Investor behavior in mass privatization: the case of the Czech voucher scheme
Article Abstract:
Share demands or share prices have been found to manifest direct relationship with insider and foreign block ownership, as shown in the analysis of the early phase of the Czech privatization scheme. It was also established that share demand and the share prices that result from it are directly related to past firm profitability, while stock market price is inversely proportional to firm risk. Further, the analysis highlighted the role of individual investors and institutional funds in market transition and the Czech voucher scheme, itself.
Publication Name: Journal of Financial Economics
Subject: Economics
ISSN: 0304-405X
Year: 1997
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Deregulation, the evolution of corporate governance structure, and survival
Article Abstract:
The changes in corporate governance can be understood more clearly by studying how firms adjust to deregulation and similar issues. A study of the airline industry reveals evidence that has implications for the undergoing liberalization of the telecommunications, health care and electric utilities. Results validate much of the Darwinian theory of organizations. Deregulation represents changes in the business environment that require firms to adjust their management functions.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1997
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Endogenously chosen boards of directors and their monitoring of the CEO
Article Abstract:
A model is derived to analyze the effectiveness of corporate boards based on their independence. Independence is considered a function of the negotiations between existing directors and the CEO over the selection of new directors. It is shown that CEO turnover becomes increasingly influenced by performance with increasing board independence. Board independence also declines the longer CEOs hold their position.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1998
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