Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting premiums EU-wide. Moreover, more intense and broad reform efforts (such as introducing national reforms beyond and above the EU-wide initiatives) bring higher and longer lasting benefits. Our findings also suggest that the market for corporate control in Europe has become more integrated, as illustrated by the lower dispersion in voting premiums across countries and over time.

Corporate governance --- Corporate governance. --- Governance, Corporate --- Industrial management --- Directors of corporations --- Finance: General --- Investments: General --- Public Finance --- Corporate Governance --- Corporate Finance and Governance: Government Policy and Regulation --- General Financial Markets: General (includes Measurement and Data) --- Auditing --- role & responsibilities of boards & directors --- Finance --- Management accounting & bookkeeping --- Investment & securities --- Commodity markets --- Capital markets --- Securities --- Commodity exchanges --- Capital market --- Financial instruments --- Italy --- Role & responsibilities of boards & directors

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

En esta nota se examina cómo ha evolucionado el pensamiento económico con respecto a la gestión macroeconómica desde que se inició la crisis. Se analizan la evolución de la política monetaria, en particular las medidas no convencionales; los desafíos asociados al aumento de la deuda pública, y los posibles riesgos y desafíos vinculados a las nuevas medidas macroprudenciales. Fundamento: Esta nota contribuye al debate en curso sobre diversos aspectos de la política macroeconómica. Se profundiza el análisis presentado en un estudio anterior de replanteamiento, a la luz de los acontecimientos de los dos últimos años. Dado que el debate con respecto a estas cuestiones no tiene aún una definición clara (por ejemplo, recientemente se ha cuestionado la independencia del banco central), resulta útil destacar que, si bien se han puesto en entredicho muchos de los postulados sobre los que había consenso antes de la crisis, otros siguen (como la conveniencia de la independencia del banco central) siguen siendo válidos.

Banks and Banking --- Inflation --- Macroeconomics --- Public Finance --- Financial Markets and the Macroeconomy --- Monetary Policy --- Central Banks and Their Policies --- Corporate Finance and Governance: Government Policy and Regulation --- National Government Expenditures and Related Policies: General --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Banking --- Fiscal consolidation --- Macroprudential policy instruments --- Fiscal policy --- Banks and banking --- Prices --- Economic policy --- United States

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The COVID-19 pandemic prompted unprecedented economic stimulus worldwide. We empirically examine the impact of a withdrawal of fiscal stimulus policies on the stock markets. After constructing a database of withdrawal events, we use event study analysis and cross-country regressions to assess the difference between the pre- and post-event stock price returns. We find that markets react negatively to premature withdrawals—defined as withdrawals at a time when the daily COVID cases are high relative to their historical average—likely reflecting concerns about the withdrawal impact on the prospects for economic recovery. The design of a successful exit strategy from COVID-19 policy responses should account for these concerns.

Business and Economics --- Macroeconomics --- Economics: General --- International Economics --- Monetary Policy --- General Financial Markets: Government Policy and Regulation --- Corporate Finance and Governance: Government Policy and Regulation --- Economic & financial crises & disasters --- Economics of specific sectors --- Financial crises --- Economic sectors --- Currency crises --- Informal sector --- Economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This article reviews Germany's corporate governance system and the effectiveness of recent reforms. Since the early 1990s far-reaching reforms have complemented the traditional stakeholder system with important elements of the shareholder system. Instead of taking a view on the superiority of either system, this article raises the important question whether these reforms created sufficient flexibility for the market to optimize its corporate governance structure within well established social and legal norms. It concludes that there is scope for enhancing flexibility in three core areas, relating to (i) internal control mechanisms, especially the flexibility of board structures; (ii) self-dealing; and (iii) external control, particularly take-over activity.

Corporate governance --- Corporate governance. --- Governance, Corporate --- Industrial management --- Directors of corporations --- Finance: General --- Macroeconomics --- Public Finance --- Corporate Governance --- Corporate Finance and Governance: Government Policy and Regulation --- Labor Economics: General --- Taxation, Subsidies, and Revenue: General --- General Financial Markets: General (includes Measurement and Data) --- role & responsibilities of boards & directors --- Labour --- income economics --- Public finance & taxation --- Finance --- Labor --- Internal controls --- Legal support in revenue administration --- Capital markets --- Labor economics --- Revenue --- Capital market --- Germany --- Income economics --- Role & responsibilities of boards & directors

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The implementation of the Commercial Rehabilitation Law (CRL) on April 1, 2000 was considered a key event in setting up the official infrastructure supporting corporate restructuring in Japan. This study evaluates the stock price impact of restructuring announcements before and after the CRL implementation using event-study analysis. Following the CRL implementation, the results suggest an improvement in market credibility of restructuring announcements based on improvements in disclosure, mergers, and to a lesser extent, labor force reductions. In contrast, credibility of restructuring announcements aimed at reducing excess capital deteriorated.

Banks and Banking --- Corporate Finance --- Labor --- Macroeconomics --- Corporate Governance --- Price Level --- Inflation --- Deflation --- Corporate Finance and Governance: Government Policy and Regulation --- Labor Force and Employment, Size, and Structure --- Corporate Finance and Governance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Corporate governance --- role & responsibilities of boards & directors --- Labour --- income economics --- Ownership & organization of enterprises --- Banking --- Asset prices --- Labor force --- Corporate sector --- Commercial banks --- Prices --- Economic sectors --- Financial institutions --- Labor market --- Business enterprises --- Banks and banking --- Japan --- Income economics --- Role & responsibilities of boards & directors