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Book Cover
Author Bhagat, Sanjai

Title The econometrics of corporate governance studies / Sanjai Bhagat and Richard H. Jefferis, Jr
Published Cambridge, Mass. : MIT Press, ┬ę2002


Description 1 online resource (x, 114 pages)
Contents Econometrics of Corporate Governance Studies -- sample construction and data -- joint distribution of takeovers, managerial turnover, and takeover defense -- bootstrap regression results -- probit models -- summary and conclusions
Summary A vast theoretical and empirical literature in corporate finance considers the interrelationships of corporate governance, takeovers, management turnover, corporate performance, corporate capital structure, and corporate ownership structure. Most of the studies look at two variables at a time. In this book, Sanjai Bhagat and Richard Jefferis argue that from an econometric viewpoint, the proper way to study the relationship between any two of these variables is to set up a system of simultaneous equations that specifies the relationships among the six variables. The specification and estimation of such a system of simultaneous equations, however, is nontrivial. The authors illustrate their argument with a discussion of the impact of corporate anti-takeover measures on takeovers and managerial job-tenure. During the past two decades, an overwhelming majority of publicly held US corporations have adopted anti-takeover measures. The authors show that, contrary to expectation, defense measures are ineffective in preventing takeovers and the frequency of CEO departures is unrelated to takeover defenses. At firms with poison pill defenses, however, there is a statistically significant relationship between management turnover and company performance
Analysis ECONOMICS/Finance
Bibliography Includes bibliographical references (pages 107-114) and index
Notes English
Print version record
Subject Corporate governance -- Econometric models
BUSINESS & ECONOMICS -- Workplace Culture.
BUSINESS & ECONOMICS -- Corporate Governance.
BUSINESS & ECONOMICS -- Organizational Development.
Corporate governance -- Econometric models
Corporate Governance
├ľkonometrisches Modell
Corporate governance.
Econometrische modellen.
Form Electronic book
Author Jefferis, Richard H
ISBN 9780262268424