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Complex Ownership Structures and Corporate Valuations

Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 2006

The bulk of corporate governance theory examines the agency problems that arise from two extreme ownership structures …-held firms. Moreover, the relationship between corporate valuations and the distribution of cash-flow rights across multiple …

Persistent link: https://www.econbiz.de/10005084738

Bank Governance, Regulation, and Risk Taking

Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 2008

, and show that bank risk taking varies positively with the comparative power of shareholders within the corporate … bank's corporate governance structure. …

Persistent link: https://www.econbiz.de/10005710257

Business Environment and Firm Entry: Evidence from International Data

Klapper, Leora F.; Laeven, Luc; Rajan, Raghuram G. - National Bureau of Economic Research (NBER) - 2004

Using a comprehensive database of firms in Western and Eastern Europe, we study how the business environment in a country drives the creation of new firms. Our focus is on regulations governing entry. We find entry regulations hamper entry, especially in industries that naturally should have...

Persistent link: https://www.econbiz.de/10005720250

The Invisible Hand in Corporate Governance

Chhaochharia, Vidhi; Laeven, Luc - C.E.P.R. Discussion Papers - 2007

We evaluate the impact of firm-level corporate governance provisions on the valuation of firms in a large cross … that, despite the costs associated with improving corporate governance at the firm level, many firms choose to adopt … governance provisions beyond what can be considered the norm in the country, and these improvements in corporate governance have …

Persistent link: https://www.econbiz.de/10005067567

Financial Innovation and Endogenous Growth

Laeven, Luc; Levine, Ross; Michalopoulos, Stelios - National Bureau of Economic Research (NBER) - 2009

Is financial innovation necessary for sustaining economic growth? To address this question, we build a Schumpeterian model in which entrepreneurs earn profits by inventing better goods and profit-maximizing financiers arise to screen entrepreneurs. The model has two novel features. First,...

Persistent link: https://www.econbiz.de/10005089132

Is There a Diversification Discount in Financial Conglomerates?

Laeven, Luc; Levine, Ross - National Bureau of Economic Research (NBER) - 2005

This paper investigates whether the diversity of activities conducted by financial institutions influences their market valuations. We find that there is a diversification discount: The market values financial conglomerates that engage in multiple activities, e.g., lending and non-lending...

Persistent link: https://www.econbiz.de/10005050345

Sovereign Wealth Funds: Their Investment Strategies and Performance

Chhaochharia, Vidhi; Laeven, Luc - C.E.P.R. Discussion Papers - 2008

diversification and poor corporate governance. …

Persistent link: https://www.econbiz.de/10005656231

Pension Reform, Ownership Structure, and Corporate Governance: Evidence from Sweden

Giannetti, Mariassunta; Laeven, Luc - C.E.P.R. Discussion Papers - 2007

structure, corporate governance and performance of listed companies. First, the Swedish pension reform increased the …

Persistent link: https://www.econbiz.de/10005662367

Political Connections and Preferential Access to Finance: The Role of Campaign Contributions

Claessens, Stijn; Feijen, Erik; Laeven, Luc - C.E.P.R. Discussion Papers - 2007

Using novel indicators of political connections constructed from campaign contribution data, we show that Brazilian firms that provided contributions to (elected) federal deputies experienced higher stock returns than firms that don’t around the 1998 and 2002 elections. This suggests...

Persistent link: https://www.econbiz.de/10005666705