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- Hamberg, Mattias, et al.
(författare)
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Board participation, toeholds and the cross-border effect
- 2013
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Ingår i: International Business Review. - : Elsevier BV. - 0969-5931 .- 1873-6149. ; 22:5, s. 868-882
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Tidskriftsartikel (refereegranskat)abstract
- Research shows that the bid announcement return (BAR) of the acquiring firm is lower for cross-border than domestic acquisition announcements. The current lack of economically based explanations for this effect, labeled the cross-border effect by Moeller and Schlingemann (2005), motivates our study. We use unique hand-collected corporate governance data to study how the relationships between acquiring and target firms prior to a bid announcement affect the cross-border effect. Our tests show that non-operating associations between the acquiring and target firms, in the form of board participation and toeholds, have a positive effect on the BAR. The cross-border effect disappears when we control for board participation and toeholds. Thus, we suggest that the cross-border effect is at least partly a consequence of information asymmetries and the adverse selection problem that they generate.
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| 4. |
- Overland, Conny, 1975, et al.
(författare)
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Climate-friendly construction and capital constraints: A problem of asymmetric information?
- 2013
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Ingår i: 2013 Nordic Environmental Social Sciences conference, Copenhagen, 11th-13th June.
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- Energy efficiency investments in the built environment are a key issue to meet set climate goals. For real estate developers access to debt financing is imperative. Borrowing capacity is therefore related to the likelihood that environmental targets are met. In this interview study we investigate whether the views on investments’ debt capacity may differ between different parties in the real estate market, and how that can affect developers’ access to finance. We find that property owners and banks come to different conclusions about the borrowing capacity of energy efficient construction projects. There is reason to believe that energy efficient buildings often are profitable, insofar that the larger investment outlays are compensated by larger discounted future cash flows, but that investments are impeded by a lack of funds. We also investigate whether property appraisers as well as environmental certification can serve as certifying bodies to overcome borrowing constraints induced by informational asymmetries. We do not find that they fill that role in Sweden today. The capital constraints could be problematic for developers who are hindered to make value increasing investments, society at large as it may lead to underinvestment and increased external costs, and for the banks themselves as they risk allocating capital to inferior assets.
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| 7. |
- Overland, Conny, 1975, et al.
(författare)
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Joint cost allocation and cogeneration
- 2014
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Ingår i: Nordic Accounting Conference 2014, 13-14 November 2014, Copenhagen..
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- With the joint production of two goods, one subject to competition and the other being a natural monopoly, the threat of cost based price regulation should lead the rational producer to allocate as much costs as possible to the product under scrutiny. We investigate whether Swedish district heating companies allocate joint costs accordingly as well as the importance of these choices in terms of reported segment profitability. The study is conducted through telephone interviews with Swedish companies with combined heat and power (CHP) production, and by analyzing effects on segment profitability from different allocation policies in a DH firms. Our main findings are that most CHP producers do not allocate costs for purposes of reporting or decision making, but that they, implicitly or explicitly, consider electricity a by-product which is used to subsidize heat customers. The case study also suggests that the choice of allocation method has a substantial impact on reported business segment profitability.
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| 8. |
- Overland, Conny, 1975, et al.
(författare)
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Keeping it real or keeping it simple? Ownership concentration measures compared
- 2012
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Ingår i: The 4th workshop of the Nordic Corporate Governance Network, Reykjavik University June 15, 2012.
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Konferensbidrag (refereegranskat)abstract
- Based on a sample of 240 Swedish firms listed at the Stockholm Stock Exchange as of year-end 2008 we analyze measures of ownership concentration found in past governance literature. We find that although measures are significantly correlated, they show different distributional properties. We also identify the best underlying distribution for each concentration measure, and we are able to distinguish between measures in terms of what dimensions of ownership they describe. Finally, we document that inferences regarding the association between ownership concentration and firm performance are contingent on the choice of concentration measure.
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| 9. |
- Overland, Conny, 1975, et al.
(författare)
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Lån till klimatanpassat byggande: En förstudie om problemet med långivares och låntagares värderingsskillnader
- 2013
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Rapport (övrigt vetenskapligt/konstnärligt)abstract
- I denna förstudie undersöks hur synen på investeringars belåningsutrymme skiljer sig åt mellan aktörer på fastighetsmarknaden och inom bankväsen. Särskilt fokuseras hur sådana skillnader i synsätt kan påverka förutsättningarna för att erhålla lånefinansiering vid investeringar i fastigheter med lägre energianvändning – investeringar som skulle bidra till att möta klimatutmaningen. Vi finner skäl att tro att banker faktiskt inte nämnvärt värderar de positiva ekonomiska konsekvenser som följer av minskad energiförbrukning när de gör sina kreditbedömningar; detta kan leda till underinvestering i fastigheter med hög miljöprestanda. Detta kan vara problematiskt för fastighetsföretag som upplever begränsade finansieringsmöjligheter att genomföra värdeskapande investeringar, för samhället om det medför underinvesteringar och större externa kostnader, och även för bankerna själva då de på marginalen allokerar kapital till sämre tillgångar.
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| 10. |
- Samani, Niuosha, et al.
(författare)
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The sheep watching the shepherd : The monitoring performance of boards with employee representation
- 2014
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Ingår i: The Nordic Accounting Conference 2014, 13-14 November 2014, Copenhagen..
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Konferensbidrag (övrigt vetenskapligt/konstnärligt)abstract
- The board of directors play a key role in monitoring management. However, for an effective monitoring, information asymmetry between the boards and management is an obstacle. In this paper we focus on the role of employee representative and how they contribute to the ability of the boards for monitoring CEO compensation and overseeing financial reporting. In particular, employee representative can provide the outside directors with inside information and alleviate the information asymmetry between managers and board of directors. Using a sample of listed firms in Stockholm Stock Exchange allows us to study the impact of co-determination on firm's corporate policies more closely. In particular, we find evidence for a higher earnings quality in firms with employees on the boards, suggesting that these firms are less engaged in earnings management. Furthermore, with respect to CEO compensation, there is some evidence that the presence of employee representatives on the boards is negatively associated with CEO equity incentive plans.
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