RUTH BUTLIN *, DAVID PAHAN **, AUNG KYA JAI MAUG
***, STEPHEN WITHINGTON ***, PETER NICHOLLS ***, KHORSHED ALAM * & M.
Yakov Amihud, Manuel Ammann, Marc Arnold, Emanuele Bajo, Tobias Berg, Marco Bigelli, Martin Brown, Ettore Croci, Fabrizio Ferri, Patrick Goettner, Stefan Hirth, Claudio Loderer, Ernst Maug
, Daniel Metzger, Alexandra Niessen-Ruenzi, Raghavendra Rau (Editor), Tony Saunders, Friederike Schmid, Alex Stamper, Daniel Streitz, Urs Waelchli, Alexander Wagner, David Yermack, an anonymous referee, and seminar and conference participants at the University of Bern, University of Bologna, University of Hamburg, University of St.
669) is in accordance with the results of Maug
(1998) and Khaemasunun (2004), who found that family firms are riskier beta, suggesting the non-diversifiable of the asset.
As suggested by Maug
and Kahn and High liquidate if a firm's shareholders commit to monitoring management, they trade frequently to maximize their profits from their private information and thus contribute to improve the stock's liquidity.
Further, our approach has the added advantage that the exit value of the investments by the PRI can be objectively measured, in comparison to internal rate of return (IRR) estimations before exit, which tend to be overvalued (Dittmann, Maug
, & Kemper, 2004).
2005), and takes into account such important measures as ownership concentration (Tosi and Gomez-Mejia 1989; Maug
1998), proportion of ownership by the top managers (Boyd 1994; Tosi and Gomez-Mejia 1994), and the presence of institutional investors (David et al.
Analysis of strategic choices of firms (Kochhar and David, 1996; Maug
, 1998; Bushee, 1998).
In the second paper, 'Bargaining under Large Risk--An Experimental Analysis' Werner Guth, Sabine Kroger, and Ernst Maug
study a variant of a two-stage ultimatum game, with outside options, and involving a role reversal.
The pattern and amount of stock ownership can also influence managerial behaviour (McConnel and Servaes 1990; Zeckhauser and Pound 1990; Maug
1998), corporate performance (Demsetz and Lehn 1985; Morck et al.
See also Ingolf Dittmann & Ernst Maug
, Lower Salaries and No Options?
Ingolf Dittmann, Erasmus University, and Ernst Maug
and Oliver Spalt, University of Mannheim, "Sticks or Carrots?
Harvard Business Review 72 (1994): 128-40; Ernst Maug
, "Large Shareholders as Monitors: Is There a Trade-off Between Liquidity and Control?