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Hanousek, Jan; Kocenda, Evzen; Shamshur, Anastasiya - C.E.P.R. Discussion Papers - 2015

Using a stochastic frontier model and a comprehensive dataset, we study factors that affect corporate efficiency in Europe. We find that (i) larger firms are less efficient than smaller firms, (ii) greater leverage contributes to corporate efficiency, and (iii) high competition is less...

Persistent link: https://www.econbiz.de/10011213309

Voucher Privatization, Corporate Control and the Cost of Capital: An Analysis of the Czech Privatization Programme

Marcincin, Anton; van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1995

cases. We then show that the presence of a dominant investor led to an above average share price after correcting for all … share price). …

Persistent link: https://www.econbiz.de/10005123768

Equity Block Transfers in Transition Economies: Evidence from Poland

Trojanowski, Grzegorz - C.E.P.R. Discussion Papers - 2002

This Paper investigates valuation effects of share block transfers and employs agency theory to explain the …

Persistent link: https://www.econbiz.de/10005124379

Corporate Governance Externalities

Acharya, Viral V; Volpin, Paolo - C.E.P.R. Discussion Papers - 2008

We argue that the choice of corporate governance by a firm affects and is affected by the choice of governance by other firms. Firms with weaker governance give higher payoffs to their management to incentivize them. This forces firms with good governance to also pay their management more than...

Persistent link: https://www.econbiz.de/10005136630

Who is Afraid of Political Risk? Multinational Firms and their Choice of Capital Structure

Kesternich, Iris; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2007

analysis we find that, as political risk increases, the ownership share always decreases, whereas leverage can both increase or … political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … distinguish different types of political risk, such as expropriation, corruption and confiscatory taxation. In our theoretical …

Persistent link: https://www.econbiz.de/10005067659

Technology Transfer and Spillovers in International Joint Ventures

Müller, Thomas; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2003

This paper analyzes the effects of a potential spillover on technology transfer of a multinational enterprise and on the host country policy. In particular, we examine how both parties’ incentives can be controlled through the ownership structure in an international joint venture. In contrast...

Persistent link: https://www.econbiz.de/10005504408

Auctions of Shares with a Secondary Market and Tender Offers

Mello, Antonio S; Parsons, John E - C.E.P.R. Discussion Papers - 1994

The method of sale of a corporation's shares has important effects on its value and future performance. The market for shares is composed of both small investors purchasing shares for portfolio reasons and large investors with an interest in obtaining control. This inherent asymmetry is critical...

Persistent link: https://www.econbiz.de/10005114415

Agency Conflicts, Ownership Concentration, and Legal Shareholder Protection

Burkart, Mike; Panunzi, Fausto - C.E.P.R. Discussion Papers - 2001

behaviour of the manager and of the large shareholder who both enhance share value. Hence, rules aimed at protecting minority …

Persistent link: https://www.econbiz.de/10005662105

Development of Ownership Structure and its Effect on Performance: Czech Firms from Mass Privatisation

Kocenda, Evzen - C.E.P.R. Discussion Papers - 2002

This Paper works with a broad data sample of Czech voucher-privatized firms during 1996-99. It analyses the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest owner...

Persistent link: https://www.econbiz.de/10005788907

Organization of Multinational Activities and Ownership Structure

Mugele, Christian; Schnitzer, Monika - C.E.P.R. Discussion Papers - 2006

We develop a model in which multinational investors decide about the modes of organization, the locations of production, and the markets to be served. Foreign investments are driven by market-seeking and cost-reducing motives. We further assume that investors face costs of control that vary...

Persistent link: https://www.econbiz.de/10005791570