary reforms on directors and boards, guided by their impact on the supply and demand for directors. SOX increased directors' workload and risk (reducing the supply), and increased demand by mandating that firms have more outside directors. We find both broad-based changes and cross-sectional changes (by firm size). Board committees meet more often post-SOX and Director and Offi...
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作者：Aggarwal, Reena; Erel, Isil; Stulz, Rene; Williamson, Rohan
作者单位：University System of Ohio; Ohio State University; Georgetown University; National Bureau of Economic Research
摘要：We construct a firm-level governance index that increases with minority shareholder protection. Compared with U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index decreases relative to the index of matching U.S. firms. Our results suggest that lower country-level investor protection and other country characteristics make it suboptimal for foreign firms to invest as much in governance as U.S. firms do. Overall, we find that minor...
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作者：Leuz, Christian; Lins, Karl V.; Warnock, Francis E.
作者单位：Utah System of Higher Education; University of Utah; University of Chicago; National Bureau of Economic Research; University of Virginia; National Bureau of Economic Research
摘要：As domestic sources of outside finance are limited in many countries around the world, it is important to understand factors that influence whether foreign investors provide capital to a country's firms. We study 4,409 firms from twenty-nine countries to assess whether and why concerns about corporate governance result in fewer foreign holdings. We find that foreigners invest less in firms that reside in countries with poor outsider protection and disclosure and have ownership structures that ...
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作者：Bortolotti, Bernardo; Faccio, Mara
作者单位：Fondazione Mattei; University of Turin; Purdue University System; Purdue University
摘要：We study the change in government control of privatized firms in OECD (Organisation for Economic Co-operation and Development) countries. At the end of 2000, after the largest privatization wave in history, governments retained control of 62.4% of privatized firms. In civil law countries, governments tend to retain large ownership positions, whereas in common law countries they typically use golden shares. When we combine these two mechanisms, we find no association between a country's legal t...
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作者：Chava, Sudheer; Livdan, Dmitry; Purnanandam, Amiyatosh
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of California System; University of California Berkeley; University of Michigan System; University of Michigan
摘要：Using a large sample of bank loans issued to U.S. firms between 1990 and 2004, we find that lower takeover defenses (as proxied by the lower G-index of Gompers, Ishii, and Metrick 2003) significantly increase the cost of loans for a firm. Firms with lowest takeover defense (democracy) pay a 25% higher spread on their bank loans as compared with firms with the highest takeover defense (dictatorship), after controlling for various firm and loan characteristics. Further investigations indicate th...
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作者：Bharath, Sreedhar T.; Pasquariello, Paolo; Wu, Guojun
作者单位：University of Michigan System; University of Michigan; University of Houston System; University of Houston
摘要：Using a novel information asymmetry index based on measures of adverse selection developed by the market microstructure literature, we test whether information asymmetry is an important determinant of capital structure decisions, as suggested by the pecking order theory. Our index relies exclusively on measures of the market's assessment of adverse selection risk rather than on ex ante firm characteristics. We find that information asymmetry does affect the capital structure decisions of U.S. ...
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作者：Bris, Arturo; Koskinen, Yrjoe; Nilsson, Mattias
作者单位：Boston University; University of Colorado System; University of Colorado Boulder
摘要：In this paper, we study the changes in corporate valuations induced by the adoption of the euro as the common currency in Europe. We use corporate-level data from seventeen European countries, of which eleven adopted the euro. We show that the introduction of the euro has increased Tobin's Q-ratios by 17.1% in the {euro-area} countries that previously had weak currencies. Part of the increase in corporate valuations is explained by the decrease in interest rates and by the decrease in the cost...
