Purpose – The purpose of this paper is to add to our understanding of the monitoring role of multiple large shareholders by examining their impact on the informativeness of firms’ earnings. Design/methodology/approach – We use regression models that relate earnings to stock returns for a sample of 402 French publicly traded firms covered during 2003-2007. Findings – We show that earnings inform...

We introduce protocols for a fully decentralized synchronization of data items among equal peers in an argumentation framework (for applications such as debates in petition signature drives, and deliberation among shareholders). Here, an argumentation is a structured exchange of justifications around issues (or motions). The motions are relevant to organizations, and the organizations are rules...

This essay discusses the corporate governance of banks. Bank managers must balance competing demands from shareholders and regulators, which distinguishes banks from most other firms. The essay is structured into three parts. The theoretical section first broadly defines management and its governance as a process with certain built-in ambiguities that defy a strict notion of accountability. The...

ASSOCIE A :. Institut de Finance Mathématique de Montréal (IFM 2). Laboratoires universitaires Bell Canada. Réseau de calcul et de modélisation mathématique [RCM 2 ]. Réseau de centres d'excellence MITACS (Les mathématiques des technologies de l'information et des systèmes complexes) Les cahiers de la série scientifique (CS) visent à rendre accessibles des résultats de recherche effectuée au CI...

A new corporate governance model for SOEs with Chinese characteristics was implemented in China 2016, which a 4 + 1 (Chinese Communist Party committee, shareholders’ meeting, board of directors, supervisors managers) structure formed by integrating the organization into traditional Western 3 (shareholders’ managers), and it major breakthrough modern enterprise system characteristics. With this ...

Acquirer cumulative abnormal returns (CARs) have been investigated intensively for more than three decades. CARs measure shareholders’ wealth changes conditional upon a deal announcement. The unconditional acquirer shareholders’ expected profit is, however, the product of the acquirer’s CAR and the probability of making the acquisition. This probability element has been mostly overlooked in the...