The Econometrics of Corporate Governance Studies or Good But Not Perfect

The Econometrics of Corporate Governance Studies

Author: Sanjai Bhagat

A vast theoretical and empirical literature in corporate finance considers the interrelationships of corporate governance, takeovers, management turnover, corporate performance, corporate capital structure, and corporate ownership structure. Most of the studies look at two variables at a time. In this book, Sanjai Bhagat and Richard Jefferis argue that from an econometric viewpoint, the proper way to study the relationship between any two of these variables is to set up a system of simultaneous equations that specifies the relationships among the six variables. The specification and estimation of such a system of simultaneous equations, however, is nontrivial.

The authors illustrate their argument with a discussion of the impact of corporate anti-takeover measures on takeovers and managerial job-tenure. During the past two decades, an overwhelming majority of publicly held US corporations have adopted anti-takeover measures. The authors show that, contrary to expectation, defense measures are ineffective in preventing takeovers and the frequency of CEO departures is unrelated to takeover defenses. At firms with poison pill defenses, however, there is a statistically significant relationship between management turnover and company performance.

Table of Contents:

1	Introduction	1
2	Econometrics of corporate governance studies	9
3	Sample construction and data	43
4	Joint distribution of takeovers, managerial turnover, and takeover defense	55
5	Bootstrap regression results	65
6	Probit models	75
7	Summary and conclusions	89
App	Sensitivity analysis	93

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Good But Not Perfect: A Case Study of Managed Care

Author: Maxine W Epstein

Written in an intriguing narrative format, this book demonstrates the skills necessary for effective social work practice in managed care settings. Centered around the case study of a professional ballet dancer who is admitted to a rehabilitation unit following a cerebral stroke, Good But Not Perfect follows the struggles of the patient and her health care team as they confront changes in the health care delivery system. This story-line approach engages the interest of the reader as it demonstrates the application of theories and the real-life impact of the managed care model. At the end of each chapter, the story is analyzed using conceptual knowledge, and critical thinking is encouraged in practice exercises. Throughout the book, readers are guided through the processes of effective patient assessment, diagnosis, treatment planning, discharge, and rehabilitation. They will learn the issues surrounding managed care and will be provided with the skills necessary to function as part of an interdisciplinary health care team. For anyone interested in social work or managed health care.