In the private equity world, partnership agreements have received praise from many corners for reducing the agency costs arising between the interests of fund managers and investors. This article sets out to assess contract design in private equity partnerships. The argument here is that the importance of many of these heralded contract design features has been overstated. Part II describes the legal rights of investors in private equity funds. By default, investors in private limited partnerships have limited rights to participate in day-to-day operations or challenge decisions of fund managers. As a result of this set of default legal rules, investors in these funds face a familiar agency problem. That is, fund managers may be emboldened to pursue their own self-interest at the expens...
... equity-based compensation in the form of stock or options.25 Accordingly, a corporate manager's c...First, the failure of private contract to reduce agency ...In the corporation, authority for managerial decision making is centr...
... closely held or controlled foreign corporations deriving principally passive or related-party inco...Moreover, if U.S. shareholders sold stock in the foreign corporation to raise cash in the Un... for the year (including extensions) for the first tax year in which the election will apply.22 If a ...investors in domestic investment companies because they avoi...
... of the Courtby mutual fund investors. Janus Investment Fund has noassets apart from tho... JCG's stock pricefell nearly 25 percent, from $17.68 on ...And another court found that a corporation's chieffinancial officer could be held primarily l...
... Michele Marrs ON Semiconductor Corporation Steve Monthofer The Go Daddy Group, Inc. Deana Nic...James Rizzo Greatbatch, Inc. Amy Thompson First Niagara Bank Thomas Wanchick Columbus McKinnon Cal... Richard Slinko GATX Corporation Thomas Stock Dover Corporation Ronald Thurber Glenn Treganza Sh... Distribution Shannon Sigler Federated Investors, Inc. Stephen Tepper Wesco Distribution Scott Thor...
... divestiture and resulted in negative excess stock return of 10.8% within the one year prior to the r... governance system of the modern corporation (Jensen, 1993). . Agency arguments have become ing... in how practitioners, institutional investors, and for the most part, academicians define what i...This is the first study that addresses this issue, thus a more broad...
According to most research, firms benefit from being listed on the New York Stock Exchange (NYSE). Nevertheless, 224 of 640 firms that went public from 1993 through 2000 and were eligible for a NYSE listing chose to list their stock on Nasdaq. We hypothesize that this choice may be related to Securities and Exchange Commission (SEC) Rule 144. The rule regulates the sale of restricted stock by limiting the amount of unregistered stock that can be sold by an individual. We investigate the determinants of post-IPO sales of restricted stock, examine IPO firms' listing choices, and find evidence consistent with firms selecting Nasdaq to reduce the effect of the limits on selling restricted stock imposed by the SEC's Rule 144. Venture capitalists play an important role in this listing decisio...
..., venture capitalists, and other pre-IPO investors who choose where the stock will trade after the IP...II. Data. Using the securities Data Corporation (SDC) New Issues database, we identify firms that ... listing/entry fee and annual fee for the first year. The table indicates that firms that choose t...
... DIRECTOR, DIVISION OF CORPORATION FINANCE, SECURITIES AND EXCHANGE C... proceeds -- proceeds that he owed to investors in his fund. On March 3rd, the SEC charged the for...Chairman. First, the Democrats had the House and the Senate for fo... is available to investors who are buying stock issues, public offerings of stock. The waiting per...
... published his book, Insider Trading and the Stock Market, do we find some economic analysis of insid... have to say on insider trading, we first review the economic literature and attempt to revi... be seen as signal mechanisms to inform investors where to allocate the capital that will be used to... the highest-valuing user between the corporation's managers and its investors (Carlton and Fischel,...
This article suggests that statutes governing both corporations and limited liability companies should require all owners to read several warnings about the dangers of a lack of advance planning before starting a business, or before purchasing an equity interest in an existing closely held business. Part I of this article reviews the current landscape of available business forms and details the many ways in which the majority owners of a business can take advantage of the minority owners. Part I also reviews the many ways in which the minority owner could have protected himself -- if he had the foresight to do so. Part II then reviews the main statutory and judicial responses to the problem of minority owner oppression and discusses their inadequacy. After discussing some other suggesti...
...First, he may sue A and B, claiming that their actions h... would happen to a shareholder is that his stock in the corporation would become worthless if, for ... often are passive or "sophisticated" investors who are not likely to work at the business, but wh...
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