The ever-changing nature of the business world and government policies makes continuing research on the capital markets model vital to our complete and current understanding of how corporate governance affects business and economies throughout the world. There is an abundance of empirical and theoretical research on the topics of corporate control and governance, however, most research in this area has been concentrated in countries where the capital markets are the main source of corporate financing - the United States, Canada, and the United Kingdom. This volume, organized into four components, is designed to analyze the issues affecting corporate control and governance from a global perspective. The first three sections - North America; Europe and Australia; and Emerging Markets - offer theoretical and empirical studies from these respective regions of the world. The countries/regions studied in these sections include the United States, the United Kingdom, Australia, Continental Europe, Germany, France, Holland, Russia, Chile, South Korea, and Sri Lanka.The fourth section, Clinical Studies, provides case studies that analyze individual events and may also be used for classroom instruction.
Introduction. A global view of current trends in corporate control and governance (L.A. Nail). North America. CEO compensation and managerial decisions: evidence from acquisitions (E. Blazer, D. Denis). The valuation effect of asset transfers: the international evidence (K. Gleason, I. Mathur and M. Singh). Europe and Australia. Hostile takeovers in Continental Europe: an overview (T. Kruse). Do shareholders value financial transparency? Evidence from Germany (S. Kleimeier, D. Whidbee). Ownership concentration and corporate performance: some new evidence for France (E. Kremp, P. Sevestre). An analysis of, and comment on, corporate governance policy differences between UK institutional investors (M. Ward, P. Barnes). A stakeholder perspective of capital structure: evidence from the Dutch market (A. Tourania Rad, P. van Stekelenborg). A visible hand: the regulation of Australian financial services (H. Bowers). Emerging Markets. Corporate control and governance: Russian style (L.V. Philosophov, S.T. Filimonov). Corporate governance in Chile: recent evidence (F. Parisi, R. Godoy and A. Parisi). Corporate governance in South Korea: implications for future research (T. Campbell II). Attitudes to corporate governance issues in Sri Lanka (J. Batten, T.A. Fetherston, S. Hettihewa and R. Mellor). Clinical Studies. The DaimlerChrysler merger: short term gains, long-run wealth destruction? (M. Blasko, J.M. Netter and J.F. Sinkey). Corporate governance issues in Barings' failure (W. Hogan, J. Batten). Culture clashes and integration problems in cross-border mergers: a clinical examination of the Pharmacia-Upjohn merger (T. Belcher, L. Nail). Consolidation and the market for corporate control in the communications industry: the case of Vodafone and Mannesman (E.W. Shinn).