TY  - JOUR
TI  - Corporate Governance and Equity Prices
T2  - Quarterly Journal of Economics
IS  - 1
KW  - agency problems
KW  - entrenched management
KW  - hostile takeovers
KW  - investor protection
KW  - shareholder rights
KW  - защита прав инвесторов
KW  - корпоративное управление
KW  - права акционера
AB  - Shareholder rights vary across firms. Using the incidence of 24 
unique governance rules, we construct a "Governance Index" to proxy 
for the level of shareholder rights at about 1500 large firms during 
the 1990s. An investment strategy that bought firms in the lowest 
decile of the index (strongest rights) and sold firms in the highest 
decile of the index (weakest rights) would have earned abnormal 
returns of 8.5 percent per year during the sample period. We find 
that firms with stronger shareholder rights had higher firm value, 
higher profits, higher sales growth, lower capital expenditures, and 
made fewer corporate acquisitions. 
AU  - Gompers, Paul A.
AU  - Ishii, Joy L.
AU  - Metrick, Andrew
UR  - http://ecsocman.hse.ru/text/16505522/
PY  - 2003
SP  - 107-155
M2  - 107
VL  - 118
SN  - 
N1  - 
LA  - EN
CY  - 
PB  - 
M3  - 
LB  - 
VL  - 
ER  -