2,066 research outputs found
Deregulierung und Unternehmensmobilitaet in Europa
No full textGegenstand dieses Beitrags ist es, Unternehmensgründungen in Großbritannien (GB) zu untersuchen, die ihren Ursprung auf der ganzen Welt haben. Hierfür werden über 2 Millionen Unternehmen herangezogen, die zwischen 1997 und 2006 in GB neu gegründet wurden. Diese Daten erlauben es zu beurteilen, welche Auswirkungen die Liberalisierung des Marktes für Unternehmensgründungen in der EU hat. Die EuGH-Entscheidungen haben zwar eine lebhafte juristische Debatte über ihre möglichen Auswirkungen ausgelöst (vgl. bspw. Kieninger (2004), Dammann (2003) und Wymeersch (1999, 2003)), empirisch wurden die Auswirkungen jedoch noch nicht untersucht. Manche Beobachter haben vorhergesagt dass Unternehmen ihren Sitz nach GB verlegen würden. Andere wiederum glauben, dass Unternehmer ihre nationalen Rechtssysteme grundsätzlich nicht verlassen. Dieser Beitrag ist die erste quantitative Untersuchung der Auswirkung von Deregulierung auf die Wahl des Gründungslandes eines Unternehmens. Wir zeigen dass die Centros-Urteile unmittelbar mit einem starken Anstieg von ausländischen Unternehmensgründungen in GB verbunden sind. So wurden zwischen 2003 und 2006 über 67.000 neue Gesellschaften mit be-schränkter Haftung in GB gegründet, die aus anderen EU-Ländern stammen. Diese Centros-Unternehmen sind zwar juristisch in GB errichtet, entfalten dort aber keine ökonomischen Aktivitäten und stellen neuartige Konstrukte europäischer Gesellschaftsformen dar. Die größten absoluten Flüsse von Centros-Unternehmen stammen aus Deutschland, Frankreich, den Niederlanden und Norwegen. Die meisten der Firmen sind kleine eigentümergeführte Unternehmen und es gibt demgegenüber noch keine Hinweise darauf, dass die Centros-Entscheidungen auch signifikanten Einfluss auf die Gründungen von Public Limited Companies, dem britischen Äquivalent zur Aktiengesellschaft, haben. Der primäre Effekt der Deregulierung betrifft deshalb bislang die Gründung junger Unternehmen und nicht die Änderung des juristischen Status bestehender Unternehmen. In Übereinstimmung mit der Hypothese eines Deregulierungseffekts zeigt sich, dass Unternehmensgründungen aus EU-Ländern in GB nach Centros stark ansteigen, nicht jedoch Unternehmensgründungen aus Nicht-EU-Ländern – für die die Centros-Entscheidungen keine Gültigkeit besitzen
Where do firms incorporate? Deregulation and the cost of entry
No full textinfo:eu-repo/semantics/publishe
Do qualifications matter? New evidence on board functions and director compensation
No full textPrior research suggests that the effectiveness of corporate directors depends on their qualifications. We investigate whether directors’ qualifications are reflected in their board functions and compensation. We find that, on average, more qualified directors receive more board functions and therefore higher pay, while CEO-appointed (“co-opted”) directors do not. However, co-opted directors receive more functions and higher pay on boards where the CEO’s influence is high. We also show that some firms award director compensation that is unrelated to board functions, and the likelihood of awarding such compensation depends on CEO power. Overall, our evidence generates new insights into how director roles and financial incentives are allocated within boards and the extent to which this allocation depends on CEO power
Leverage and pricing of debt in LBOs
No full textWe show that the structure and pricing of debt in LBOs mostly depend on a single characteristic of the target firm, pre-LBO profitability. We find a positive relationship between pre-LBO profitability and deal leverage, that is consistent with a dynamic trade-off theory of capital structure in the presence of adjustment costs. We argue that the wide range of debt tranches used in LBO financing can be folded into two main categories, senior and junior debt, where the pricing of senior and junior debt depends on their relative use and on bankruptcy risk. Our evidence also suggests that senior lenders oversupply cheap credit during hot buyout markets
The benefits of access: evidence from private meetings with portfolio firms
No full textWe use large language models to analyze the content of 4,700 private meetings between a large active asset manager and its portfolio firms. The high-level meetings convey mostly soft information about the firm, and little about industry or market. Fund manager meetings focus on business models and financial metrics, while governance specialist meetings focus on ESG risks. 0.4% of meetings discuss material non-public information. Trades by fund managers increase with meetings attended by senior management, rated as unusually good or bad, where the tone is significantly positive or negative, or assessed as creating consensus. Meeting-informed portfolios can generate significant outperformance
Avoidance and self-image concerns in fundraising : an experimental analysis
No full textauthor: Hannes SpieglmayrMasterarbeit University of Innsbruck 201
The influence of drill cuttings on physical characteristics of phytodetritus
No full textSinking of aggregated phytoplankton cells is a crucial mechanism for transporting carbon to the seafloor and benthic ecosystem, with such aggregates often scavenging particulate material from the water column as they sink. In the vicinity of drilling rigs used by the oil and gas industry, the concentration of particulate matter in the water column may at times be enriched as a result of the discharge of ‘drill cuttings’ – drilling waste material. This investigation exposed laboratory produced phytoplankton aggregates to drill cuttings of various composition (those containing no hydrocarbons from reservoir rocks and those with a <1% hydrocarbon content) and assessed the change in aggregate size, settling rate and resuspension behavior of these using resuspension chambers and settling cylinders. Results indicate that both settling velocity and seabed stress required to resuspend the aggregates are greater in aggregates exposed to drill cuttings, with these increases most significant in aggregates exposed to hydrocarbon containing drill cuttings
Avoidance and self-image concerns in fundraising : an experimental analysis
No full textauthor: Hannes SpieglmayrMasterarbeit University of Innsbruck 201
Fluid characterization utilizing acoustic pressure waves
No full textAuthor Dipl.-Ing. Hannes AntlingerDissertation Johannes Kepler Universität Linz 202
Does family control matter? International evidence from the 2008-2009 financial crisis
No full textWe study whether and how family control affects valuation and corporate decisions during the 2008–2009 financial crisis using a sample of more than 8,500 firms from 35 countries. We find that family-controlled firms underperform significantly, they cut investment more relative to other firms, and these investment cuts are associated with greater underperformance. Further, we find that within family groups liquidity shocks are passed on through investment cuts across the group. Our evidence is consistent with families taking actions to increase the likelihood that the firms under their control and their control benefits survive the crisis, at the expense of outside shareholders
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