Essays on the structure of corporate ownership:
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2014
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | X, 124 S. graph. Darst. |
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Record in the Search Index
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| adam_text | ESSAYS ON THE STRUCTURE OF
CORPORATE OWNERSHIP
INAUGURAL-DISSERTATION
ZUR ERLANGUNG DES GRADES DOCTOR OECONOMIAE PUBLICAE (DR.OEC.PUBL.)
AN DER LUDWIG-MAXIMILIANS-UNIVERSITAT MUNCHEN
VORGELEGT IM JAHR 2014 VON
MATTHIAS BROCKER
INSTITUT FUR KAPITOLMARKTE UND FINANZWIRISCHAFT
LUDWIG-MAXIMILIANS- UNIVERSITDT MIINCHEN
REFERENT:
KOR
REFERENT:
PROMOTIONSABSCHLUSSBERATUNG:
PROF. DR. MARKUS GLASER
PROF. DR. HALF ELSAS
05.11.2014
HTTP://D-NB.INFO/1063654297
CONTENTS
LIST OF FIGURES VII
LIST OF TABLES IX
1 INTRODUCTION 1
1.1 SEPARATION OF OWNERSHIP AND CONTROL 1
1.2 THE ROLE OF MANAGERIAL OWNERSHIP IN CORPORATE GOVERNANCE ... 2
1.2.1 MANAGERIAL OWNERSHIP AND MANAGERIAL VOTING POWER . ... 4
1.2.2 FURTHER COSTS AND BENEFITS OF MANAGERIAL OWNERSHIP .... 5
1.3 INCENTIVES OF LARGE SHAREHOLDERS 5
2 MANAGERIAL VOTING POWER AND FIRM VALUE 9
2.1 INTRODUCTION 9
2.2 MANAGERIAL VOTING POWER 15
2.3 DATA 17
2.4 MAIN RESULTS 23
2.4.1 DETERMINANTS OF MANAGERIAL VOTING POWER 23
2.4.2 EXCESS VOTING POWER AND FIRM VALUE 25
2.4.3 EXTERNAL GOVERNANCE AND THE RELATION BETWEEN EXCESS VOT
ING POWER AND FIRM VALUE 29
2.5 EVIDENCE FROM THE GERMAN CAPITAL GAINS TAX REFORM 32
2.5.1 IDENTIFICATION STRATEGY 32
2.5.2 DIFFERENCE-IN-DIFFERENCES RESULTS 37
2.5.3 DISCUSSION 40
2.6 CONCLUSIONS 42
APPENDIX 2.A 44
APPENDIX 2.B: VOTING POWER INDICES AND OCEANIC GAMES 48
2.B.1 VOTING GAMES AND VOTING POWER INDICES 48
2.B.2 OCEANIC GAMES 49
2.B.3 IMPERFECT ATTENDANCE 50
V
VI
CONTENTS
3 MANAGERIAL LOYALTY VIA EQUITY OWNERSHIP 51
3.1 INTRODUCTION 51
3.2 DATA 57
3.2.1 OWNERSHIP VARIABLES 57
3.2.2 EQUITY BETA AND VOLATILITY VARIABLES 59
3.2.3 CONTROL VARIABLES 60
3.2.4 SUMMARY STATISTICS 61
3.3 MAIN RESULTS 62
3.3.1 MANAGERIAL OWNERSHIP AND SYSTEMATIC VOLATILITY 62
3.3.2 INTERACTION EFFECTS 60
3.4 ROBUSTNESS 69
3.4.1 MANAGERIAL OWNERSHIP AND OTHER VOLATILITY VARIABLES ... 69
3.4.2 QUANTILE REGRESSIONS 70
3.4.3 INSTRUMENTAL VARIABLE REGRESSIONS 74
3.5 CONCLUSIONS 77
APPENDIX 3.A 78
4 RISK SHIFTING INCENTIVES OF LARGE SHAREHOLDERS 81
4.1 INTRODUCTION 81
4.2 DATA 86
4.2.1 MEASURING RISK SHIFTING INCENTIVES 87
4.2.2 UNLEVERED FIRM RISK 90
4.2.3 CONTROL VARIABLES 91
4.2.4 SUMMARY STATISTICS 92
4.2.5 DETERMINANTS OF VEGA AND DELTA 93
4.3 MAIN RESULTS 95
4.3.1 VEGA AND RISK TAKING 95
4.3.2 LARGE SHAREHOLDERS RISK SHIFTING INCENTIVES 97
4.3.3 INTERACTION EFFECTS 99
4.4 ROBUSTNESS 102
4.4.1 THE INTEREST CEILING RULE IN GERMANY 103
4.4.2 INSTRUMENTAL VARIABLE REGRESSION RESULTS 104
4.5 CONCLUSIONS 108
APPENDIX 4.A 109
BIBLIOGRAPHY 113
|
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| spelling | Bröcker, Matthias 1986- Verfasser (DE-588)1063887666 aut Essays on the structure of corporate ownership vorgelegt von Matthias Bröcker 2014 X, 124 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier München, Univ., Diss., 2014 Anteilseigner (DE-588)4211515-2 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content (DE-588)4113937-9 Hochschulschrift gnd-content Anteilseigner (DE-588)4211515-2 s DE-604 DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027767489&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Essays on the structure of corporate ownership |
| title_auth | Essays on the structure of corporate ownership |
| title_exact_search | Essays on the structure of corporate ownership |
| title_full | Essays on the structure of corporate ownership vorgelegt von Matthias Bröcker |
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| title_full_unstemmed | Essays on the structure of corporate ownership vorgelegt von Matthias Bröcker |
| title_short | Essays on the structure of corporate ownership |
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