Narrow search
Showing 1 - 10 of 175
Cover Image
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
Cover Image
The Impact of Consumer Loss Aversion on Pricing
Heidhues, Paul; Köszegi, Botond - C.E.P.R. Discussion Papers - 2005
unchanging cost offers random ‘sales’ to increase customers’ expectation to consume, attracting more demand at high prices. …
Persistent link: https://www.econbiz.de/10005497986
Cover Image
Sales, Quantity Surcharge, and Consumer Inattention
Clerides, Sofronis; Courty, Pascal - C.E.P.R. Discussion Papers - 2010
size then costs more per unit than the small one. When quantity surcharges occur the sales of the large size decrease only …
Persistent link: https://www.econbiz.de/10008784714
Cover Image
Networked FDI: Sales and Sourcing Patterns of Japanese Foreign Affiliates
Baldwin, Richard; Okubo, Toshihiro - C.E.P.R. Discussion Papers - 2012
based on Yeaple’s complex FDI concept. In its simplest form, horizontal-ness is measured as affiliates’ local sales share … in the EU and Asia. Affiliates became more vertical between 1996 and 2005. A four-way sales and sourcing split (host …
Persistent link: https://www.econbiz.de/10011083278
Cover Image
Sales and Monetary Policy
Guimarães, Bernardo; Sheedy, Kevin D. - C.E.P.R. Discussion Papers - 2008
A striking fact about prices is the prevalence of "sales": large temporary price cuts followed by a return exactly to … the former price. This paper builds a macroeconomic model with a rationale for sales based on firms facing consumers with … different price sensitivities. Even if firms can vary sales without cost, monetary policy has large real effects owing to sales …
Persistent link: https://www.econbiz.de/10005666506
Cover Image
Corporate Efficiency in Europe
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
Cover Image
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
Voucher privatization programmes have been criticized for leading to excessively dispersed ownership and hence failure of control and insufficient corporate governance. We analyse the results of the five auction rounds of the Czech privatization programme and subsequent stock market...
Persistent link: https://www.econbiz.de/10005123768
Cover Image
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 determinants of block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration. Block premia are found to be substantially lower than...
Persistent link: https://www.econbiz.de/10005124379
Cover Image
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
Cover Image
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
This paper investigates how multinational firms choose the capital structure of their foreign affiliates in response to 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...
Persistent link: https://www.econbiz.de/10005067659