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| Lauterbach, Beni; Yafeh, Yishay. |
| We follow the evolution of ownership structure in a sample of 80 Israeli companies that unified their dual-class shares in the 1990s, and compare it with a control sample of firms that maintained their dual share structure at least until 2000. Our main findings are as follows. First, controlling shareholders offset the dilution of voting rights they incurred upon unification by: 1) increasing their holdings prior to the unification (ex-ante preparation), and 2) by buying shares afterwards; by the end of the sample period their voting power was only marginally lower than in the control sample. This suggests that marginal voting rights are important to controlling shareholders even beyond the 50% threshold. Second, share unifications were not associated with... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Dual Class Shares; Corporate Governance; Financial Economics; G30; G32. |
| Ano: 2009 |
URL: http://purl.umn.edu/55833 |
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| Platt, Harlan D.; Platt, Marjorie B.. |
| For the most part, research purporting to address the issue of financial distress has actually studied samples of bankrupt companies. Financial distress and bankruptcy are different. In contrast, this paper starts with a sample of companies that are financially distressed but not yet bankrupt. The sample was obtained by screening the Compustat industry database with a three-tiered identification system. The screen bifurcated companies into financially and non-financially distressed groups. A multi-tiered screen reduces the incidence of mistakenly identifying a non-distressed company as financially distressed. The paper then compares factors indicating the likelihood of future bankruptcies to those indicating future financial distress. To do this, an early... |
| Tipo: Journal Article |
Palavras-chave: Financial distress; Early warning model; Renewal; Financial Economics; G30; G33. |
| Ano: 2006 |
URL: http://purl.umn.edu/50146 |
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