By G.M. Constantinides, M. Harris and R.M. Stulz (Eds.)
Quantity 1A covers company finance: how companies allocate capital - the capital budgeting selection - and the way they receive capital - the financing selection. even though managers play no autonomous function within the paintings of Miller and Modigliani, significant contributions in finance due to the fact then have proven that managers maximize their very own ambitions. to appreciate the firm's judgements, it truly is hence essential to comprehend the forces that lead managers to maximise the wealth of shareholders
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Family-owned firms are often reluctant to go public if they risk losing control in the process These firms might go public if they could retain control through a dual-class share structure As Hart (1988) argues, deviations from one-share-one-vote would benefit both the firm and the exchange in this case They are also unlikely to hurt minority shareholders, as they presumably price in the lack of control rights attached to their shares at the IPO stage. Burkart, Gromb and Panunzi ( 1998) extend this analysis by introducing a posttakeover agency problem Such a problem arises when the raider does not own 100 % 41 A well-known exception to this listing rule was the Ford Motor Company, listed with a dual class stock capitalization in 1956, allowing the Ford family to exert 40% of the voting rights with 5 1 % of the capital lSeligman (1986)l.
The main difficulty with Jensen's logic is that highly levered firms may incur substantial costs of financial distress They may face direct bankruptcy costs or indirect costs in the form of debt-overhang lsee Myers ( 1977) or Hart and Moore (1995) and Hennessy and Levy (2002)l To reduce the risk of financial distress it may be desirable to have the firm rely partly on equity financing And to reduce the cost of equity capital it is clearly desirable to provide protections to shareholders through suitably designed corporate governance rules.
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