Download or read book Three Essays on Corporate Innovation and Shareholder Activism written by Yifei Zhang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first chapter studies whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two sets of firm scope metrics, a text-based emerging business measure and Compustat segment measures, I document that CVC investments are strongly associated with subsequent firm scope changes of the CVC corporate parent, including seeding emerging businesses, establishing new divisions, terminating obsolete divisions, and changing the primary industry. Further evidence is consistent with an experimentation view of CVC investments, with more promising ventures having a stronger impact on scope changes of parent firms. Finally, to sharpen the causality, I explore idiosyncratic fund inflow shocks of those connected independent VCs for each CVC program, as well as the US non-stop airline routes.In the second chapter, 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 threats receive more merger bids, increase divestitures and make fewer acquisitions, with the acquisition effect concentrated among large firms. We document that the majority of activist campaigns are clustered by industry, and estimate that the simultaneous increase in asset sales and decrease in acquisitions in such activism clusters reduce real asset liquidity for asset sellers by about 35%. The liquidity squeeze produces two effects: transaction prices are reduced, and industry outsiders provide liquidity by purchasing more industry assets. Looking at short-term price pressure and long-run performance, we present evidence that transactions by activist targets are less affected by the reduced asset liquidity than those of other firms.The third chapter investigates which kind of targeted firms benefit the most from hedge fund activism campaigns. I first document that ex-ante better governance firms experience larger value and performance improvements after activism campaigns. Moreover, good governance firms operating in relatively competitive industries benefit the most from hedge fund activism campaigns among all targeted firms. Both results are counter-intuitive since ex-ante good governance firms operating in relatively competitive industries should suffer the least from agency costs and have already operated on the industry efficiency frontier. As a result, further value improvements should be minimal. I provide a new explanation for the puzzling results through the success likelihood of activist campaigns and value improvement conditional on campaign success.
Download or read book Three Essays on Corporate Innovations written by Lilei Xu and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on corporate R&D and innovations in the United States.
Download or read book Three Essays in Financial Markets The Bright Side of Financial Derivatives Options Trading and Firm Innovation written by Iván Blanco and published by Ed. Universidad de Cantabria. This book was released on 2019-02-15 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Download or read book Essays on Corporate Innovation written by Lai Van Vo and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hedge Fund Activism written by Alon Brav and published by Now Publishers Inc. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge Fund Activism begins with a brief outline of the research literature and describes datasets on hedge fund activism.
Download or read book Two Essays on Corporate Innovation written by Hua-Hsin Tsai and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first chapter, I examine the relationship between institutional investors' distraction and innovation. Institutional investor distraction means that these institutional investors get distracted when they perceive either positive or negative information from other stocks in their portfolio. Prior studies suggest institutional holdings provide stable funding for firm managers and thus allow them to pursue long term innovation (stability hypothesis). However, the level of institutional holdings is also a proxy for the level of attention given by these institutions (attention hypothesis). I address this debate by utilizing the investor distraction measure of Kempf, Manconi, and Spalt (2017) and find that institutional investors' distraction reduces firm patent filings, citations, and quality, supporting the attention hypothesis. The effect is concentrated in firms owned by institutions providing beneficial monitoring but limited attention: passive institutions, independent institutions, and institutions with a low ownership concentration in the firm. The test shows that investor distraction impacts innovation via the monitoring channel or the information channel. In my second essay, I investigate the relationship between a firm's external financing needs and the extent of technology spillovers that the firm experiences. Reliance on external funds is captured by the firm's level of external financial dependence (EFD) firm. My empirical results indicate that firms with higher technology spillover have lower external financial dependence.
Download or read book Dear Chairman written by Jeff Gramm and published by HarperCollins. This book was released on 2016-02-23 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: A sharp and illuminating history of one of capitalism’s longest running tensions—the conflicts of interest among public company directors, managers, and shareholders—told through entertaining case studies and original letters from some of our most legendary and controversial investors and activists. Recent disputes between shareholders and major corporations, including Apple and DuPont, have made headlines. But the struggle between management and those who own stock has been going on for nearly a century. Mixing never-before-published and rare, original letters from Wall Street icons—including Benjamin Graham, Warren Buffett, Ross Perot, Carl Icahn, and Daniel Loeb—with masterful scholarship and professional insight, Dear Chairman traces the rise in shareholder activism from the 1920s to today, and provides an invaluable and unprecedented perspective on what it means to be a public company, including how they work and who is really in control. Jeff Gramm analyzes different eras and pivotal boardroom battles from the last century to understand the factors that have caused shareholders and management to collide. Throughout, he uses the letters to show how investors interact with directors and managers, how they think about their target companies, and how they plan to profit. Each is a fascinating example of capitalism at work told through the voices of its most colorful, influential participants. A hedge fund manager and an adjunct professor at Columbia Business School, Gramm has spent as much time evaluating CEOs and directors as he has trying to understand and value businesses. He has seen public companies that are poorly run, and some that willfully disenfranchise their shareholders. While he pays tribute to the ingenuity of public company investors, Gramm also exposes examples of shareholder activism at its very worst, when hedge funds engineer stealthy land-grabs at the expense of a company’s long term prospects. Ultimately, he provides a thorough, much-needed understanding of the public company/shareholder relationship for investors, managers, and everyone concerned with the future of capitalism.
Download or read book The Foundations and Anatomy of Shareholder Activism written by Iris H-Y Chiu and published by Bloomsbury Publishing. This book was released on 2010-10-12 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Foundations and Anatomy of Shareholder Activism examines the landscape of contemporary shareholder activism in the UK. The book focuses on minority shareholder activism in publicly listed companies. It argues that contemporary shareholder activism in the UK is dominated by two groups; one, the institutional shareholders whose shareholder activism is largely seen as a driving force for good corporate governance, and two, the hedge funds whose shareholder activism is based on value extraction and exit. The book provides a detailed examination of both types of shareholder activism, and discusses critically the nature of, motivations for and consequences following both types of shareholder activism. The book then locates both types of shareholder activism in the theory of the company and the fabric of company law, and argues that institutional shareholder activism based on exercising a voice at general meetings is well supported in theory and law. The call for institutions to engage in more informal forms of activism in the name of 'stewardship' may bring about challenges to the current patterns of activism that institutions engage in. The book argues, however, that a more cautious view of hedge fund activism and the pattern of value extraction and exit should be taken. More empirical evidence is likely to be necessary, however, to weigh up the long terms benefits and costs of hedge fund activism.
Download or read book Essays on Corporate Innovation Strategy and Corporate Disclosure written by Jing Yang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays in Corporate Finance written by Julian D. Atanassov and published by . This book was released on 2006 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book New Waves in Innovation Management Research ISPIM Insights written by Marcus Tynnhammar and published by Vernon Press. This book was released on 2018 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: Launched in 2011 to recognize the prolific contribution that PhD dissertations make to the field of Innovation Management, the ISPIM Dissertation Award selects three winners from the possible 100+ entries every year. Aided in the selection process by the generous support of Innovation Leaders, the ISPIM presents the awards at their annual Innovation Conference. With only three finalists being selected each year, many excellent submissions do not receive the recognition they deserve. To rectify this, the 2018 ISPIM Dissertation Award cast its spotlight beyond the top three dissertations and onto a much greater number of entries. Compiling the top 28 submissions received this year, 'New Waves in Innovation Management Research' is organized into six thematic sections that cover areas such as investments, collaboration, and creativity. Presenting a broad range of case studies and data from across global, this edited volume illustrates the breadth of research potential in the coming wave of innovation management. This book will be of interest to students, researchers and professional managers, alike, who are interested in or actively involved in the latest research on innovation management.
Download or read book The Oxford Handbook of Corporate Law and Governance written by Jeffrey Neil Gordon and published by Oxford University Press. This book was released on 2018 with total page 1217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate law and governance are at the forefront of regulatory activities worldwide, and subject to increasing public attention in the wake of the Global Financial Crisis. Comprehensively referencing the key debates, the Handbook provides a much-needed framework for understanding the aims and methods of legal research in the field.
Download or read book The Wolf at the Door written by John C. Coffee and published by . This book was released on 2016-02-10 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance has three basic aims: to understand and explain the factors that have caused an explosion in hedge fund activism; to examine the impact of this activism; and to survey and evaluate possible legal interventions with an emphasis on the least restrictive alternative.
Download or read book American Doctoral Dissertations written by and published by . This book was released on 1996 with total page 872 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Company Law and Sustainability written by Beate Sjåfjell and published by Cambridge University Press. This book was released on 2015-05-21 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book advances an innovative, multi-jurisdictional argument for the necessity of company law reform to reorient companies towards environmental sustainability.
Download or read book Grow the Pie written by Alex Edmans and published by Cambridge University Press. This book was released on 2021-11-11 with total page 541 pages. Available in PDF, EPUB and Kindle. Book excerpt: Should companies be run for profit or purpose? This book shows how they can deliver both-based on rigorous evidence and an actionable framework. This edition, updated to include the pandemic and latest research, explains how managers, investors and citizens can put purpose into practice-and overcome the difficult trade-offs that hold them back.
Download or read book Related Party Transactions and Minority Shareholder Rights written by OECD and published by OECD Publishing. This book was released on 2012-03-29 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The publication reviews provisions covering related party transactions and the protection of minority shareholder rights in 31 jurisdictions, both OECD and non-OECD. In addition, the regulatory and legal systems that have beeen developed in five jurisdictions are reviewed in detail.
