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Dittmar, Amy; Mahrt-Smith, Jan; Servaes, Henri - C.E.P.R. Discussion Papers - 2002

Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder...

Persistent link: https://www.econbiz.de/10005498063

Transfers, Diversification and Household Risk Strategies: Experimental evidence with lessons for climate change adaptation

Macours, Karen; Premand, Patrick; Vakis, Renos - C.E.P.R. Discussion Papers - 2012

improving households’ risk-management through income diversification. The intervention targeted agricultural households exposed … led to diversification of economic activities and better protection from shocks compared to beneficiaries of the basic …

Persistent link: https://www.econbiz.de/10011084056

Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience

Campbell, John Y; Ramadorai, Tarun; Ranish, Benjamin - C.E.P.R. Discussion Papers - 2014

Using a large representative sample of Indian retail equity investors, many of them new to the stock market, we show that both years of investment experience and feedback from investment returns have significant effects on investor behavior, favored stock styles, and performance. We identify two...

Persistent link: https://www.econbiz.de/10011084250

Aggregate Idiosyncratic Volatility

Bekaert, Geert; Hodrick, Robert J; Zhang, Xiaoyan - C.E.P.R. Discussion Papers - 2010

portfolio diversification, return volatility and contagion. …

Persistent link: https://www.econbiz.de/10008784734

Mergers, Diversification and Financial Intermediation

Toxvaerd, Flavio - C.E.P.R. Discussion Papers - 2010

This work presents an equilibrium model of diversification through merger formation. Due to moral hazard problems … funds) by either merging, employing a monitor or a combination of the two. Within this setting, the effects on merger … squeezes are analyzed. The main results are that diversifying merger activity increases during times of economic expansion and …

Persistent link: https://www.econbiz.de/10008784766

M-form hierarchy with poorly-diversified divisions: a case of Khrushchev’s reform in Soviet Russia

Markevich, Andrei; Zhuravskaya, Ekaterina - C.E.P.R. Discussion Papers - 2011

We test the premise of the theoretical literature that M-form political hierarchies are effective in creating yardstick competition between regional divisions only when divisions have sufficiently diversified or similar industrial composition. The reason is that the competition among...

Persistent link: https://www.econbiz.de/10008854506

Home Bias at the Fund Level

Hau, Harald; Rey, Hélène - C.E.P.R. Discussion Papers - 2008

This paper presents new stylized facts on the distribution of the home bias at the fund level. We find (i) a large heterogeneity in the degree of home bias across mutual funds; (ii) a positive correlation between the size of funds and home bias; and (iii) a positive correlation between the size...

Persistent link: https://www.econbiz.de/10005791444

Pooling Risk Among Countries

Imbs, Jean; Mauro, Paolo - C.E.P.R. Discussion Papers - 2007

contracts are relatively difficult to enforce. International diversification can thus yield substantial gains, but they may …

Persistent link: https://www.econbiz.de/10005791988

Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment

Burgess, Robin; Pande, Rohini - C.E.P.R. Discussion Papers - 2004

Lack of access to finance is often cited as a key reason for why poor people remain poor. This Paper uses data on the Indian rural branch expansion programme to provide empirical evidence on this issue. Between 1977 and 1990, the Indian central bank mandated that a commercial bank could open a...

Persistent link: https://www.econbiz.de/10005792249

Household Portfolios in Italy

Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2000

-depth description of the lifetime pattern of asset holdings and their composition, the degree of asset diversification, and the …

Persistent link: https://www.econbiz.de/10005792420

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