Do shareholder agreements affect market valuation?. Evidence from Brazilian listed firms

Journal of Corporate Finance

Volumn 18, Issue 4, 2012, Pages 919-933

  Carvalhal, Andre ^a  

^a PONTIFICAL CATHOLIC UNIVERSITY OF RIO DE JANEIRO   (Brazil)

Author keywords

Corporate governance; Firm valuation; Shareholder agreements

Indexed keywords

EID: 84864324427     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2012.04.003     Document Type: Article

References (42)

1. Aktas N., De Bodt E., Roll R. Market response to European regulation of business combinations. J. Financ. Quant. Anal. 2004, 39:731-757.
2. Anderson C. Financial contracting under extreme uncertainty: an analysis of Brazilian corporate debentures. J. Financ. Econ. 1999, 51:45-84.
3. Anderson R., Reeb D. Founding-family ownership and firm performance: evidence from the S&P 500. J. Finance 2003, 58:1301-1328.
4. Aydin N., Sayim M., Yalama A. Foreign ownership and firm performance: evidence from Turkey. Int. Res. J. Finance Econ. 2007, 11:102-110.
5. Bartlett J.W. Venture Capital: Law, Business Strategies and Investment Planning 1994, Wiley.
6. Bernard V. Cross-sectional dependence and problems in inference in market-based accounting research. J. Account. Res. 1987, 25:1-48.
7. Bernstein J. Shareholder Agreements: A Tax and Legal Guide 1988, CCH Canadian Limited.
8. Bianchi M., Bianco M., Enriques L. Pyramidal groups and the separation between ownership and control in Italy. The Control of Corporate Europe 2001, Oxford University Press. F. Barca, M. Becht (Eds.).
9. Black B., Jang H., Kim W. Does corporate governance affect firms' market values? Evidence from Korea. J. Law Econ. Organ. 2006, 22:366-413.
10. Boehmer E., Musumeci J., Poulsen A. Event-study methodology under conditions of event-induced variance. J. Financ. Econ. 1991, 30:253-272.
11. Campa J., Kedia S. Explaining the diversification discount. J. Finance 2002, 57:1731-1762.
12. Chemla G., Habib M., Ljungqvist A. An analysis of shareholder agreements. J. Eur. Econ. Assoc. 2007, 5:93-121.
13. Claessens S., Djankov S., Fan J., Lang L. Disentangling the incentive and entrenchment effects of large shareholdings. J. Finance 2002, 57:2741-2771.
14. Elayan F., Pukthuanthong K., Roll R. Investors like firms that expense employee stock options and they dislike firms that fail to expense. J. Invest. Manag. 2005, 3.
15. Faccio M., Lang L., Young L. Dividends and expropriation. Am. Econ. Rev. 2001, 91:54-78.
16. Farrar J., Boulle L. Minority shareholder remedies: shifting dispute resolution paradigms. Bond Law Rev. 2001, 13:1-32.
17. Freedman S. The Shareholder Agreement: Unprecedented Challenges 1994, The Law Society of Upper Canada.
18. Gianfrate G. What do shareholders' coalitions really want? Evidence from Italian voting trusts. Corp. Govern. Int. Rev. 2007, 15:122-132.
19. Goethals J., Ooghe H. The performance of foreign and national take-overs in Belgium. Eur. Bus. Rev. 1997, 97:24-37.
20. Gomes A., Novaes W. Multiple large shareholders in corporate governance. Wharton School and University of Washington Working Paper 1999.
21. Gompers P., Ishii J., Metrick A. Corporate governance and equity prices. Q. J. Econ. 2003, 118:107-155.
22. Gregory A., McCorriston S. Foreign acquisitions by UK limited companies: short and long-run performance. J. Empir. Finance 2005, 12:99-125.
23. Hausman J. Specification tests in econometrics. Econometrica 1978, 46:1251-1271.
24. Herzfeld E., Wilson A. Joint Ventures 1996, Jordans.
25. Jensen M. Agency cost of free cash flow, corporate finance, and takeovers. Am. Econ. Rev. 1986, 76:323-329.
26. Jensen M., Meckling W. Theory of the firm: managerial behavior, agency costs and ownership structure. J. Financ. Econ. 1976, 3:305-360.
27. John T., John K. Top-management compensation and capital structure. J. Finance 1993, 48:949-974.
28. Johnson S., La Porta R., Lopez-de-Silanes F., Shleifer A. Tunnelling. Am. Econ. Rev. 2000, 90:22-27.
29. Klapper L., Love I. Corporate governance, investor protection, and performance in emerging markets. J. Corp. Finance 2004, 10:703-728.
30. Kohlbeck M., Mayhew B. Related party transactions. AAA 2005 FARS Meeting Paper 2004.
31. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Law and finance. J. Polit. Econ. 1998, 106:1113-1155.
32. La Porta R., Lopez-de-Silanes F., Shleifer A. Corporate ownership around the world. J. Finance 1999, 54:471-518.
33. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Agency problems and dividend policies around the world. J. Finance 2000, 55:1-33.
34. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Investor protection and corporate valuation. J. Finance 2002, 57:1147-1170.
35. Megginson W., Netter J. From state to market: a survey of empirical studies on privatization. J. Econ. Lit. 2001, 39:321-389.
36. Myers S. Determinants of corporate borrowing. J. Financ. Econ. 1977, 5:147-175.
37. Pagano M., Roell A. The choice of stock ownership structure: agency costs, monitoring, and the decision to go public. Q. J. Econ. 1998, 113:187-225.
38. Schipper K., Thompson R. The impact of merger-related regulations on the shareholders of acquiring firms. J. Account. Res. 1983, 21:184-221.
39. Schipper K., Thompson R. The impact of merger-related regulations using exact distributions of test statistics. J. Account. Res. 1985, 23:408-415.
40. Scott G. Mining: Drafting Joint Venture Agreements 1999, The Continuing Legal Education Society of British Columbia.
41. Stedman G., Jones J. Shareholders' Agreements 1990, Longman.
42. Villalonga B., Amit R. How do family ownership, control and management affect firm value?. J. Financ. Econ. 2006, 80:385-417.