Showing 1 - 10 of 27
We empirically investigate whether increases in the U.S. Securities and Exchange Commission’s (SEC) budget have an effect on firms’ compliance behavior with securities market rules. Our study uses a dataset on the SEC’s resources and its enforcement actions over a period beginning shortly...
Persistent link: https://www.econbiz.de/10010818722
Juridical-political theories suggest that legal origin (La Porta et al. (1997)) and political factors (Roe (2003)) matters for firm performance. In Scandinavia there are a number of legal practices, with common political roots, that impinge on the distribution of corporate control, which...
Persistent link: https://www.econbiz.de/10005419306
Examining a large number of Swedish listed firms, this paper analyses how institutional owners affects the investment decisions and firm performance. During the last decades the ownership structure of Swedish firms has undergone dramatic changes: institutional and foreign investors have been...
Persistent link: https://www.econbiz.de/10005419319
During the mid and late 1990s young, high-tech firms in the U.S. experienced a supply shift in both internal and external equity fueling a finance driven boom in corporate R&D. I estimate dynamic R&D regression models for high-tech firms, separately for the U.K. and Continental Europe, and find...
Persistent link: https://www.econbiz.de/10004969810
Existing studies associates financial constraints among innovators to small, young and high-tech firms. High adjustment cost implies that firms save money by smoothing innovation spending across the business cycle if they have available resources. This paper examines whether previous findings on...
Persistent link: https://www.econbiz.de/10011099542
Information problems and lack of collateral value should make R&D more susceptible to financing frictions than other …
Persistent link: https://www.econbiz.de/10011124340
We study a broad sample of firms across 32 countries and find that strong shareholder protections and better access to stock market financing lead to substantially higher long-run rates of R&D investment, particularly in small firms, but are unimportant for fixed capital investment. Credit...
Persistent link: https://www.econbiz.de/10011124341
We provide empirical evidence of both (1) price dispersion and (2) credit rationing in the corporate loan market. We argue that these properties are caused by two factors: an adverse selection resulting from the information asymmetry between lenders and borrowers, and search frictions in...
Persistent link: https://www.econbiz.de/10010818739
Institutional theory suggests that informal institutions effectively constrain human behavior. Culturally embedded norms and values align corporate governance with socially acceptable outcomes. We argue that active foreign investors can act as agents of change in corporate governance....
Persistent link: https://www.econbiz.de/10010739964
tangible assets, which can be pledged as collateral in loan applications, constitute an important determinant of export market …
Persistent link: https://www.econbiz.de/10010742109