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Chen, Donghua; Jiang, Dequan; Ljungqvist, Alexander P.; … - C.E.P.R. Discussion Papers - 2015

We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities,...

Persistent link: https://www.econbiz.de/10011168893

Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?

Estrin, Saul; Tian, Lihui - C.E.P.R. Discussion Papers - 2005

The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms and the stock market. In this paper, we analyse shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed...

Persistent link: https://www.econbiz.de/10005656424

On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2009

Exploiting the Japanese banking crisis as a laboratory, we provide firm-level evidence on the real effects of bank … investors have similar effects. Moreover, bank mergers engineered to enhance bank stability appear to hurt the borrowers of the …

Persistent link: https://www.econbiz.de/10005014571

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

Miller, Marcus; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 2009

An iconic model with high leverage and overvalued collateral assets is used to illustrate the amplification mechanism driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what Richard Koo calls a ‘balance sheet recession’....

Persistent link: https://www.econbiz.de/10008528524

Corporate Debt Restructuring: Evidence on Lending Coordination in Financial Distress

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2001

We analyse the coordination problem in multi-creditor relationships empirically, relying on a unique panel data set that contains detailed credit-file information on distressed lending relationships in Germany, including information on creditor pools, a legal institution aiming at coordinating...

Persistent link: https://www.econbiz.de/10005123994

Multiple Creditors and Information Rights: Theory and Evidence from US Firms

Guiso, Luigi; Minetti, Raoul - C.E.P.R. Discussion Papers - 2004

We analyse how a firm allocates information rights across its multiple banks. By differentiating information disclosed, a firm prevents its banks from continuing projects (possibly unsound) solely in order to use their superior information and seize assets during the reorganization....

Persistent link: https://www.econbiz.de/10005136599

Expansion of Banking Scale and Scope: Don't Banks Know the Value of Focus

Boot, Arnoud W A; Milbourn, Todd; Thakor, Anjan - C.E.P.R. Discussion Papers - 1998

This paper provides an explanation for the urge of banks to merge and expand scope. We build a model where bank … sufficiently profitable to give the bank the necessary ‘deep pockets’ to absorb these losses. The latter suggests that banking may …

Persistent link: https://www.econbiz.de/10005136648

Bank Competition and Enterprise restructuring in Transition Economies

Schnitzer, Monika - C.E.P.R. Discussion Papers - 1998

We investigate how bank competition affects the efficiency of credit allocation, using a model of spatial competition … loans compared to the social optimum. Finally, we analyse how bank competition affects the firms' restructuring effort. We …

Persistent link: https://www.econbiz.de/10005067568

Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2004

In the recent theoretical literature on lending risk, the common pool problem in multi-bank relationships has been … credit-fie information on distressed lending relationships in Germany. In particular, it includes information on bank pools … bank pools increases the probability of workout success and that coordination costs are positively related to pool size. We …

Persistent link: https://www.econbiz.de/10005504452

M&As Performance in the European Financial Industry

Campa, José Manuel; Hernando, Ignacio - C.E.P.R. Discussion Papers - 2005

This paper looks at the performance record of M&As that took place in the European Union financial industry in the period 1998-2002. First, the paper reports evidence on shareholder returns from the merger. Merger announcements implied positive excess returns to the shareholders of the target...

Persistent link: https://www.econbiz.de/10005504600

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