Value

An Integrated Framework of Corporate Governance and Firm Valuation - Evidence from Switzerland

Stakeholder Capitalism, Corporate Governance and Firm Value

In countries such as Germany, the legal system ensures that firms are stakeholder oriented. In others, like Japan, social norms achieve a similar...

The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune

Mergers and acquisitions are often motivated by the intention of creating value from intangible assets. We develop a novel word list of intangibles and...

Legal Perception and Finance: The Case of IPO Firm Value

In this paper, we contribute to the literature on institutional determinants of IPO valuation. We introduce the concept of ‘legal signaling,’...

Can Corporate Governance Reforms Increase Firms' Market Values: Evidence from India

A central problem in conducting an event study of the valuation effects of corporate governance reforms is that most reforms affect all firms in a...

Valuation effects of Norway's board gender-quota law revisited

We highlight the complexities in estimating the valuation effects of board gender quotas by critically revisiting studies of Norway’s pioneering...

May the Force be With You: Investor Power and Company Valuations

This paper re-examines the role of investor power in a model of staged equity financing. It shows how the usual effect where market power reduces...

Corporate Control, Dual Class, and the Limits of Judicial Review

Companies with a dual-class structure have increasingly been involved in highprofile battles over the reallocation of control rights. Google, for...

Corporate Governance and Value Creation: Evidence from Private Equity

We examine deal-level data from 395 private equity transactions in Western Europe initiated by large private equity houses during the period 1991 to...

Activism Pressure and the Market for Corporate Assets

We investigate the impact of hedge fund activism on corporate transaction markets. We find that activism targets as well as firms exposed to hedge fund...

Have exchange-listed firms become less important for the economy?

The firms listed on the stock market in aggregate contribute less to total non-farm employment and GDP now than in the 1970s. A major reason for this...

The Corporate Value of (Corrupt) Lobbying

Using an event study, we examine whether the stock market considers corporate lobbying to be a value-enhancing investment. On January 3, 2006, lobbyist...