Private Versus Public Corporate Ownership PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Private Versus Public Corporate Ownership PDF full book. Access full book title Private Versus Public Corporate Ownership by Kristian D. Allee. Download full books in PDF and EPUB format.
Author: Kristian D. Allee
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
Get Book Here
Book Description
We investigate the association between public versus private ownership and future long-term changes in profitability. Managers have long debated the implications of public and private corporate ownership; however, little empirical research has provided insight into the issue. We find robust evidence that public firms are associated with significantly lower future long-term changes in operating profitability compared to private firms matched on current profitability, size, growth and industry. We also find that the differential future long-term changes in profitability of public and private firms manifests in both future changes in profit margins and changes in asset turnovers. Additionally, we find evidence consistent with an association between short-termism, competition, and agency costs and the lower future long-term changes in profitability for public versus private firms. The results provide insight for managers and investors into the differential future changes in profitability of public versus private firms and into the factors that drive the differential profitability.
Author: Kristian D. Allee
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
Get Book Here
Book Description
We investigate the association between public versus private ownership and future long-term changes in profitability. Managers have long debated the implications of public and private corporate ownership; however, little empirical research has provided insight into the issue. We find robust evidence that public firms are associated with significantly lower future long-term changes in operating profitability compared to private firms matched on current profitability, size, growth and industry. We also find that the differential future long-term changes in profitability of public and private firms manifests in both future changes in profit margins and changes in asset turnovers. Additionally, we find evidence consistent with an association between short-termism, competition, and agency costs and the lower future long-term changes in profitability for public versus private firms. The results provide insight for managers and investors into the differential future changes in profitability of public versus private firms and into the factors that drive the differential profitability.
Author: Lucian A. Bebchuk
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages : 35
Get Book Here
Book Description
This paper analyzes the inefficiencies that might arise in the ownership structure chosen at the initial public offering stage. We show that, contrary to what is commonly believed, the desire of initial owners to maximize their proceeds leads them to choices that, although privately optimal, may be socially inefficient. This distortion tends to be in the direction of excessive incidence of controlling shareholder structures and excessive divestment of cash flow rights. Our analysis has far-reaching policy implications for dual class stock, stock pyramiding, sale of control rules, and public offerings of minority shares. Among its positive implications, our analysis suggests reasons for the substantial differences in the incidence of control blocks across different countries
Author: Franz R. Hahn
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Lucian Arye Bebchuk
Publisher:
ISBN:
Category :
Languages : es
Pages : 35
Get Book Here
Book Description
Author: Mary M. Shirley
Publisher: World Bank Publications
ISBN:
Category : Competition
Languages : en
Pages : 72
Get Book Here
Book Description
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance?
Author: Michael J. Rubach
Publisher: Routledge
ISBN: 1136535195
Category : Business & Economics
Languages : en
Pages : 202
Get Book Here
Book Description
This book examines the shareholder activism of institutional investors, and the effect of this activism on portfolio performance. By focusing on 118 institutional investors headquartered in the United States, the book is unique in addressing the shareholder activism of a large sample. Institutional shareholder activism is defined to include both traditional mechanisms of influence (i.e. filing shareholder proposals) and relationship investing. Institutional owners included private and public pension funds, mutual funds, bank trusts, insurance companies, endowments, and foundations. These institutional owners differ substantially, and these differences lead institutions to use their ownership power to pursue different philosophies and actions. Some institutions follow a passive governance policy, While others adopt an activist role. This book seeks to answer four questions: (1) Are institutional owners actively involved in the strategic affairs of companies in their portfolios? (2)Which forms of activism do institutional owners employ (either confrontational mechanisms, such as filing shareholder proposals, or relationship building mechanisms)? (3)Which forms of activism employed are most effective? and (4) Does the institutional type affect its pursuit of shareholder activism? In answering these questions the author suggests new important results that in many cases are contrary to what prior reports of the activities by a small number of institutional owners may intimate.
Author: Mary M. Shirley
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Disappointment with insider trading in Russia, with voucher privatization in the Czech Republic, and with the privatization of infrastructure in many developing countries has spawned new critiques of privatization. How do theory and empirical evidence answer the much-debated questions, Which is more important to performance, competition or private ownership? Are state enterprises more subject to welfare-reducing interventions by government than private firms are? Do state enterprises suffer more from problems of corporate governance? At the heart of the debate about public versus private ownership lie three questions: · Does competition matter more than ownership? · Are state enterprises more subject to welfare-reducing interventions by government than private firms are? · Do state enterprises suffer more from governance problems than private firms do? Even if the answers to these questions favor private ownership, the question must still be asked: Do distortions in the process of privatization mean that privatized firms perform worse than state enterprises? Shirley and Walsh's review found greater ambiguity about the merits of privatization and private ownership in the theoretical literature than in the empirical literature. In most cases, empirical research strongly favors private ownership in competitive markets over a state-owned counterfactual (although construction of the counterfactual is itself a problem). Theory's ambiguity about ownership in monopoly markets seems better justified. Since the choice confronting governments is between state ownership and privatization rather than between privatization and optimality, theory has left a gap that empirical work has tried to fill. Further research is needed. This paper - a product of Regulation and Competition Policy, Development Research Group - is part of a larger effort in the group to analyze the effects of privatization and the role of regulation and politics.
Author: Adolf Augustus Berle
Publisher:
ISBN:
Category : Corporation law
Languages : en
Pages : 396
Get Book Here
Book Description
Author: Salman Shah
Publisher:
ISBN:
Category : Corporations
Languages : en
Pages :
Get Book Here
Book Description
Author: National Association of Railway and Utilities Commissioners (U.S.). Committee on Public Ownership and Operation
Publisher:
ISBN:
Category : Privatization
Languages : en
Pages : 6
Get Book Here
Book Description
