我國財務會計準則委員會於2004年7月1日發佈財務會計準則第35號公報《資產減損之會計處理準則》，此號公報允許公司可選擇於2004年提前認列資產減損，且公司擁有認列資產減損金額之裁量權。當公司擁有認列資產減損時點與金額的裁量權時，資產減損之認列可能成為一項新的盈餘管理工具。由於我國公司的代理問題是起因於控制股東剝削外部股東之財富，故本研究擬探討控制股東之股權結構與公司提前認列資產減損之關聯性。 / 本研究以2004年年報與2005年第一季季報宣告資產減損的上市櫃公司為研究對象。研究目的有三，首先探討控制股東之控制權偏離現金流量權引發的代理問題，是否會影響公司提前認列資產減損的可能性與金額。其次探討公司的控制股東持股質押的現象，是否會加深公司的代理問題，因而影響公司提前認列資產減損的可能性與認列減損的金額。最後本研究將探討市場對於宣告資產減損資訊的反應，是否會受到公司治理結構不同所影響。 / 研究結果發現，控制股東之控制權偏離現金流量權幅度愈大的公司，提前認列資產減損的可能性愈大，但是與提前認列資產減損的金額無顯著的關聯性。其次，控制股東有持股質押的公司，提前認列資產減損的可能性與金額皆愈大。最後，本研究並未發現股票市場對於不同公司治理結構的公司宣告資產減損的訊息有不同的反應。 / Statement of Financial Accounting Standards (SFAS) No.35 “Accounting for Assets Impairments” was released on July first of 2004. The provision of this Statement should be effective for quarterly financial statements ending on or after first quarter of 2005, but earlier application on the forth quarter of 2004 is encouraged. In Taiwan, the agency problem arises from the divergence between controlling owner’ voting right and cash flow right. Thus the regulation on the early adoption provides controlling owner with stronger incentive to manage reported earnings by manipulating the recognition timing and amount of write-off of impaired assets. / The primary objective of this paper is examine the association ownership structures, measured as the control divergence and the percentage of collateralized stock by controlling owners, and the likelihood of the early adoption of SFAS No. 35 and amount of assets impairments. Second, we further examine whether market valuation on assets impairment systematically varies depending on the agency problem level. / The results show that, as predicted, firms with greater control divergence and greater percentage of collateralized stock by controlling owners are more likely to early recognize impartment of assts. In addition, we find that the amount of asset impairment is associated with the percentage of collateralized stock by controlling owners, as predicted, but is not related to the control divergence. Finally, contrary to our prediction, we find no evidence that the market reaction to the announcement of asset impairments is significantly associated with the corporate governance structures.

Darbe nagrinėjama su priverstiniais akcijų pirkimo – pardavimo būdais ir jų įgyvendinimu susiję klausimai. Autorius išskiria penkis savarankiškus priverstinio akcijų pirkimo – pardavimo būdus. Priverstinis akcijų (dalių, pajų) pardavimas, priverstinis akcijų pardavimas dėl negalėjimo įgyvendinti teises, privalomas oficialus pasiūlymas ir privalomas akcijų pardavimas ir pirkimas. Aukščiau minėtų institutų reglamentavimas Lietuvos Respublikos teisės aktuose yra pakankamas, tačiau šių institutų naujumas, teismų praktika ir normų išaiškinimo stoka paskatino detaliai aptarti ir išanalizuoti galiojusias ir tebegaliojančias priverstinio akcijų pirkimo – pardavimo būdų įgyvendinimo procedūrą nustatančias taisykles. Atsižvelgiant į tai, jog keli privalomo akcijų pirkimo – pardavimo įgijimo būdai yra sureglamentuoti Europos Sąjungos mąstu, taikant lyginamąjį, loginį, sisteminį ir istorinį metodus, aptariamas Europos Sąjungos teisės aktuose nustatytas reglamentavimas bei jo įgyvendinimas Lietuvos Respublikoje. Magistriniame darbe stengiamasi griežtai atskirti kiekvieną priverstinį akcijų pirkimo – pardavimo būdą bei jį individualizuoti. Nepaisant institutų skirtingo reglamentavimo lygio, autorius nuosekliai aptaria kiekvieno priverstinio akcijų pirkimo - pardavimo sąvoką, požymius, principus. Priverstinis akcijų (dalių, pajų) pardavimo institutas buvo perimtas iš vienu moderniausių laikomo Olandijos Civilinio kodekso ir perlkeltas į Lietuvos Respublikos Civilinį kodeksą. Išsamiai... [toliau žr. visą tekstą] / The analysis is being focused on the matters connected with means of forced sale and purchase of shares and its realization. Author excludes five independent means of forced sale and purchase of shares. Forced sale of shares (interest, contribution), forced sale of shares (interest, contribution) due to the failure to exercise the Rights properly, mandatory bid, squeeze-out and sell-out rule. The regulation of institutions mention above in the legal acts of the Republic of Lithuania is sufficient, however the novelty of institutions, the lack of judicial precedents and interpretation of law encouraged author to analyze and interpret the rules of forced sale and purchase of shares that were existing and that still exist. Considering that same means of forced sale and purchase of shares are regulated the legal acts of European Union, applying the historical, systemic, comparison and logical methods the regulation of legal acts of European Union and its implementation in the acts of the Republic of Lithuania is being analyzed. It is tried strictly to exclude every mean of forced sale and purchase of shares and to individualize each. Despite the different level of regulation, author successively discusses conception, signs and principles of every forced sale and purchase of shares. Forced sale of shares (interest, contribution) was being taken from one of the modest civil code of Netherlands and implemented in civil code of the Republic of Lithuania. Exhaustively revealing the... [to full text]

This dissertation consists of two essays on corporate finance. The first essay investigates the relationship between dual-class shares and firm’s risk-taking. While costs associated with dual-class shares are widely documented, the benefits are seldom studied in the literature. We attempt to fill this gap and find that dual-class firms tend to have fewer business segments, higher volatilities in their cash flows, earnings, and investment opportunities compared to propensity-matched single-class firms. Business segments within a dual-class firm are also more positively correlated in their cash flows, earnings, or investment opportunities than those in single-class firms. The results are consistent with the hypothesis that dual-class shares can potentially shield insiders from short-term market pressure so they can focus on riskier projects to enhance long-term shareholder value. To provide a possible channel through which dual-class firms can increase corporate risk-taking, we examine one of the most important corporate investment decisions: mergers and acquisitions (M&As). Dual-class firms are more likely to engage in M&As, especially nondiversifying M&As. Corporate risks increase following M&As, and the increase is more for dual-class firms than for single-class firms. The second essay shows how CEO skills affect operating performance using a sample of 109 spin-offs from 1994 to 2009. Since a variety of studies indicate that firms in need of external financing are more likely to engage in spin-offs, we hypothesize that parent firms prefer to appoint financial experts as CEOs at spun-off units around spin-off transactions. We find that appointing spun-off unit CEOs with financial expertise brings significant and positive wealth effects. Furthermore, the CEOs with financial expertise significantly improve firms’ access to capital markets and subsequent operating performance. Conversely, we do not observe positive wealth effects at the spin-off announcement or improved operating performance following spin-offs when parent firms decide to assign non-financial experts as spun-off unit CEOs.

Funding requirements is one of the first criteria to consider when restructuring a business. Companies and taxpayers would choose the best option when acquiring shares to minimise tax liabilities. The purpose of this study is to formulate an interest deductibility test which provides guidance to taxpayers regarding the main criteria to investigate when restructuring a business transaction to ensure that interest will be deductible on the acquisition of shares with borrowed funds. The findings reveal the similarities and differences of the interest deductibility as seen by South Africa, Australia and Canada. This study will present the legislation as well as court cases in South Africa, Australia and Canada to demonstrate the interest deductibility principles when funds are borrowed to acquire shares when restructuring a business. The focus will be on these principles to provide guidelines from which taxpayers can determine the interest deductibility with respect to share purchasing transactions. The study will indicate recommendations to South African legislation based on the findings of alternative treatments applied by Canada and Australia. / Thesis (MCom (South African and International Taxation))--North-West University, Potchefstroom Campus, 2013.

Funding requirements is one of the first criteria to consider when restructuring a business. Companies and taxpayers would choose the best option when acquiring shares to minimise tax liabilities. The purpose of this study is to formulate an interest deductibility test which provides guidance to taxpayers regarding the main criteria to investigate when restructuring a business transaction to ensure that interest will be deductible on the acquisition of shares with borrowed funds. The findings reveal the similarities and differences of the interest deductibility as seen by South Africa, Australia and Canada. This study will present the legislation as well as court cases in South Africa, Australia and Canada to demonstrate the interest deductibility principles when funds are borrowed to acquire shares when restructuring a business. The focus will be on these principles to provide guidelines from which taxpayers can determine the interest deductibility with respect to share purchasing transactions. The study will indicate recommendations to South African legislation based on the findings of alternative treatments applied by Canada and Australia. / Thesis (MCom (South African and International Taxation))--North-West University, Potchefstroom Campus, 2013.

Thesis (M.B.A.)--University of Hong Kong, 1996. / Includes bibliographical references.

Thesis (M.B.A.)--University of Hong Kong, 1995. / Includes bibliographical references.

Zugl.: Heidelberg, Univ., Diss., 2007

This thesis investigates the long- and short- run stability of Cointegrated dual share equity pairs on the Swedish Equity Market. Testing for a cointegrated relationship on each pair are executed for a 13 year period to establish the cointegrated pairs. The stability of each cointegrated pair is then estimated using a rolling two year period. An Arbitrage Trading strategy is applied to the cointegrated pairs for the following one year period. The long-run relationship of the pairs are found to be stable. The short-term relationship varies from pair to pair, where some pairs break their cointegrated relationship for some time periods. But generally, most pairs are stable over the short- term as well. The trading strategy generate the highest returns during volatile market conditions and underperforms during positive market conditions with low volatility. The Sharpe ratio is far better than the Index during the whole period.

This article is the first chapter of the second edition of “The Anatomy of Corporate Law: A Comparative and Functional Approach”, by Reinier Kraakman, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, HidekiKanda and Edward Rock (Oxford University Press, 2009). The book as a whole provides a functional analysis of Corporate (or Company) Law in Europe, the U.S., and Japan. Its organization reflects the structure of Corporate Law throughout all jurisdictions, while individual capitals explore the diversity of jurisdictionalapproaches to the common issues of Corporate Law. In its second edition, the book has been significantly revised and expanded. / Este artículo es el primer capítulo de la segunda edición de The Anatomy of Corporate Law: A Comparative and Functional Approach, por Reinier Kraakman, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, Hideki Kanda y Edward Rock (Oxford University Press, 2009). El libro como un todo provee un análisis funcional del Derecho Corporativo (o Societario) en Europa, Estados Unidos y Japón. Su organización refleja la estructura del Derecho Corporativo a lo largo de todas las jurisdicciones, mientras que los capítulos individuales exploran la diversidad de los enfoques de distintas jurisdicciones a los problemas comunes del Derecho Corporativo. En su segunda edición, el libro ha sido significativamente revisado y expandido.