Corporate Communications最新文献_第2页

The Long-Term Success of Cross-Border Mergers and Acquisitions 跨国并购的长期成功

IF 2

Corporate Communications Pub Date : 2001-05-01 DOI: 10.2139/ssrn.270288

T. A. Carnes, E. Black, Tomas Jandik

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引用次数: 25

Ownership Structure and Corporate Performance 股权结构与公司绩效

IF 2

Corporate Communications Pub Date : 2001-04-11 DOI: 10.2139/ssrn.266101

H. Demsetz, Belén Villalonga

引用次数: 2412

Are Stock Options the Managers' Blessing? Stock Option Compensation and Institutional Controls 股票期权是经理人的福气吗?股票期权补偿与制度控制

IF 2

Corporate Communications Pub Date : 2001-04-01 DOI: 10.2139/ssrn.251009

Matthias Benz, M. Kucher, A. Stutzer

引用次数: 69

Do Auditor Resignations Convey Private Information About Continuing Audit Clients? 审计师辞职是否传达了持续审计客户的私人信息?

IF 2

Corporate Communications Pub Date : 2001-04-01 DOI: 10.2139/ssrn.268953

M. Beneish, P. Hopkins, I. Jansen

{"title":"Do Auditor Resignations Convey Private Information About Continuing Audit Clients?","authors":"M. Beneish, P. Hopkins, I. Jansen","doi":"10.2139/ssrn.268953","DOIUrl":"https://doi.org/10.2139/ssrn.268953","url":null,"abstract":"The paper investigates how auditor resignations affect capital market participants' perception of firms from which the auditors resign (\"former clients\") and of firms that continue as clients of the resigning auditor (\"continuing clients\"). We find that resignation announcements result in significant negative abnormal returns for former clients and in significant positive abnormal returns for a sample of continuing clients (matched on industry, time period, and recent stock-price performance). As in prior work on auditors' actions, these effects are most pronounced when the news media reports the resignation. We investigate continuing clients because in recent years auditors have adopted a portfolio approach to risk management that includes centralized risk-based screening. We propose that the absence of resignation signals that, despite its poor performance, the continuing client has satisfied the auditor's unobservable risk-screening process. Therefore, the positive abnormal returns observed for the continuing clients suggest that despite their poor recent performance, the auditor believes the continuing clients' accounting methods and financial reporting choices are not misleading. We rule out a competition-based intra-industry information transfer as an alternative explanation for the positive abnormal returns.","PeriodicalId":47357,"journal":{"name":"Corporate Communications","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2001-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81468521","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

Accounting for the Tax Benefits of Employee Stock Options and Implications for Research 员工股票期权税收利益的会计处理及其研究启示

IF 2

Corporate Communications Pub Date : 2001-04-01 DOI: 10.2139/ssrn.271310

T. Shevlin, Michelle Hanlon

引用次数: 95

The Law and Economics of Insider Trading: A Comprehensive Primer 内幕交易的法律和经济学:综合入门

IF 2

Corporate Communications Pub Date : 2001-02-01 DOI: 10.2139/SSRN.261277

Stephen M. Bainbridge

引用次数: 35

A Comparative Analysis of Insider Trading Regulation - Who is Liable and What are the Sanctions? 内幕交易监管的比较分析——谁应负法律责任?

IF 2

Corporate Communications Pub Date : 2001-01-15 DOI: 10.2139/SSRN.260884

V. C. Yeo

引用次数: 5

Managerial Opportunism and Foreign Listing: Some Direct Evidence 管理机会主义与境外上市:一些直接证据

IF 2

Corporate Communications Pub Date : 2001-01-10 DOI: 10.2139/SSRN.256653

A. Licht

{"title":"Managerial Opportunism and Foreign Listing: Some Direct Evidence","authors":"A. Licht","doi":"10.2139/SSRN.256653","DOIUrl":"https://doi.org/10.2139/SSRN.256653","url":null,"abstract":"This Paper considers the corporate governance aspects of a regulatory program aimed to lure Israeli issuers listed only on U.S. markets to dual-list on the Tel Aviv Stock Exchange. It is a companion to another paper, which analyzes the international regulatory implications of that project (see http://papers.ssrn.com/sol3/papers.cfm?abstract_id=240888). The program provides a rare opportunity to analyze the role of managerial opportunism in foreign listing transactions. In its unique setting, most of the commonly cited motivations for foreign listing are held constant and the costs associated with foreign listing are largely sunk costs. From the vantage-point of most Israeli U.S.-listed issuers, the differences in disclosure duties under the Israeli regime originally intended for them and the American foreign issuer regime refer to corporate governance issues. The staunch resistance from the business and financial sectors to any additional disclosure under Israeli regulation is consistent with managerial reluctance to become subject to a more exacting corporate governance framework. This resistance also sheds light on the role managerial opportunism may play in legislative processes that relate to corporate governance and supports arguments about path dependence in corporate governance systems.","PeriodicalId":47357,"journal":{"name":"Corporate Communications","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2001-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83218425","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: 51

The Extent of Venture Capital Exits: Evidence from Canada and the United States 风险资本退出的程度:来自加拿大和美国的证据

IF 2

Corporate Communications Pub Date : 2000-12-18 DOI: 10.2139/ssrn.250519

Douglas J. Cumming, Jeffrey G. MacIntosh

{"title":"The Extent of Venture Capital Exits: Evidence from Canada and the United States","authors":"Douglas J. Cumming, Jeffrey G. MacIntosh","doi":"10.2139/ssrn.250519","DOIUrl":"https://doi.org/10.2139/ssrn.250519","url":null,"abstract":"This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an IPO involves a sale of all of the venture capitalist's holdings within one year of the IPO; a partial exit involves sale of only part of the venture capitalist's holdings within that period. A full acquisition exit involves the sale of the entire firm for cash; in a partial acquisition exit, the venture capitalist receives (often illiquid) shares in the acquiror firm instead of cash. In the case of a secondary sale or a buyback exit (in which the entrepreneur buys out the venture capitalist), a partial exit entails a sale of only part of the venture capitalist's holdings. A partial write-off involves a write down of the investment. We perform empirical tests on samples of full and partial exits derived from a survey of Canadian and U.S. venture capital firms. The evidence indicates that partial exits are more likely for IPOs and secondary sales in Canada. Partial exits in Canada are also more likely the greater the market to book value of the investment. Partial exits in the U.S., by contrast, are more likely for buyback exits and when there is greater capital available for investment in the venture capital industry. The U.S. evidence further indicates that partial acquisition exits are more likely for technology firms, the longer the investment duration, and the greater the market to book value of the entrepreneurial firm. We also present evidence that the longer the investment duration, the more likely that venture capital investments will be written down, rather than completely written off. The differences we find between the Canadian and U.S. samples highlight the impact of legal and institutional factors on exit strategies.","PeriodicalId":47357,"journal":{"name":"Corporate Communications","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2000-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86743316","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: 15

The Impact of Capital Structure on Efficient Sourcing and Strategic Behavior 资本结构对有效采购和战略行为的影响

IF 2

Corporate Communications Pub Date : 2000-11-01 DOI: 10.2139/ssrn.254289

Sudha Krishnaswami, Venkat Subramaniam

引用次数: 13