Corporate Communications最新文献_第3页

Monitoring by Transient Investors? Institutions and Corporate Control 短期投资者的监控?制度与公司控制

IF 2

Corporate Communications Pub Date : 2000-10-18 DOI: 10.2139/ssrn.247004

Lee Pinkowitz

引用次数: 6

Third Markets and the Second Best 第三市场和第二市场

IF 2

Corporate Communications Pub Date : 2000-08-01 DOI: 10.2139/ssrn.240803

Craig Pirrong

引用次数: 8

Industry Structure and the Conglomerate 'Discount': Theory and Evidence 产业结构与企业集团“折价”:理论与证据

IF 2

Corporate Communications Pub Date : 2000-08-01 DOI: 10.2139/ssrn.231529

Timothy R. Burch, Vikram Nanda, M. Narayanan

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引用次数: 23

How Quantum, Dlj and Ziff-Davis are Keeping on Track with 'Tracking Stock': Part I Quantum、Dlj和Ziff-Davis如何通过“跟踪股票”保持跟踪:第一部分

IF 2

Corporate Communications Pub Date : 2000-06-29 DOI: 10.2139/ssrn.223634

Jeffrey J. Haas

引用次数: 5

A Global Solution to Multinational Default 跨国公司违约的全球解决方案

IF 2

Corporate Communications Pub Date : 2000-06-01 DOI: 10.2139/ssrn.259960

J. L. Westbrook

{"title":"A Global Solution to Multinational Default","authors":"J. L. Westbrook","doi":"10.2139/ssrn.259960","DOIUrl":"https://doi.org/10.2139/ssrn.259960","url":null,"abstract":"Universalism-administration of multinational insolvencies by a leading court applying a single bankruptcy law-is the correct long-term solution to the problem presented by the general default of a multinational company. Bankruptcy is one of those laws that cannot perform its function unless it is symmetrical to the market in which it operates. Virtually all theorists share this view and it is reflected in the nearly unanimous practice of nations, including the United States. The only substantive objection is that universalism would too greatly submerge national policies, but experience in the United States and elsewhere demonstrates that a national, market-symmetrical law can largely accommodate local policies. In the same way, an international system could permit considerable play to varying national policies and could enforce them more effectively against multinationals. Although it is argued that universalism is unlikely to be achieved in the foreseeable future, globalization is producing enormous pressures for legal convergence and those pressures are most likely to prevail as to laws that require market-symmetry to be successful. Many of the obstacles to universalism are also obstacles to coordination and harmonization in anti-trust, securities laws, and other business laws. Solutions in each area will feed solutions in the others, if globalization continues. Contractualism as an alternative to universalism is not workable domestically or internationally unless based on a system of dominant security interests. The theoretical benefits of such a system remain highly controversial and its prospects for international adoption are bleak. \"Modified universalism\" as proposed in the American Law Institute Transnational Insolvency Project is the best interim solution pending movement to true universalism, because its pragmatic flexibility provides the best fit with the current patchwork of laws in the global market and because it will foster the smoothest and fastest transition to true universalism.","PeriodicalId":47357,"journal":{"name":"Corporate Communications","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84315273","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: 56

Share Buy-Backs: An Empirical Investigation 股票回购:一项实证调查

IF 2

Corporate Communications Pub Date : 2000-05-01 DOI: 10.2139/ssrn.227930

I. Ramsay, Asjeet S. Lamba

{"title":"Share Buy-Backs: An Empirical Investigation","authors":"I. Ramsay, Asjeet S. Lamba","doi":"10.2139/ssrn.227930","DOIUrl":"https://doi.org/10.2139/ssrn.227930","url":null,"abstract":"Studies of share repurchases, or share buy-backs as they are referred to in Australia, have been an important part of financial research. In addition, there is increasing interest in the relationship between legal regulation and finance. In this Research Report, we combine these areas of research and examine the effects of the changing legal regulation of share buy-backs in Australia. Prior to 1989 Australian companies were prohibited from repurchasing their shares, and until 1995 they were heavily regulated with few companies repurchasing their shares. In December 1995 the legal regulation of share buy-backs was simplified making it considerably easier for companies to repurchase their shares. The changing Australian regulation of share buy-backs provides a unique opportunity to test the effects of legal regulation on companies' financing decisions. In particular, we examine whether the highly regulated environment for share buy-backs that existed during 1989-95 meant that companies were unable to undertake buy-backs for the purpose of information signalling. In the less regulated environment, which existed after 1995, we examine whether companies have been able to undertake buy-backs for the purpose of information signalling. Our results indicate that the stringent regulation of share buy-backs during 1989-95 made them less effective as a credible signalling mechanism. Further, we find that the market generally reacts the most positively to on-market buy-backs, while the reaction to other types of share buy-backs is positive but not statistically significant. Finally, we also find that the abnormal returns earned by resource sector companies announcing share buy-backs are generally higher than the abnormal returns earned by share buy-backs announced by companies in the industrial and financial services sectors.","PeriodicalId":47357,"journal":{"name":"Corporate Communications","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2000-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2139/ssrn.227930","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72408248","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: 18

Corporate Governance in Korea at the Millennium: Enhancing International Competitiveness (Final Report and Legal Reform Recommendations to the Ministry of Justice of the Republic of Korea) 千禧年的韩国公司治理:提高国际竞争力(提交大韩民国法务部的最终报告和法律改革建议)

IF 2

Corporate Communications Pub Date : 2000-05-01 DOI: 10.2139/SSRN.222491

B. Metzger, Bernard Black, Timothy O'Brien, Y. Shin

引用次数: 31

The Directors' and Officers' Insurance Premium: An Outside Assessment of the Quality of Corporate Governance 董事和高级管理人员的保险费:公司治理质量的外部评估

IF 2

Corporate Communications Pub Date : 2000-05-01 DOI: 10.2139/ssrn.229803

J. Core

引用次数: 214

Corporate Governance: Theories, Challenges and Paradigms 公司治理:理论、挑战与范式

IF 2

Corporate Communications Pub Date : 2000-04-12 DOI: 10.2139/ssrn.221350

S. Turnbull

引用次数: 52

The Mother of All Path Dependencies: Toward a Cross-Cultural Theory of Corporate Governance Systems 所有路径依赖之母:走向公司治理制度的跨文化理论

IF 2

Corporate Communications Pub Date : 2000-02-01 DOI: 10.2139/ssrn.208489

A. Licht

{"title":"The Mother of All Path Dependencies: Toward a Cross-Cultural Theory of Corporate Governance Systems","authors":"A. Licht","doi":"10.2139/ssrn.208489","DOIUrl":"https://doi.org/10.2139/ssrn.208489","url":null,"abstract":"The goal of this article is threefold. First, it points out the growing awareness among practitioners and theorists of the relevancy of national culture to corporate governance and securities regulation. It shows that efforts to treat cross-cultural aspects so far have been few and sporadic and thus posits the urgent need for a systematic cross-cultural theory of corporate governance systems. Second, this article introduces the framework of cultural value dimensions (CVD) of cross-cultural psychology and demonstrates its potential usefulness for analyzing problems of the sort discussed here. It highlights the promise held by the CVD framework for producing testable hypotheses with regard to cultural features of corporate governance systems, in a fashion similar to standard analyses of corporate finance. Third, this article sketches out an outline for a cross-cultural theory of corporate governance systems based on the CVD framework by implementing it to fundamental issues like shareholding structures and the regulation of self-dealing, insider trading, and disclosure. It concludes that national cultures can be seen, metaphorically, as the mother of path dependence dynamics in the sense that they play a role in both the origin and in future development of corporate governance systems. The mode of analysis proposed in this article could be extended to other legal fields and also looks very promising for the study of law and social norms.","PeriodicalId":47357,"journal":{"name":"Corporate Communications","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2000-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91277949","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: 191