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作者：Von Lilienfeld-Toal, Ulf; Ruenzi, Stefan
作者单位：Stockholm School of Economics; University of Mannheim
摘要：We examine the relationship between CEO ownership and stock market performance. A strategy based on public information about managerial ownership delivers annual abnormal returns of 4% to 10%. The effect is strongest among firms with weak external governance, weak product market competition, and large managerial discretion, suggesting that CEO ownership can reverse the negative impact of weak governance. Furthermore, owner-CEOs are value increasing: they reduce empire building and run their fi...
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作者：Kalay, Avner; Karakas, Oguzhan; Pant, Shagun
作者单位：Tel Aviv University; Utah System of Higher Education; University of Utah; Boston College; University of Iowa
摘要：This paper proposes a new method using option prices to estimate the market value of the shareholder voting rights associated with a stock. The method consists of synthesizing a nonvoting share using put-call parity, and comparing its price to that of the underlying stock. Empirically, we find this measure of the value of voting rights to be positive and increasing in the time to expiration of synthetic stocks. The measure also increases around special shareholder meetings, periods of hedge fu...
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作者：Cremers, Martijn; Ferrell, Allen
作者单位：University of Notre Dame; Harvard University
摘要：This paper introduces a new hand-collected data set that tracks restrictions on shareholder rights at approximately 1,000 firms from 1978 to 1989. In conjunction with the 1990 to 2006 IRRC data, we track shareholder rights over 30 years. Most governance changes occurred during the 1980s. We find a robustly negative association between restrictions on shareholder rights (using G-Index as a proxy) and Tobin's Q. The negative association only appears after judicial approval of antitakeover defens...
