Corporate Law: Law & Finance eJournal最新文献_第8页

Operational Investment and Capital Structure Under Asset-Based Lending 资产贷款下的经营性投资与资本结构

Corporate Law: Law & Finance eJournal Pub Date : 2017-08-12 DOI: 10.2139/ssrn.1716925

Yasin Alan, V. Gaur

引用次数: 100

Family Business Identity and Corporate Governance Attributes: Evidence on Family-Owned Enterprises in the UAE 家族企业身份与公司治理属性:来自阿联酋家族企业的证据

Corporate Law: Law & Finance eJournal Pub Date : 2017-06-14 DOI: 10.22495/COCV14I4ART11

Daniel Dupuis, M. Spraggon, V. Bodolica

{"title":"Family Business Identity and Corporate Governance Attributes: Evidence on Family-Owned Enterprises in the UAE","authors":"Daniel Dupuis, M. Spraggon, V. Bodolica","doi":"10.22495/COCV14I4ART11","DOIUrl":"https://doi.org/10.22495/COCV14I4ART11","url":null,"abstract":"Over the past decades, the empirical evidence on the intersection of family businesses and corporate governance has flourished significantly in the context of developed economies. Yet, little is known to date about the effectiveness of various governance mechanisms in family-owned enterprises operating in emerging markets. Due to the evolving nature of corporate governance frameworks in these markets, family business practitioners need to enhance their knowledge about governance arrangements that may lead to superior performance outcomes. Our aim is to contribute to the literature and assist practitioners by exploring the relationship between family business identity and corporate governance attributes in family-run companies located in the UAE. Data related to organizational background, familial identification and governance devices were gathered from secondary sources for a sample of 195 UAE-based family firms. Based on quantitative data analyses, we uncover the prevailing characteristics of family businesses in the UAE and identify how the familial identification of its members is associated with structural attributes of board of directors and top management team (e.g., size, family relatedness, gender and cultural diversity). The concluding section discusses the contributions of our study and delineates priorities for future research in the field.","PeriodicalId":10698,"journal":{"name":"Corporate Law: Law & Finance eJournal","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75415904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

The Mitigating Effect of Audit Committee Financial Expertise on the Voluntary Adoption of Clawback Policies 审计委员会财务专门知识对自愿采用追回政策的缓解作用

Corporate Law: Law & Finance eJournal Pub Date : 2017-06-03 DOI: 10.2139/ssrn.2160951

Yan Zhang, Nan Zhou

{"title":"The Mitigating Effect of Audit Committee Financial Expertise on the Voluntary Adoption of Clawback Policies","authors":"Yan Zhang, Nan Zhou","doi":"10.2139/ssrn.2160951","DOIUrl":"https://doi.org/10.2139/ssrn.2160951","url":null,"abstract":"Clawback policies are compensation recovery policies that provide companies with the ability to recoup incentive-based compensation in the event of a financial fraud. We investigate whether the mandatory clawback provision in the Dodd-Frank Act is necessary or whether existing provisions under the Sarbanes-Oxley Act (SOX) are sufficient in inducing problematic firms to voluntarily adopt clawbacks. Specifically, we examine the relation between financial expertise on audit committees and voluntary adoption of clawback policies in the pre-Dodd-Frank period, separating audit committee financial expertise into accounting- and non-accounting financial expertise and classifying clawbacks into fraud-based- and non-fraud based clawbacks. While firms with restatement history are more likely to adopt fraud-based clawbacks due to SOX Section 304, the financial expertise on audit committees has a mitigating effect on the voluntary adoption of clawback policies. Greater accounting financial expertise is more likely to result in voluntary adoption of fraud-based clawbacks for firms without prior restatements. On the contrary, accounting and non-financial expertise are less likely to result in the voluntary adoption of fraud-based clawbacks for firms with prior restatements. Consistent with the signaling hypothesis, this suggests that accounting experts are more in favor of adopting fraud-based clawbacks when they are not associated with any previous accounting scandals, whereas both accounting experts and non-financial experts are against adopting fraud-based clawbacks when they could be implicated by prior financial frauds. Since non-fraud based clawbacks do not serve as signals, neither accounting- nor non-accounting financial expertise is related to the adoption of non-fraud based clawbacks. Our results suggest that the mandatory clawback requirement in Dodd-Frank can eliminate the mitigating effect of audit committee financial expertise on the voluntary adoption of clawback policies.","PeriodicalId":10698,"journal":{"name":"Corporate Law: Law & Finance eJournal","volume":"57 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80494398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Accounting for Contingent Litigation Liabilities: What You Disclose Can Be Used Against You 或有诉讼责任的会计处理:你披露的信息可能对你不利

Corporate Law: Law & Finance eJournal Pub Date : 2017-04-25 DOI: 10.2139/ssrn.2974342

Linda Allen

{"title":"Accounting for Contingent Litigation Liabilities: What You Disclose Can Be Used Against You","authors":"Linda Allen","doi":"10.2139/ssrn.2974342","DOIUrl":"https://doi.org/10.2139/ssrn.2974342","url":null,"abstract":"In order to analyze firm value, investment analysts require information on potential losses from contingent liabilities such as litigation damages. However, revelation of the firm’s private estimates of the probability of loss and possible legal damages can be detrimental to the firm by increasing the costs of settlement. That is, opposing counsel may utilize the firm’s financial disclosures about contingent litigation costs to drive settlement demands. Thus, firms choose to shirk their responsibilities to disclose material litigation liabilities in their financial disclosures. Financial disclosures thereby contain insufficient information about the monetary value of potential litigation damages even for large cases with material litigation risks. This outcome is harmful to investors and management alike. \u0000 \u0000I propose an accounting regulatory disclosure model that uses publicly-available data to provide noisy, but useful estimates of class action securities litigation damages in fraud on the market cases that does not require full disclosure of sensitive private information about the firm’s internal assessment of litigation merits. However, a collective action constraint prevents firms from voluntarily utilizing this information-enhancing solution without regulation to coordinate accounting disclosure requirements. I show that accounting requirements could be revised to induce mutually beneficial information disclosures that would improve the information content in financial statements with regard to contingent litigation liabilities in fraud on the market suits.","PeriodicalId":10698,"journal":{"name":"Corporate Law: Law & Finance eJournal","volume":"87 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81213787","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How to Test Your Insider Trading Rule and its Effectiveness?: Price Movements and the Empirical Data from Taiwan 如何测试你的内幕交易规则及其有效性?:价格变动与台湾的实证数据

Corporate Law: Law & Finance eJournal Pub Date : 2017-02-13 DOI: 10.2139/ssrn.2916076

Chien-chung Lin, Huan-Ting Wu

{"title":"How to Test Your Insider Trading Rule and its Effectiveness?: Price Movements and the Empirical Data from Taiwan","authors":"Chien-chung Lin, Huan-Ting Wu","doi":"10.2139/ssrn.2916076","DOIUrl":"https://doi.org/10.2139/ssrn.2916076","url":null,"abstract":"This study focuses on the rule prohibiting insider trading in securities law and its effectiveness. In theory, a pending M&A activity has great potential to induce substantial price movement in the public market after its announcement. However, a prohibition of insider trading prevents people who have the knowledge about a pending M&A from using this information to garner the price difference, when a latter announcement leads to increasing public price. In this view, in an ideal world, when a prohibition of insider trading is in place and taking its full effect, the price should only start to move toward the target price right after the news of M&A activity is publicly announced. Conversely, if the stock price starts to reflect the target price before its public announcement, that implies a likely leak of private information and a failure of insider trading prohibition rule. In other words, through observing the price movements before and after the mergers and acquisitions event samples, we can produce an approximation of the effectiveness of the insider trading law in place. \u0000This paper examines M&A data in Taiwan, collecting from the disclosure system administered by Taiwan Financial Supervisory Commission from 2004 to 2016, as evidence to test the actual implementation of insider trading law in Taiwan and how forceful it is. The pattern of information leakage, when observed, provides a valuable understanding for the law enforcement department and its improvement. This result of empirical investigation, and the insight it provides, are particularly important because (1) insider trading is considered to be highly detrimental to the securities market and investor confidence, and (2) insider trading activities are not directly observable due to the secretive way the related information is exchanged and thus hard to gauge its level of actual occurrence.","PeriodicalId":10698,"journal":{"name":"Corporate Law: Law & Finance eJournal","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88435800","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Shareholder Wealth Effects of Delaware Corporate Litigation 特拉华州公司诉讼的股东财富效应

Corporate Law: Law & Finance eJournal Pub Date : 2017-01-31 DOI: 10.2139/ssrn.2108357

Adam B. Badawi, Daniel L. Chen

{"title":"The Shareholder Wealth Effects of Delaware Corporate Litigation","authors":"Adam B. Badawi, Daniel L. Chen","doi":"10.2139/ssrn.2108357","DOIUrl":"https://doi.org/10.2139/ssrn.2108357","url":null,"abstract":"We collect data on the record of every action in hundreds of derivative cases and merger class actions involving public companies filed in the Delaware Court of Chancery from 2004 to 2011. We use these data to analyze how markets respond to litigation in the most important court for corporate disputes in the United States. The detail in the dataset allows us to explore how case characteristics such as the timing of the filing, the presence of certain procedural motions, litigation intensity, and the judge assigned to the case relate to firm value. Unlike previous studies, we document that negative abnormal returns are associated with the filing of derivative cases, and we show that this association is particularly strong for cases that are first filed in Delaware and are not related to a previously disclosed government investigation. We also develop some evidence that market participants can anticipate litigation intensity and respond by valuing the firm equity less and that markets associate cases with pension fund plaintiffs with better outcomes than cases without this institutional involvement. Finally, we find little evidence of abnormal returns associated with judicial assignment at the time of filing for derivative cases, but we do observe an association be- tween judicial assignment and case filing for merger cases.","PeriodicalId":10698,"journal":{"name":"Corporate Law: Law & Finance eJournal","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86172140","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Investor Sentiment and Conditional Accounting Conservatism 投资者情绪与条件会计稳健性

Corporate Law: Law & Finance eJournal Pub Date : 2017-01-04 DOI: 10.2139/ssrn.2893527

Rui Ge, Nicholas Seybert, F. Zhang

引用次数: 1

SEC Comment Letters and Bank Lending 证券交易委员会意见书和银行贷款

Corporate Law: Law & Finance eJournal Pub Date : 2017-01-01 DOI: 10.2139/ssrn.2727860

Lauren M. Cunningham, Roy Schmardebeck, Wei Wang

引用次数: 5

A Model of Shareholder Litigation as a Determinant of a Firm's Financial Policies 股东诉讼作为公司财务政策决定因素的模型

Corporate Law: Law & Finance eJournal Pub Date : 2016-11-23 DOI: 10.2139/ssrn.2814348

Vuk Talijan

引用次数: 0

Australia's Financial Ombudsman Service: An Analysis of its Role in the Resolution of Financial Hardship Disputes 澳大利亚金融申诉专员服务:分析其在解决财务困难纠纷中的作用

Corporate Law: Law & Finance eJournal Pub Date : 2016-10-25 DOI: 10.1002/CRQ.21187

P. Ali, E. Bourova, Joseph Horbec, I. Ramsay

引用次数: 1