Shareholder Theory

measure Victor Ricciardi: A Risk Perception Primer 3 of probability can be attached to them. Risk is thus seen to differ from uncertainty where the probabilities are unknown. Such a definition is beholden to mathematically inspired decision theory, and the ‘rational actor’ model, and does not sufficiently consider the complexity of risk in business. (p. 989) The technical definition of risk is usually described as follows: “the word risk refers to situations in which a decision…

Public Choice (2010) 142: 385–406 DOI 10.1007/s11127-009-9552-6 Public choice theory and antitrust policy William F. Shughart II · Fred S. McChesney Received: 16 September 2009 / Accepted: 14 October 2009 / Published online: 27 October 2009 © Springer Science+Business Media, LLC 2009 Abstract We survey the pioneering contributions of Robert Tollison to the theory and practice of antitrust law enforcement. Inspired by his period of service during Ronald Reagan’s first…

34 2.3 Pontos-chave de Governança Corporativa: teoria e prática ......................................... 37 2.3.1 Assimetria de informação e risco moral ..................................................................... 38 2.3.2 Shareholders x Stakeholders: desenvolvimento do conceito de “principal” ................ 44 2.3.3 Órgãos de Controle: Conselho de Administração como protagonista.......................... 51 2.4 Conclusões: o estudo da governança corporativa…

national and international stock market, with an empirical view over the determinants for Brazilian companies’ shares repurchase. The only statistically significant reason for share buybacks was reduction of available cash flow. In light of agency theory, this indicates that companies with available cash can repurchase their shares with the intention of minimizing the principal-agent conflict. In this research, empirical evidences that the repurchase of shares in Brazil is used as a…

mecanismos cada vez mais eficientes, como a busca de redução de riscos internos e externos inerentes ao negócio, a gestão do conflito de interesses, a redução da volatilidade dos resultados, a busca pelo fortalecimento na relação com os acionistas (shareholders) e as outras partes interessadas (stakeholders), a transparência e a conquista da credibilidade dos investidores e da sociedade em geral. Tais mecanismos são hoje considerados bases estratégicas da criação de valor oriundas…

1999. • COPELAND, Tom; KOLLER, Tim; MURRIN, Jack. Avaliação de empresas – valuation – calculando e gerenciando o valor das empresas – Mckinsey & Company, Inc. São Paulo: Makron Books, 2000. • EDWARDS, Edgard O & BELL, Philip W. The theory and measurement of business income. Berkeley: University of California Press, 1961. • FIPECAFI/CFC. Aprendendo contabilidade em moeda constante. São Paulo:Atlas, 1995. • GUERREIRO, Reinaldo. Modelo conceitual de sistema de…

Janeiro: Qualitymark, 1999. COPELAND, Tom; KOLLER, Tim; MURRIN, Jack. Avaliação de empresas – valuation – calculando e gerenciando o valor das empresas – Mckinsey & Company, Inc. São Paulo: Makron Books, 2000. EDWARDS, Edgard O & BELL, Philip W. The theory and measurement of business income. Berkeley: University of California Press, 1961. FIPECAFI/CFC. Aprendendo contabilidade em moeda constante. São Paulo:Atlas, 1995. GUERREIRO, Reinaldo. Modelo conceitual de sistema de informação…

70-74,1994. CLAESSENS, S.; DJANKOV, S.; LANG, L. The Separation of ownership and Control in East Asian corporations. Journal of Financial Economics, v. 58, P. 81-112, 2000a. CLAESSENS, S.; DJANKOV, S.; FAN, J.; LANG, L. Expropriation of minority Shareholders: evidence from East Asia. World Bank Policy Research Paper, n. 2088, Washington, DC, 2000b. CLAESSENS, S.; KLINGEBIEL, D.; LUBRANO, M. Corporate governance Reform issues in the Brazilian equity markets. World Bank Working Paper,…

investimen˜ 141 tos dos acionistas – a chamada “revoluçao dos ˜ acionistas” (Useem, 1993). No limite, essa ideia ´ significa o deslocamento das preocupaçoes da ˜ empresa com os chamados stakeholders para a concentraçao em torno dos shareholders. Assim, ˜ a empresa “financeirizada” pensa transformar seus colaboradores em acionistas, crendo que disso resulte uma maior motivaçao em todos os ˜ nıveis. Em contrapartida, na concepçao da “qua´ ˜ lidade total”, todos os…

high level of efficiency, but suggests they could be more efficient. Further, the 2003 figure is strong and shows continual strength of this ratio. Return on Equity The return on equity (ROE) ratio is the annual net income divided by the shareholder equity value in the market. It represents the profitability in comparison to the equity the company has issued. A larger ratio asserts that company performance has been positive and is reflected by a higher income per share issued.…