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Governance Mechanisms and Effective Activism: Evidence from Shareholder Proposals on Poison Pills 

Date: 09/2017 Author(s): Giné, Mireia; Moussawi, Rabih; Sedunov, John Document type: Article in Journal (refereed) This paper studies the interaction between governance mechanisms and the effectiveness of shareholder activism by examining shareholder-initiated proposals on poison pills. After contrasting companies along their governance regime, we observe that dictatorship firms, characterized with higher number of governance provisions, are associated with more ... More information  

What Makes A Good Manager In The Public Sector? 

Date: 07/2017 Author(s): Pin Arboledas, José Ramón Document type: Non-refereed article Vision, communication and ethics - these are some of the traits required of politicians and managers in the public sector. Professor José R. Pin highlights the four essential requirements for achieving good governance, and the need for high-quality education for public sector managers. More information  

The Role of Unaffiliated Bankers on Conditional Conservatism: Evidence from IFRS Information Shock 

Date: 07/2017 Author(s): Bonetti, Pietro; Ipino, Elisabetta; Parbonetti, Antonio Document type: Article in Journal (refereed) We exploit IFRS mandatory adoption as a source of variation in the demand for conditional conservatism to examine the role of unaffiliated bankers on the level of conditional conservatism. We show that firms with unaffiliated bankers on boards of directors experience a significant increase in the level of conditional conservatism compared with ... More information  

Executive Gender Pay Gaps: The Roles of Female Risk Aversion and Board Representation 

Date: 05/06/2017 Author(s): Giné, Mireia; Carter, Mary Ellen; Franco, Francesca Document type: Article in Journal (refereed) Using a large sample of executives in S&P1500 firms over 1996-2010, we document significant salary and total compensation gaps between female and male executives and explore two possible explanations for the gaps. We find support for greater female risk aversion as one contributing factor. Female executives hold significantly lower equity incentives ... More information   Read related article

Valero's "Enterprise Politics": A Model of Humanistic Management and Corporate Governance 

Date: 06/2017 Author(s): Calleja, Ricardo; Melé, Domènec Document type: Article in Journal (refereed) The purpose of this paper is to present and interpret the "Enterprise Politics Model (EPM)" developed by prof. Antonio Valero, University of Navarra, Spain. The main features of Valero's philosophy of the firm and senior management can be summarized in four points: the firm as a community of persons; the firm as an intermediate social institution ... More information  

El Puerto de La Coruña 

Date: 04/05/2017 Author(s): Javaloyes Ruiz, Joaquín; Estévez Mendoza, Carlos; López Cardenete, Juan Luis Document type: Case El Puerto de A Coruña se encontraba en una encrucijada. ¿Qué opciones tenía para mejorar su situación financiera? ¿Qué nuevos tráficos podría atraer? ¿Cómo podría aumentar los tráficos existentes? ¿Cómo podrían alienarse de la mejor manera posible los intereses del Puerto y los de la Ciudad? En definitiva, ¿Cómo podía generar valor compartido con la ... More information  

Icaria Iniciatives Socials - Inout 

Date: 20/04/2017 Author(s): García Durán, Mireya; Vázquez- Dodero, Juan Carlos Document type: Case After more than 40 years of empowering social entrepreneurship projects focused on training and labor integration for people with disabilities, particularly mental disabilities, María José Pujol faces a number of challenges, primarily related to the succession of her projects, now that she is 61 years old. Analyzing the data for the company's last ... More information  

Business and The Sustainable Development Goals 

Date: 04/04/2017 Author(s): Torelló Raventós, Mireia ; Rosenberg, Mike Document type: Technical Note The Sustainable Development Goals (SDGs) follow and expand on the Millennium Development Goals (MDGs). While the MDGs were focused on poverty mitigation through aid programs and new policies, the SDGs are a novel and global set of goals that UN member states are expected to include in their agendas and policies by 2050. This technical note invites ... More information  

Portfolio Diversification, Market Power, and the Theory of the Firm 

Date: 21/03/2017 Author(s): Azar, José Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper This paper develops a model of firm behavior in the context of oligopoly and portfolio diversification by shareholders. Competition for shareholder votes among potential managers seeking corporate office leads to internalization and aggregation of shareholder objectives, including shareholdings in other firms, and the fact that shareholders are consumers ... More information  

Anti-Competitive Effects of Common Ownership 

Date: 21/03/2017 Author(s): Azar, José; Schmalz, Martin; Tecu, Isabel Editor(s): PPSRC - Public-Private Sector Research Center Document type: Working Paper Many natural competitors are jointly held by a small set of large institutional investors. In the US airline industry, taking common ownership into account implies increases in market concentration that are ten times larger than what is ¿presumed likely to enhance market power¿ by antitrust authorities. We find a robust correlation between within-route ... More information  
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