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The Catch-22 of External Validity in the Context of Constraints to Firm Growth
Fischer, Greg; Karlan, Dean S. - C.E.P.R. Discussion Papers - 2015
We document the presence of multiple and varied constraints to small and medium firm growth. This presents both a practical problem for business training programs and a challenge to academic economists trying to identify mechanisms though which these programs may affect outcomes. External...
Persistent link: https://www.econbiz.de/10011184078
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Managerial Practices and Students' Performance
Di Liberto, Adriana; Schivardi, Fabiano; Sulis, Giovanni - C.E.P.R. Discussion Papers - 2014
We study the effects of managerial practices in schools on students' outcomes. We measure managerial practices using the World Management Survey, a methodology that enables us to construct robust measures of management quality comparable across countries. We find substantial heterogeneity in...
Persistent link: https://www.econbiz.de/10011083846
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Delegated Activism and Disclosure
Dasgupta, Amil; Zachariadis, Konstantinos - C.E.P.R. Discussion Papers - 2011
Mutual funds are significant blockholders in many corporations. Concerns that funds vote in a pro-management manner to garner lucrative pensions contracts led the SEC to mandate the disclosure of proxy votes. We present a model of mutual fund voting in the presence of potential business ties. We...
Persistent link: https://www.econbiz.de/10009321841
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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
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Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability
Pástor, Luboš; Taylor, Lucian; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2007
We develop a model in which an entrepreneur learns about the average profitability of a private firm before deciding whether to take the firm public. In this decision, the entrepreneur trades off diversification benefits of going public against benefits of private control. The model predicts...
Persistent link: https://www.econbiz.de/10005666477
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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
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Favouritism or Markets in Capital Allocation?
Giannetti, Mariassunta; Yu, Xiaoyun - C.E.P.R. Discussion Papers - 2007
Casual observation suggests that capital allocation is often driven by favouritism and connections rather than by … equilibrium outcome in the allocation of capital. We show that when information is unreliable and costly, financiers do not have … incentives to investigate distant investment opportunities and allocate capital to entrepreneurs they are familiar with …
Persistent link: https://www.econbiz.de/10005666824
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Enterprise Investment During the Transition: Evidence from Czech Panel Data
Lizal, Lubomir; Svejnar, Jan - C.E.P.R. Discussion Papers - 1998
We analyse investment behaviour of the population of medium and large industrial firms located in the Czech Republic in 1992–5. We examine the relevance of alternative models of investment and test if investment behaviour varies across ownership-legal form categories of firms. By using a large...
Persistent link: https://www.econbiz.de/10005666955
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Endogenous Information Flows and the Clustering of Announcements
Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2008
We consider the release of information by a firm when the manager has discretion regarding the timing of its release. While it is well known that firms appear to delay the release of bad news, we examine how external information about the state of the economy (or the industry) affects this...
Persistent link: https://www.econbiz.de/10005788970
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Short-Termism as Optimal Investment Policy
Brusco, Sandro - C.E.P.R. Discussion Papers - 1999
Models of managerial short-termism rely on a number of assumption, such as limited availability of capital, fixed …
Persistent link: https://www.econbiz.de/10005791287