Employee stock ownership plans (ESOPs): an international comparison and analysis

Article Abstract:

Multinational companies have tried to replicate the success of their Employee Stock Ownership Plans (ESOP) in the US to overseas operations and to foreign employees. However, the success of ESOPs in the local business environment cannot be attributed only to factors, such as tax incentives and the strong performance of industry, since countries such as Japan do not provide any incentives but have been successful in their own programs. Factors which may influence the success of ESOPs may include the tendency of workers to save, relations between employer and employee, and risk aversion of workers.

Pension, health, and welfare funds, Pension Funds, Stock Ownership Plans, Economic aspects, Workers

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Third World debt default announcements and market learning: effects of sequential debt defaults on U.S. banks

Article Abstract:

An analysis of eight Mexican and Brazilian foreign debt default announcements from 1982 to 1987 reveals that the market becomes better informed with each event as the size of the adverse market reaction declines, thus offering evidence of market learning. The market's correct evaluation of the impact of defaults on the lenders was aided by new SEC regulations which require banks to disclose substantial exposures to foreign borrowers and increase awareness about the quality of banks' loan portfolios.

Research, Finance, Developing countries, Debt, Default (Finance)

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Employee stock ownership plans and corporate control

Article Abstract:

A number of opposing theories concerning the results of the three classes of an employee stock ownership plan (ESOP), namely anti-takeover plans, wage concession plans, and pure ESOPs, were examined. The study shows that pure ESOPs lead to enhanced worker productivity and indicate high investment quality. Furthermore, the effects of anti-takeover plans were shown to be in accordance with the devil's pact hypothesis.

Employee Benefits & Services, Human resource management, Employee benefits, Employee stock options, Corporate anti-takeover measures, Antitakeover strategies

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