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Ownership Concentration and Corporate Performance in the Czech Republic

Claessens, Stijn; Djankov, Simeon - C.E.P.R. Discussion Papers - 1999

The relationship between ownership structure and corporate performance has been the subject of intense research in both transition and market economies. The Czech Republic's mass-privatization program provides an unique opportunity to investigate this relationship. It changed the ownership of...

Persistent link: https://www.econbiz.de/10005667084

Black Man’s Burden: Measured Philanthropy in the British Empire, 1880-1913

Accominotti, Olivier; Flandreau, Marc; Rezzik, Riad; … - C.E.P.R. Discussion Papers - 2008

Ferguson and Schularick (2006) recently provided a measure of the effect of Empire subjection on borrowing countries’ interest rates. They find this effect to be large and significant, ranging between 80 to 180 basis points. We argue that their methodology is inadequate and that their...

Persistent link: https://www.econbiz.de/10005666472

Crises and Punishment: Moral Hazard and the Pre-1914 International Financial Architecture

Flandreau, Marc - C.E.P.R. Discussion Papers - 2003

remedies that were commonly applied one century ago and find that the international financial world was fairly similar to the …

Persistent link: https://www.econbiz.de/10005791208

Monetary Union, Trade Integration, and Business Cycles in 19th Century Europe: Just Do It

Flandreau, Marc; Maurel, Mathilde - C.E.P.R. Discussion Papers - 2001

This Paper seeks to trace the impact of monetary arrangements on trade integration and business cycle correlation, focusing on Europe in the late 19th century period as a guide for modern debates. For this purpose, we first estimate a gravity model and show that monetary arrangements were...

Persistent link: https://www.econbiz.de/10005791820

Hamlet without the Prince of Denmark: Relationship banking and conditionality lending in the London market for government debt, 1815-1913

Flandreau, Marc; Zendejas, Flores; Huitzilihuitl, Juan - C.E.P.R. Discussion Papers - 2010

This paper offers a theory of conditionality lending in 19th-century international capital markets. We argue that ownership of reputation signals by prestigious banks rendered them able and willing to monitor government borrowing. Monitoring was a source of rent, and it led bankers to support...

Persistent link: https://www.econbiz.de/10008554223

The Need for Institutional Changes in the Global Financial System: An Analytical Framework

Claessens, Stijn; Underhill, Geoffrey R D - C.E.P.R. Discussion Papers - 2005

The international financial system has been the subject of much debate following the financial crises of the 1990s. While many reforms have been proposed for and implemented by mostly developing countries, few changes have been made to the international financial system itself. Fundamentally,...

Persistent link: https://www.econbiz.de/10005504421

Caveat Emptor: Coping With Sovereign Risk Without the Multilaterals

Flandreau, Marc - C.E.P.R. Discussion Papers - 1998

This paper studies how private banks dealt with sovereign risk before World War I. At that time there was no … period into the largest international bank in a country that was the second largest world creditor. In 1871, Crédit Lyonnais … it operated before World War I: given the prominence of Crédit Lyonnais on the international scene, its perceptions …

Persistent link: https://www.econbiz.de/10005656319

Corporate Governance and Regulation: Can There Be Too Much of a Good Thing?

Bruno, Valentina; Claessens, Stijn - C.E.P.R. Discussion Papers - 2007

For a large number of companies from different countries, we analyze how company corporate governance practices and country regulatory regimes interact in terms of company valuation. We confirm that corporate governance plays a crucial role in efficient company monitoring and shareholder...

Persistent link: https://www.econbiz.de/10005504236

The Price of Media Capture and the Looting of Newspapers in Interwar France

Bignon, Vincent; Flandreau, Marc - C.E.P.R. Discussion Papers - 2012

This paper develops a new insight enabling the empirical study of media capture: minority shareholders of newspapers and readers face similar risks. Both are adversely affected when corrupt insiders use the newspaper for personal profit and receive invisible revenues. This means that relevant...

Persistent link: https://www.econbiz.de/10011083663

The Benefits and Costs of Group Affiliation: Evidence from East Asia

Claessens, Stijn; Fan, Joseph P.H.; Lang, Larry - C.E.P.R. Discussion Papers - 2002

-growth firms are more likely lose. Agency problems are important explanatory factors of firm value in economies outside Japan, but … less so in Japan. Consistent with the literature, financially constrained firms benefit from group affiliation. Our results …

Persistent link: https://www.econbiz.de/10005136452